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Role of Artificial Intelligence in accounting

August 5, 2020 - by Priyan Sharma

As artificial intelligence works for every industry, it certainly has a significant impact on the accounting and finance industries as well. Ranging from saving time and money and providing insights, AIs are professionals in accounting and finance and will attract the next generation of employees and clients.

What is Artificial Intelligence in accounting?

In the accounting profession, where people deal with rote tasks, AI is a better way of substituting human capabilities. Artificial intelligence is being used by many accounting firms where large amounts of data are analyzed at high speeds, which is not easy for humans.

Can artificial intelligence replace accountants?

AI will transform, but will not replace accountants.

In fact, according to leading research firm Gartner, AI in the future will create more jobs, which will include workers, including alternatives. Accountants do not have to worry about their jobs being replaced by AI at any time in the near future.

Will robots take over accounting?

Robots will not replace all human accountants or bookkeeping. There will be changes, but they will just change their contribution. Will not completely eliminate the need for human accountants. (At least never)

Accounting Tasks Which Machines Can Do

AI helps in freeing humans from complex tasks as well as improving the operations of businesses such as:

  • Monthly or quarterly close procedure
  • Procurement
  • Accounts payable/receivable
  • Audit
  • Expense management
  • AI Chat Bots

AI Benefits for Accounting Professionals

We all know that new technology changes the way people work in every industry and nowadays we are also getting to see all this. While working with AI companies, customer expectations are also changing. It is true that artificial intelligence can help accountants to be more productive and efficient. An 80-90 %  reduction in the time it takes to perform tasks will allow human accountants to focus more on their clients. Adding artificial intelligence to accounting functions will also increase quality.

AI provides real-time status of financial matters as it processes documents using natural language processing and computer vision, compared to making daily reporting more possible and affordable.

Accounting has many internal corporate, local, state and federal regulations that must be followed. AI-enabled systems help support auditing and ensure compliance by monitoring documents against rules and laws. If seen, fraud collectively costs companies billions of dollars every year. AI helps prevent potential fraud issues or suspicious activity.

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