AI Is Changing Accounting, but It’s Not Replacing Your Need for Accountants or Bookkeepers

Artificial Intelligence is not something that is just around the corner anymore. It is already woven into the way we work. If you are using cloud-based accounting software like Xero, MYOB, QuickBooks or BGL, you are already experiencing the power of AI. It is automatically sorting transactions, detecting anomalies, generating forecasts, and reconciling your accounts with impressive speed and precision. It is no longer a question of if AI has changed accounting. It is how much.

By Ro Elvinia

And yet, even as we embrace these tools and the efficiency they bring, we need to be honest about their limitations. AI can handle an incredible amount of information, but it does not replace what accountants or bookkeepers actually do best: applying professional judgement, managing relationships, and helping clients navigate decisions with commercial, ethical and long-term considerations in mind.

We onboarded an international client who had already implemented an AI-based finance system internally. They were expanding their operations into Australia and wanted to know how much they could rely on their existing setup to remain compliant and effective in a completely new environment. They had a strong in-house finance function and trusted their tools – and rightly so. However, it only took a few weeks for us to see where those tools, despite their sophistication, started to fall short.

One of the first red flags we noticed was the assumption that automatic superannuation calculations were entirely accurate and required no further review. However, there is more to it—particularly when assessing whether an employee has reached the maximum superannuation contribution threshold on a quarterly basis. In Australia, the superannuation guarantee is subject to a quarterly income cap. This means that once an employee’s earnings exceed that cap in a given quarter, the employer is not required to contribute superannuation on the excess amount.

In this case, the employer could have ended up paying superannuation when it wasn’t actually required, potentially resulting in an overpayment. The system did not flag the discrepancy, and no one on their team questioned it. However, when our compliance team reviewed the records, we quickly identified a deeper issue: a misapplication of Australian superannuation rules. It was not a software error. The system functioned exactly as it was designed to. The problem was that it lacked the Australian legal context to interpret the scenario correctly. That moment reminded us, yet again, why the roles of accountants and bookkeepers have not been replaced by AI. Our roles have been redefined, and, arguably, made even more essential.

There is a widespread assumption that AI will soon make many traditional professions obsolete. And while some manual, repetitive tasks in bookkeeping and accounting have certainly been automated, the heart of the profession remains rooted in human capability. Software can process numbers at scale, but it cannot ask clarifying questions. It cannot sit down with a client and explore the long-term implications of a tax position. It does not understand the nuances of Australian payroll rules, or how fringe benefits tax might apply to a specific case. It also does not advise you on how to meet your GST reporting obligations correctly or how best to prepare for year-end lodgements.

For international businesses and non-residents establishing operations in Australia, this distinction matters a great deal. The Australian tax environment is complex, with its own set of expectations around income tax, GST, payroll, superannuation, and reporting timelines. These are not just technical requirements. They are areas that demand interpretation and understanding of how they apply in your specific circumstances. AI can assist with calculations and processing, but it takes an experienced accountant or bookkeeper like us to apply the right lens and provide direction.

At ABN Australia, we do not see AI as a threat to our profession. We see it as a tool that enhances the way we serve our clients. It enables us to work faster, with greater accuracy, and to surface insights we might not have identified as quickly through manual processes. However, what matters most is what happens after the data is processed: the conversations, the advice, the forward planning, and the decisions that ultimately shape a client’s success in a new market.

Our clients do not come to us just for reports. They come for clarity. For confidence. For real, honest advice that takes into account not just the technical answer, but the practical one. They want to know that someone has their back, especially when things get complex. That is something no system, no matter how advanced, can replicate.

The future of accounting is not about replacing people with machines. It is about using technology to empower people to do their jobs better, more efficiently, and with greater impact. For international clients, this means getting the best of both worlds: smart systems that streamline the process, and expert professionals who understand your goals, your industry, and your challenges in the Australian context.

So yes, AI is changing accounting. It is transforming how we work behind the scenes. But your need for accountants? That has not gone anywhere. If anything, it has become more important, because as the tools get smarter, the judgement behind them needs to be even sharper.

If you are looking to enter the Australian market with confidence, the key is not choosing between AI or professional support. It is choosing a partner who knows how to balance both and who understands what it really takes to succeed here.

Let’s talk, person to person. We will bring the tech, but more importantly, we will bring the judgement, context, and care that technology alone cannot provide.

Published: 14^th July 2025 | Last updated: 14^th July 2025