This is from the “Accounting Makes Cents” podcast episode #94 released on Monday, 28 July 2025.

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If you’re new, welcome—and if you’ve been listening for a while, you might remember a couple of episodes I did two years ago about AI and accounting, and using ChatGPT to help you study. We broke it down to what these technologies are, how they were beginning to shape the industry, and what it meant for accounting professionals and students.

So for today, we’re revisiting those conversations. We’ll look at how far we’ve come—or maybe how far we haven’t. Is the technology living up to the hype in accounting education? Are students better off? And what about accounting teachers? Have they become obsolete… or more essential than ever?

Jump to show notes.

Let’s get into it.

Two years ago, AI was kinda still a buzzword at that point. It’s been around for a while but it really exploded around the time when ChatGPT became available for public use. The whole concern and worry about taking over our jobs, replacing accountants entirely came about again. Honestly, that fear made sense. Accounting involves a lot of routine, repetitive, computer-based tasks—the exact kind of work AI thrives in.

And some things did change fast. We saw automation take off—from authorising procurement systems, to streamlining billing, to generating financial reports in seconds. I talked about how AI was helping with compliance, internal controls, and getting real-time data for quicker decisions. But I also did say that the human element was hard to automate. When you offer opinions, provide advice, interpret numbers—that’s something really uniquely human.

So where are we now?

Well, two years later, the technologies haven’t taken over accounting. But it *has* become a powerful tool. Especially in how we learn, teach, and interact with accounting education. That’s where the shift has really happened.

FOR STUDENTS

Let’s start with the students. AI has become a study partner. A virtual tutor that’s available 24/7. Whether you’re struggling to understand depreciation methods or need to memorise financial ratios, AI is there.

Here are some common ways students are using AI:

* Asking it to summarise accounting standards in plain English
* Creating flashcards and mock quizzes
* Walking through journal entries step by step
* Even generating business scenarios for practice cases

You can literally type, “Explain the five-step revenue recognition model like I’m five years old,” and get a surprisingly decent answer.

But let’s pause. Is that really learning?

AI gives you the answer—sure. But if you don’t take the time to challenge it, question it, and think critically about what it’s saying, you’re basically just copying, not learning.

AI is incredibly useful. But without human judgment, context, or professional skepticism—all the things accountants are trained to do—you’re just repeating what a machine told you.

FOR TEACHERS AND EDUCATORS

Now let’s flip the lens to teachers.

There’s this idea floating around that AI will make accounting educators irrelevant. That students will just ask ChatGPT instead of attending class.

But here’s the truth:

AI isn’t replacing teachers. It’s redefining their role.

Teachers are shifting from being content deliverers to becoming critical thinking coaches. They’re now:

* Designing AI-aware assignments
* Creating classroom discussions that challenge AI answers
* Teaching students how to verify sources and apply ethical use

In fact, the best accounting classes today use AI *in* the learning process.

Instead of banning it, educators are saying, “Great, now prove AI right. Or prove it wrong.”

EXAMPLE

Let me walk you through a quick example of what an AI-powered accounting class might look like.

Let’s say the topic is revenue recognition — specifically applying the new revenue recognition standard. Before class, students ask AI to explain the core concepts: identifying performance obligations, determining transaction price, and recognising revenue over time or at a point in time. They even feed it a made-up contract scenario and ask it to help them determine how and when revenue should be recognised.

In class, the professor challenges them: “What if the contract includes multiple deliverables with different timings? How would you allocate the transaction price? What are some practical considerations to watch out for?”

Students bring the AI’s response and compare it with their own analysis. This sparks a deeper discussion on judgment calls, industry specifics, and how accounting standards translate to real business situations — something AI can’t fully replace.

This kind of interactive approach allows students to use AI for foundational understanding and practice, but still engage critically with the material, guided by their educator’s expertise.

The result? Students come to class prepared, but not passive. They engage. They argue. They learn. And after class, they write reflections: “What did AI get wrong? What did I learn in the discussion that AI missed?”

That’s powerful learning. Not memorising, but thinking.

WHAT HASN’T CHANGED

Despite all the tech, one thing remains the same: Accounting still requires judgment.

AI can analyse the numbers. But *you* have to interpret them. AI can suggest what might be happening, but *you* decide what it means for your business, your client, or your strategy.

Two years ago, I said that there is still a human element that is hard to automate.

And today, I still stand by that.

CONCLUSION

So here we are. AI hasn’t replaced accountants. It hasn’t replaced teachers. But it has changed the way we learn and work. And it will keep changing.

Maybe two years from now, AI will be helping us audit in real-time. Or it will draft client memos based on live financials. Who knows? But one thing is clear: the future of accounting isn’t man *or* machine. It’s both. Together.

And here’s something I want to leave you with:

Technology and accounting have always gone hand in hand. From the abacus to the calculator, from spreadsheets to cloud systems, and now to AI. With each leap in technology, the tools get more powerful—but the essence of accounting stays the same. The purpose has never just been about recording numbers. It has always been about making sense of them.

Each new tool doesn’t replace the accountant. It pushes the profession to evolve. To redefine its role. But never to lose its purpose. Because at its core, accounting is about clarity, integrity, and informed decisions. And that purpose will stay the same.

Show notes simplified

In this episode, MJ the tutor revisits the fascinating intersection of artificial intelligence and accounting. We dive deeper into how AI is transforming accounting education, reshaping how students learn and how educators teach, and what it means for the future of the profession.