A timeline infographic
The evolution of
artificial intelligence
1985
1980s
1950s–1970s
1940s
Hover over a year to learn more
Early electronic calculators increase speed and accuracy of complex calculations.
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The early days of accounting technology
The rise of personal computers and spreadsheets
The dawn of the internet
While AI has evolved dramatically in recent months, the impact of technology on the accounting profession is nothing new.
Key punch machines significantly improve the efficiency and accuracy of record-keeping.
TurboTax simplified the tax preparation process for individuals with an easy-to-use interface and guidance through the tax filing process.
Microsoft Excel and the popularization of spreadsheet software transformed the work of accountants by providing a versatile tool for data organization, analysis, and reporting.
The early days of accounting technology
The rise of personal computers and spreadsheets
The emergence of artificial intelligence
The emergence of artificial intelligence
The dawn of the internet
The rise of personal computers and spreadsheets
The early days of accounting technology
With technology that can now perform tasks with human-like intelligence, the dawn of Artificial Intelligence (AI) has many professionals understandably concerned about job displacement — especially those within the tax and accounting profession.
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The dawn of the internet
The emergence of artificial intelligence
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2020s
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2010
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EARLY
2000s
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1990s
Generative AI and machine learning can assist accountants in deriving meaningful insights from complex financial datasets, leading to more informed decision-making for clients.
AI powered tax software applied advanced algorithms to eliminate manual data entry, improve search capabilities, and enhance data categorization.
Tax workflow automation and cloud-based software brought a whole new level of productivity with anytime, anywhere access and the elimination of version control issues.
The world wide web and online connectivity opened the door to digital document management, e-filing capabilities, and client portals for accounting professionals.
Let’s take a step back in time and view the transformation of the tax and accounting profession alongside each major technological advancement. Through this lens, it becomes clear that the tax and accounting profession must embrace AI and use it as a competitive advantage to better serve clients — backed by a personal touch, of course.
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The rise of personal computers and spreadsheets
With technology that can now perform tasks with human-like intelligence, the dawn of artificial intelligence (AI) has many professionals understandably concerned about job displacement — especially those within the tax and accounting profession.
A timeline infographic
The evolution of
artificial intelligence
Hover over a year to learn more
The introduction of mainframe computers during the 1960s marked a significant milestone in the evolution of tax and accounting technology, enabling tax and accounting professionals to process vast amounts of data and centralize data storage.
1960 – 1980
While AI has evolved dramatically in recent months, the impact of technology on the accounting profession is nothing new.
Let’s take a step back in time and view the transformation of the tax and accounting profession alongside each major technological advancement. Through this lens, it becomes clear that the tax and accounting profession must embrace AI and use it as a competitive advantage to better serve clients — backed by a personal touch, of course.
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AI
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Mainframe computers
Electronic data interchange
Electronic data interchange (EDI) emerged as a groundbreaking technology during the 1970s, facilitating the electronic exchange of business documents such as invoices and purchase orders, streamlining communication and collaboration for tax and accounting professionals.
Computerized tax preparation software emerged as a game-changer during this period, simplifying the process of tax return preparation and significantly increasing accuracy.
Computerized tax preparation software
The development of relational databases during the late 1970s revolutionized data organization and retrieval capabilities, empowering tax and accounting professionals to access and analyze data more efficiently.
Relational databases
1900s – 1960s
Standardized accounting principles
Sorting machines
Adding machines
Tabulating machines
Typewriters
Mechanical
calculators
The early days of accounting technology
The establishment of standardized accounting principles during this era brought about a new level of consistency and comparability in financial reporting practices.
Sorting machines: An activity in many unit record shops was sorting card decks into the order necessary for the next processing step.
Adding machines, developed during this period, streamlined arithmetic calculations, reducing the occurrence of human errors and improving overall efficiency.
Tabulating machines, developed during this period, empowered tax and accounting professionals to sort and summarize vast amounts of data more effectively.
Typewriters gained widespread adoption among tax and accounting professionals, significantly enhancing their documentation and record-keeping capabilities.
