Many business pundits believe the CPA firms will no longer exists soon because of artificial intelligence or block chain technology. However, they are wrong. Even though software products like Quick books are popular, they do little to improve the quality of firm’s bookkeeping. More importantly, even if technologies like blockchain and articical intelligence make it possible for firms to do without CPAs, it will not happen because it is more convenient for people to outsource these kinds of tasks instead of doing them themselves.
Key Takeaways:
- There is a long history of people falsely predicting that new software or other technology will make CPA firms obsolete.
- AI is unlikely to replace CPAs in the same way that WebMD and other online sources have not replaced doctors.
- Even if blockchain makes it easier for firms to keep their own records, most won’t want to invest the time and money needed to do so without a CPA.
“Artificial intelligence won’t replace us anytime soon for one simple reason: People aren’t getting any smarter.”
Read more: https://cpatrendlines.com/2019/10/30/debunking-the-demise-of-the-cpa-firm/
