The accounting industry is set to be revolutionized by the use of Artificial Intelligence systems. In a survey conducted by a popular consulting firm, around 90% of the people believed that AI can give their accounting firms a competitive advantage and an increase in productivity of the company. In the accounting sector, it is important to be efficient in terms of handling administrative tasks, statistical inference analysis and even to understand how to reduce costs. Auditing and expense management form to be the key problems that AI has determined to solve. One important factor to consider is that AI can effectively replace a lot of jobs in accounting to make it more efficient than when using a human counterpart. however, this means that it will create more jobs to implement these AI systems. With the advent of programming and computational power, AI can be nothing but beneficial to the world of accounting.
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