The accounting and professional services sectors should not fear AI automation, despite hiring cuts at prominent firms, according to the UK managing director of Xero.
There have been a number of reports claiming that firms like Deloitte, EY, KPMG and PwC, among other smaller businesses, have been slashing jobs and massively slowing down on graduate hiring as AI systems become increasingly capable of replacing junior roles.
This has prompted widespread concern that certain fields such as accounting, law and consulting, which have become staples of stable white collar employment, will see thousands fewer jobs available.
Speaking to UKTN, Xero’s Kate Hayward argued that, for accounting at least, there may be less cause for concern than many realise.
The cloud-based accounting software giant has been investing heavily into its AI capabilities, looking into features such as conversational interfaces, automating repetitive and time consuming accounting tasks and delivering AI generated insights based on financial analysis….
