Artificial intelligence and automation in the accounting profession

Abstract

Without a doubt the function of artificial intelligence is part of our daily routine tasks because is started making them more efficient. With the same thinking now big organizations that can afford this kind of innovation are adopting the Artificial Intelligence in their software. Each sector can be benefit from the AI application, considering the nature of a such software which will be able to perform daily tasks with lower risk of errors in efficient manner also to the improving that AI have due to deep leaning algorithms and big data science. The accounting sector has been the one of the first that are facing the threat of AI because employees with lower skills and education can easily be replaced with a smart learning machine, further the research for the application in accounting domain has begun in the earliest of 1980s, but because the earliest expert systems were based on logic could easily make the same mistakes repeatedly. Taking into consideration that now finance departments have become global and digital, technology and automation can be major factor for the required work. The main scope of this paper is to develop an investigate of how this innovation of AI and RPA implementation will impact the accounting and finance sectors, what are the benefits and what detriment we can expect. The main methods that are been used for the research is through literature review by researching through valid articles and reports that have been published from big global accounting firms, accounting organizations and interviews from individuals which are expert in this sector that have been published online. The results that are shown in the below research is that the professionals can not avoid the new era of this technology and to start being creative and use the advantages that are provided, for their own benefit and taking the risk to go through this process. It is believed that in the nearest future most of the accounting organizations and finance departments will swap to the automation so they can also keep the good competition since the outcome results on various tasks will be more effective and efficient from those who still performing manual.