The implementation of mechanical calculators during the early 20th century revolutionized the way tax and accounting professionals performed calculations, enabling them to work more efficiently and with greater accuracy.
1990 – 2000
Electronic filing systems
Optical character recognition (OCR) technology
Accounting software packages such as TurboTax
Web and personal computers
The dawn of the internet
The introduction of electronic filing systems during the late 1980s and 1990s revolutionized the submission and processing of tax returns, simplifying the workflow for tax and accounting professionals.
Optical character recognition (OCR) technology emerged as a groundbreaking innovation during this period, enabling tax and accounting professionals to convert printed or handwritten documents into digital format, facilitating data entry and analysis.
Accounting software packages such as TurboTax emerged as a transformative tool during the 1980s and 1990s, streamlining bookkeeping, financial reporting, and auditing processes for tax and accounting professionals.
The advent of World Wide Web and personal computers during the 1980s brought about a paradigm shift in the way tax and accounting professionals worked, providing them with individual workstations and enhancing their productivity.
2000 – 2024
Artificial intelligence (AI) and machine learning
Blockchain technology
Mobile accounting
Data analytics
Cloud computing
The emergence of artificial intelligence
The development of artificial intelligence (AI) and machine learning algorithms during this period automated routine tasks, such as data entry and reconciliation, and provided tax and accounting professionals with predictive analytics capabilities for tax planning and risk assessment.
Blockchain technology emerged as a transformative innovation during the 2010s, enhancing the security and transparency of financial transactions and revolutionizing record-keeping practices for tax and accounting professionals.
The introduction of mobile accounting applications during the 2000s revolutionized the way tax and accounting professionals worked, enabling them to work on the go and access real-time financial information from their mobile devices.
Data analytics tools emerged as a game-changer during this period, empowering tax and accounting professionals to analyze large volumes of financial data, uncover insights, and make data-driven decisions.
The adoption of cloud computing during the early 21st century transformed the way tax and accounting professionals accessed accounting software and stored data, providing remote access and enhancing collaboration and flexibility.
Many of the innovations we use today have crept up on us, evolved, and gradually changed the way we work and play. But not generative AI — this is different. It has captured our collective imagination and changed everything in a very short amount of time.
— Steve Hasker, President and CEO of Thomson Reuters
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From simple calculations to sophisticated AI systems that mimic human intelligence, each technological milestone is built upon the previous advancement, aiming to augment human capability — not replace it.
AI is just the latest in a long line of advancements, serving as a powerful tool for tax and accounting professionals who are ready to embrace it.
To learn more about how AI is creating exciting opportunities for auditors, accountants, and other tax professionals, check out our latest white paper, AI and taxation: What professionals need to know.
How tax professionals can embrace the future of AI
Save time
Analyze industry trends
Elevate quality
Refine language
Enhance research
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Lorem ipsum
Save time
Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id.
Lorem ipsum
Analyze trends
Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id.
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Elevate quality
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Refine language
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Lorem ipsum
Enhance research
Shape your journey toward a future with AI
Shape your journey toward a future with AI
Shape your journey toward a future with AI
Save time
Analyze industry trends
Elevate quality
Refine language
Enhance research
®2024 Thomson Reuters TR4225890/03-24
Many of the innovations we use today have crept up on us, evolved, and gradually changed the way we work and play. But not generative AI — this is different. It has captured our collective imagination and changed everything in a very short amount of time.
— Steve Hasker, President and CEO of Thomson Reuters
Shape your journey toward a future with AI
Save time
Analyze industry trends
Elevate quality
Refine language
Enhance research
Get the white paper
From simple calculations to sophisticated AI systems that mimic human intelligence, each technological milestone is built upon the previous advancement, aiming to augment human capability — not replace it.
AI is just the latest in a long line of advancements, serving as a powerful tool for tax and accounting professionals who are ready to embrace it.
To learn more about how AI is creating exciting opportunities for auditors, accountants, and other tax professionals, check out our latest white paper, AI and taxation: What professionals need to know.
