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Impact of AI on accounting systems in future PDF

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Running head:IMPACT OF AI ON ACCOUNTING SYSTEMS IN FUTURE
Impact of AI on Accounting Systems in Future
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IMPACT OF AI ON ACCOUNTING SYSTEMS IN FUTURE1
Executive Summary
This report is based on the various forms of impact that have been made with the impact of
Artificial Intelligence in the sector of accounting. With the latest forms of trends and
developments that have been made with the impact of AI within the sector, it has been seen that
AI has proved to be a major form of help for the development of technologies based on the
solving of problems based on the sector. This report discusses about the severe forms of impacts
that have been felt by the accountants and other firms that deal with the accounting works. The
report also suggest recommendations based on the improvement of the sector of accounting with
the use of AI technology.
IMPACT OF AI ON ACCOUNTING SYSTEMS IN FUTURE2
Table of Contents
1. Introduction..................................................................................................................................3
2. Discussion....................................................................................................................................3
2.1 Artificial Intelligence within Accounting Practices..............................................................3
2.2 Contributions made by AI.....................................................................................................4
2.3 Rise of AI within Accounting Firms.....................................................................................5
2.4 Collaboration of Humans and AI within Accounting Sector.................................................6
2.5 Use of Accountants with AI Capabilities..............................................................................7
2.6 Impact on Different Accounting Sectors...............................................................................8
3. Recommendations........................................................................................................................8
4. Conclusion...................................................................................................................................9
5. References..................................................................................................................................10
6. Bibliography..............................................................................................................................12
IMPACT OF AI ON ACCOUNTING SYSTEMS IN FUTURE3
1. Introduction
Artificial Intelligence (AI) is regarded as the most significant and advanced technologies
in the recent times. The accounting databases have become as one of the major storehouses of
information based on different forms of transactions based on accounting systems. Cohen and
Feigenbaum 2014 have discussed that in the age of technological innovations, the sector of
accounting is not limited to the traditional methods. In the recent times, the computer technology
is widely used within accounting systems. The various forms of business organizations faces
various kinds of complex events that could not be used for process management. The various
accountants have embraced the impacts of automation based technologies that have helped in the
improvement in the field of accounting systems. According to Wenger (2014), in the future
decades, the intelligent systems would be taking over much of the decision that need to be taken
by humans. Accountants and various business sector would embrace the technological aspects of
AI and the benefits supported by them. The use of AI would also help accounting systems to
reimagine various kinds of opportunities and thus invest different kinds of business and
accounting solutions.
2. Discussion
2.1 Artificial Intelligence within Accounting Practices
With the major rise of technical developments, it has been seen that AI has been in use
within various areas of accounting sector. In the present times, the most common usage of AI
involves the use of expert systems. There are also some kinds of non-rule bases systems of
expert and neural networks that have been in major form of usage. Dalkir (2013) have stated that
external auditing is another kinds of sector that has been the centre of attraction of AI. In this
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