INTHEBLACK April 2026 - Magazine - Page 17
AI AND AUTOMATION
The growth of accounting has been fuelled by
rapid advances in the technology used to perform
many of its functions. From the first calculators and
spreadsheets to cloud platforms, automation
and generative AI, the advent of increasingly
impressive technology platforms has allowed
accountants to do their work with greater
precision and scope. One clear example of
this tech transition is research that shows high
adoption rates of digitalisation strategies among
Chinese accounting firms.
Accounting software providers such as Xero
and MYOB have also been game changers in
recent decades, enabling automation for small
and medium-sized enterprises that no longer
depend on expensive in-house servers.
Today, AI in all its forms promises to take
automation and capability to new levels.
An accountant can now deliver a report in
a matter of minutes, not days. “That, in
effect, changes the skill set needed to be an
accountant, because now you need to be good
at prompt engineering,” Jayalath says.
With an eye to the future, he believes CPAs will
play crucial roles as “AI auditors who direct, control
and validate the technology”.
2005
2006
2008
2008
2008
Australia adopts
the International
Financial Reporting
Standards.
Accounting software
company Xero is
founded, which
becomes popular
cloud-based
accounting software
for small-to-medium
businesses.
CPA Australia
releases its first
Sustainability Annual
Report on corporate
social responsibility
activities and carbon
emission goals,
positioning itself as
a leading advocate
for a new and socially
responsible way of
doing business.
The global financial
crisis fast-tracks
accountants’ role
as strategic advisers,
including for stresstesting business
models and assessing
liquidity and
cash-flow risks.
Drawing on blockchain
technology, the
cryptocurrency Bitcoin
is launched as a form
of digital currency
that does not rely
on banks. This
ultimately requires
accountants to advise
businesses on the
newest forms
of revenue and
asset tracking.
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