How tax professionals can embrace the future of AI
®2024 Thomson Reuters TR4225890/03-24
A timeline infographic
The evolution of
artificial intelligence
With technology that can now perform tasks with human-like intelligence, the dawn of artificial intelligence (AI) has many professionals understandably concerned about job displacement — especially those within the tax and accounting profession.
While AI has evolved dramatically in recent months, the impact of technology on the accounting profession is nothing new.
Let’s take a step back in time and view the transformation of the tax and accounting profession alongside each major technological advancement. Through this lens, it becomes clear that the tax and accounting profession must embrace AI and use it as a competitive advantage to better serve clients — backed by a personal touch, of course.
The development of artificial intelligence (AI) and machine learning algorithms during this period automated routine tasks, such as data entry and reconciliation, and provided tax and accounting professionals with predictive analytics capabilities for tax planning and risk assessment.
Artificial intelligence (AI) and machine learning
Blockchain technology emerged as a transformative innovation during the 2010s, enhancing the security and transparency of financial transactions and revolutionizing record-keeping practices for tax and accounting professionals.
Blockchain technology
The introduction of mobile accounting applications during the 2000s revolutionized the way tax and accounting professionals worked, enabling them to work on the go and access real-time financial information from their mobile devices.
Mobile accounting
Data analytics tools emerged as a game-changer during this period, empowering tax and accounting professionals to analyze large volumes of financial data, uncover insights, and make data-driven decisions.
Data analytics
The adoption of cloud computing during the early 21st century transformed the way tax and accounting professionals accessed accounting software and stored data, providing remote access and enhancing collaboration and flexibility.
Cloud computing
The emergence of artificial intelligence
2000 – 2024
The introduction of electronic filing systems during the late 1980s and 1990s revolutionized the submission and processing of tax returns, simplifying the workflow for tax and accounting professionals.
Electronic filing systems
Optical character recognition (OCR) technology emerged as a groundbreaking innovation during this period, enabling tax and accounting professionals to convert printed or handwritten documents into digital format, facilitating data entry and analysis.
Optical character recognition (OCR) technology
Accounting software packages such as TurboTax emerged as a transformative tool during the 1980s and 1990s, streamlining bookkeeping, financial reporting, and auditing processes for tax and accounting professionals.
Accounting software packages
The advent of World Wide Web and personal computers during the 1980s brought about a paradigm shift in the way tax and accounting professionals worked, providing them with individual workstations and enhancing their productivity.
Web and personal computers
The dawn of the internet
1990 – 2000
The development of relational databases during the late 1970s revolutionized data organization and retrieval capabilities, empowering tax and accounting professionals to access and analyze data more efficiently.
Relational databases
Computerized tax preparation software emerged as a game-changer during this period, simplifying the process of tax return preparation and significantly increasing accuracy.
Computerized tax preparation software
Electronic data interchange (EDI) emerged as a groundbreaking technology during the 1970s, facilitating the electronic exchange of business documents such as invoices and purchase orders, streamlining communication and collaboration for tax and accounting professionals.
Electronic data interchange
The introduction of mainframe computers during the 1960s marked a significant milestone in the evolution of tax and accounting technology, enabling tax and accounting professionals to process vast amounts of data and centralize data storage.
Mainframe computers
The rise of personal computers and spreadsheets
1960 – 1980
Standardized accounting principles
The establishment of standardized accounting principles during this era brought about a new level of consistency and comparability in financial reporting practices.
Sorting machines
An activity in many unit record shops was sorting card decks into the order necessary for the next processing step.
Adding machines
Adding machines, developed during this period, streamlined arithmetic calculations, reducing the occurrence of human errors and improving overall efficiency.
Tabulating machines
Tabulating machines, developed during this period, empowered tax and accounting professionals to sort and summarize vast amounts of data more effectively.
Typewriters
Typewriters gained widespread adoption among tax and accounting professionals, significantly enhancing their documentation and record- keeping capabilities.
Mechanical calculators
The implementation of mechanical calculators during the early 20th century revolutionized the way tax and accounting professionals performed calculations, enabling them to work more efficiently and with greater accuracy.
The early days of accounting technology
1900s – 1960s