What is Artificial Intelligence in accounting?

Question

Can anyone tell me what is Artificial Intelligence in accounting?

Answer 1

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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Answer 2

As artificial intelligence has done for each industry, it is making a significant impact in the world of accounting and finance. From saving time and money and providing insights, AI-enabled systems for accounting and finance are finance professionals and their firms will remain competitive and attract the next generation as employees and customers.

Benefits of Artificial Intelligence for Accountants and Finance Professionals

• An 80-90 percent reduction in the time it takes to do tasks will allow human accountants to be more focused on providing counsel to their clients
• Robotic process automation (RPA) allows machines or AI workers to complete repetitive, time-consuming tasks in business processes such as document analysis and handling that are plentiful in accounting