How AI and Accounting Software are Revolutionizing the Industry

This essay examines the transformative impact of Artificial Intelligence (AI) on the accounting industry, highlighting its potential to enhance productivity, reduce costs, and automate manual tasks. It discusses how AI and machine learning algorithms are improving data processing and management, enabling accounting professionals to focus on evaluation rather than data preparation. The essay further explores the benefits of AI, such as improved data categorization, bias reduction, and enhanced learning opportunities for accountants. Ultimately, it argues that embracing AI is essential for the accounting industry to advance and adapt to future challenges. Desklib provides students with access to similar solved assignments and study resources.

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ACCOUNTING

Artificial Intelligence
Artificial Intelligence is impacting the overall market and provides rapid changes in the
accounting area with the significant stress that the presence enhances productivity, as well as
lowers the cost. Such benefit accrues from the precision, as well as accuracy that is attracted
by the AI and the manual tasks that were present will be automated. Moreover, in the current
scenario, the accuracy of the machine learning algorithm utilised in a variety of the solution
requires a significant change regarding efficiency so that faults can be avoided so that it
adheres to the goal of automation (Peter, Alaa & Aladdin, 2013). The major difference that
will be observed through the AI and accounting software is that of processing, as well as the
management of data. In the future course of time, it needs to be automated. It will justify that
the accounting professionals can process the accounting data in a brief period. The data will
be included in a quick, as well as reliable fashion. Maximum efficiency can be attained when
the automated system is into practice (Hood, 2018).
In the same way, the data categorisation will be influenced by the mechanism of AI. This will
be beneficial that the bot will ascertain, as well as categorise each information into various
account by themselves that justifies the notion that AI will provide a strong performance in
the overall industry. For instance, the bot will be skilful regarding data organisation that
derives from the source to various categories. Therefore, if one contains a monthly phone bill
and that occurs from the same carrier, then the bots will perform the function in knowing and
planning them in various charts (Barney & Ray, 2015). Machine learning will be more
prominent because the bot will tend to understand the human input and ensure that the
judgement will be of better structure and pattern of learning from the professionals will be
enhanced.
The alterations that are observed through the AI implementation will have significant
advantages on the part of the accountants. The field of accounting, as well as work, will have
a substantial acceleration because of AI. Having a back up of the sensitive information will
be possible. The accounting field comprises of immense challenge and does not depend on
the stature of the organisation. As per the overall discussion, it can be said that the innovation
regarding accounting software automation is the need of the hour and is essential to take the
accounting work to the next level (Carusi & Jirotka, 2009). Beyond question, the AI process
has revamped the method of accounting and its domain in particular. This has altogether
changed the pattern in which the data were utilised.
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Artificial Intelligence
Moreover, going by the potential and the AI future it can be said that the field is vast. The
value of AI is proposed to hit $410 billion at the end of 2020. The utility of AI and automated
accounting software in accounting is vast, and this can support the accountant to shed more
light on the idea of evaluation instead focussing on the preparation of data. With the help of
AI, learning accountants can have a significant boost regarding their learning and knowledge.
This will help to understand the bias regarding data and assists in serving the data in a better
fashion. Beyond question, AI will assist in creating a favourable opportunity for the
accountants, and this should be embraced because it will enable to function smoothly. Hence,
it is clearly understood that the benefits of AI and accounting software appear to be of
significant use for accounting and accounting software.
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Artificial Intelligence
References
Barney, J. and Ray, G. (2015). How information technology resources can provide a
competitive advantage in customer service. Planning for Information Systems [online]. 3(2),
p. 444-460. DOI: 10.4236/me.2015.63038
Carusi, A. and Jirotka, M. (2009) From data archive to ethical labyrinth. Qualitative
Research [online]. 9(3), p. 285-298. Available from:
http://journals.sagepub.com/doi/abs/10.1177/1468794109105032 [Accessed 21 January
2019]
Hood, D. (2018) Brace yourself for AI & blockchain: There's less threat and more
opportunity in emerging technologies than many think. Accounting Today [online]. 32(1),
p.30-31. Available from: https://www.accountingtoday.com/news/accountants-need-to-brace-
Peter, R, Alaa S. and Aladdin A. (2013) Business Intelligence and Performance
Management: Theory, Systems, and Industrial Applications, Springer Verlag U.K
themselves-for-ai-and-blockchain [Accessed 21 January 2019]
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