In recent years, Artificial Intelligence (AI) is the buzz phrase all over the world. AI is one among the boom in technological advancement and it made a severe impact in several industries. Accountancy is not an exception to that, now professional accountants prefer to make use of the AI on their accounting task. Before getting in-depth about how AI impacts in accountancy, let’s brush up with some basics.
What is Artificial Intelligence?
In the computer world, AI commonly referred to as the machine intelligence and termed as the intelligence demonstrated by the machine/system which is completely contrasting from the natural intelligence possessed by humans and animals. Over the years, it is proved that AI performs better than human and it replacing humans in several fields.
AI in Accounting
Modern accountants prefer to do their accounting task pretty quick and with perfection, so they opt towards the embracing technology. With the aid of AI (Artificial Intelligence) now the majority of accountant’s jobs are carried at ease and also without any possibility of errors.
In several sectors especially in health care, education, and so carries their accounting task with the AI under the governance of professional accountant. Here is how accountants using AI on their accounting work.
- AI replaced traditional bookkeeping task
- Now AI handles all the accounts payable and receivable works
- AI helps to do analyses done quickly with the automated data entry and data categorization
- It helps accountants to pinpoint the complexities in advance from the large accounts easily
- AI took the responsibility of performing foresee payroll, auditing and tax remittance under the governance of accountants.
Will AI replace Accounting?
Well, this will be the million dollar question of several people after witnessing the dominance of AI in the accounting sector. However, one should accept the embracing of technology in the accountancy field. The presence of AI will transform the accounting task in a different way but it won’t replace it.