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BAP71: The Important Issues in Accounting Information Systems

Added on - 16 Nov 2021

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Accounting Information System
Name of the Student
Name of the University
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In the upcoming decades, the intelligent systems would take a large number of
decision making responsibilities for the humans. Even though accountants are using the
technology for several years to advance what the accountants do and bring about added worth
to the businesses, with a chance to reimagine and fundamentally progress the business quality
as well as investment decision that is the eventual objective of the occupation (Russell and
Norvig 2016). To realise its potential, the profession should focus on the central problems of
business which it purposes to resolve and envision how the new technology can change its
tactic to them.
The systems of Artificial intelligence can be regarded as very influential and it is
improving rapidly. The technology provides the output that can be very accurately,
substituting in some situations far overriding than the human efforts (Nilsson 2014). Even
though Artificial Intelligence namely machine learning is not the new and fast changing
technology, it is a extensive implementation in the business and accounting which is in the
early phases. To create the optimistic vision of future, the accountants need to create a strong
understanding of the how the Artificial Intelligence can solve the problems of accounting and
business complications with the practical challenges and the skills required by the
accountants to work in conjunction with the intelligent system.
Discussion and Summary:
Before moving on to the detailed discussion on whether the artificial intelligence is
the future of accounting it would be appropriate to understand some basics regarding the
technology (Wenger2014). Artificial Intelligence is the capability of the machines and
software to display the cognitive intelligence which assures to create positive impact and
increase the operational efficiency in numerous business sectors. Nevertheless, artificial
intelligence brings forward a number of moral issues where machines can think as well as
learn like humans. There is no such denying regarding the fact that the technology has bought
revolutionary changes in certain business procedure. When cloud computing was introduced,
it was regarded disruptive however Artificial Intelligence assures to go further than that.
Artificial Intelligence is regarded as the business tool that can improve the business
performance exponentially, particularly in areas that needs higher amount of accuracy and
analytical decision making (Steels and Brooks 2018). Beside the logistics, sales, research,
development and marketing, the effect of Artificial Intelligence would be greatly felt in the
field of accounting. Accounting has in the early years went faultlessly from the labour-
intensive processing to the sophisticated software to cloud computing and presently it has
taken into the account the challenges of Artificial Intelligence.
Business in the modern age are developing and implementing the advance
technologies so that it streamlines their operations and once function which is on the top is
the list of accounting (Bond and Gasser 2014). The reason for this is that Artificial
Intelligence provides improved positive outcomes such as reduced cost and time that
increases the productivity and enhancing the accuracy. As evident from so many positive,
Artificial Intelligence is being used increasingly for administrative procedures and accounting
together with the host of structural changes that are bought about where several benefits of
bots and Artificial Intelligence can be easily put in place.
One of the main benefit is using Artificial Intelligence in accounting is the one that
provides nightmare to the accountants from the regular discrepancies among the internal
accounts of business in addition to its bank accounts (Ghahramani 2015). Despite the fact that
advanced software has enabled things very much easier than the it was earlier during the
labour-intensive reconciliation period, the results obtained from the software is only
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