Despite the data entry function of accounting becoming largely automated, accountants will not be replaced by automation, MGI believes.
The accounting, tax, and audit alliance said while accounting records would largely be created with very little manual input in the future, accountants would still be needed.
MGI Adelaide's director of taxation, Maree Caulfield, said good accountants operate as a strategic partner in businesses that offer insight into what the financials mean.
"While numbers are certainly meaningful in a business, in isolation they are not particularly helpful. An accountant's familiarity with the specific goals and intricacies of your business cannot be replaced by software," Caulfield said.
"Succession planning, an important element of all business lifecycles, requires consideration not only of the numbers but also of personal and emotional considerations associated with being a business owner.
"This process is so specific to each business owner's circumstances and could never be replaced by automation."
Caulfield noted the ability to consider the big picture and take advantage of opportunities for appropriate structuring or transaction required lateral and creative thinking, and was difficult to automate.