Jennifer Kelly
Partner, Accounting & Business Advisory Services, Azets Ireland
An accountancy and payroll provider explains that while AI can be used to eliminate routine processing tasks, it will never fully replace the need for human financial expertise.
Mindful companies know there are limits to what AI technology can and can’t be trusted to do in the workplace.
AI can’t replace accountants
Take accounting. While AI and automation have accelerated routine data tasks for accountancy professionals, it hasn’t necessarily made their jobs any easier. “It saves time on processes that were manual and tedious,” explains Jennifer Kelly, Partner, Accounts and Business Advisory Services at Azets Ireland. “It hasn’t changed the fundamental role of the accountant. We still need qualified, experienced people to prepare the accounts and advise the client.”
AI is streamlining processes in payroll, too. Jennifer and her team are keen to stress that this is all it is being used for. “We reassure our clients that we do not use AI to process payroll,” she says. “For one thing, this is sensitive data we’re handling, so our clients’ data security has to be paramount.”
Human oversight essential for payroll compliance
Plus, as sophisticated as it can be, AI cannot be trusted to navigate complex and ever-changing financial legislation. Human oversight will always be needed to ensure proper compliance with regulations and administrative requirements, such as Employment Regulation Reporting (ERR), workplace pension auto-enrolment and Gender Pay Gap reporting.
It hasn’t changed the fundamental role of the accountant
Otherwise, the trust and reputational consequences of a possible payroll error would be too calamitous to contemplate. Indeed, according to Azets’ new Fresh Perspectives on Payroll report, 69% of Irish executives believe payroll errors are as damaging as a Revenue audit scandal; and 37% are struggling with legislative updates.
Automation plus human expertise
A hybrid approach, combining smart automation with expert and experienced oversight, will always be best for business, insists Jennifer. “It’s also why some companies choose to outsource processes such as payroll,” she says. “For instance, our clients know the technology we use is fully compliant with the most up-to-date legislation — and our people are fully qualified. Because that’s the reality: AI is never going to fully replace people in our line of work.”
