I was reading the news about an AI accounting startup called Basis reaching a $1.15 billion valuation after raising new funding. It really made me rethink how fast our field is changing. This isn’t just another AI tool; they are creating systems that can prepare financial statements, manage tax workflows, and track expenses for accounting firms. The support from big investors and the fact that major firms are already using it shows that this is not a distant future trend, it is already becoming part of everyday practice.

What struck me is how quickly this has happened. The company started around 2023 and is already valued as a unicorn. Such rapid growth only occurs with real industry acceptance. While many of us debate whether AI will impact accounting in the future, firms are beginning to use AI to automate multi-step processes that junior staff used to handle.

I don’t view this as AI replacing accountants. Instead, I see it taking over the manual parts of accounting work. Tasks like data entry, reconciliations, basic report generation, and standard compliance workflows are exactly what AI excels at. This means the role of an accountant is gradually shifting from doing the work to reviewing, interpreting, and advising.

This shift will change the skills needed. In the past, knowing Tally, Excel, and GST filing was enough to start a career. Now it seems we need to understand how AI tools work in accounting, how to check AI-generated reports, how to identify errors, and how to use the results for decision-making. In short, we need less of a bookkeeping mindset and more of an analytical mindset.

The frustrating part is that most commerce education paths haven’t adjusted yet. We are still training people for roles that focus heavily on processes, while the industry is investing in tools that automate those processes. It feels a lot like when Excel became a necessary skill; those who adapted early advanced, while those who didn’t fell into low-value roles.

I’m interested to hear how others view this situation. Are you already using AI in your accounting studies or work? Do you think this will reduce entry-level jobs, or simply change the meaning of “entry-level”? 

Learning accounting without AI now might feel like learning accounting without Excel a decade ago.

AI accounting startup Basis just hit a $1.15B valuation, are we learning the right skills?