The Impact of Artificial Intelligence on Accountancy

The Impact of Artificial Intelligence on Accountancy

Artificial Intelligence (AI) is revolutionizing the business world, especially the way different business processes are conducted. The importance of artificial intelligence can be widely felt in the way data is being used in the business world now. AI is the next big thing with diverse industries like stock trading, real estate, and even hospitals going for the implementation of artificial intelligence. This integration is proving helpful for businesses, as it eliminates mistakes from different processes and saves time. Even accounting processes can be made error free with artificial intelligence as an important tool for assistance.

AI & Accountancy

For creating complex data records and for automated tracking of fund inflow and outflow, businesses are now open to the shift towards artificial intelligence. With artificial intelligence, accountants can finally save themselves from drowning in the sea of data and can manage the big data of accounting efficiently. Now, accountants can make sense of the big data for accounting and get valuable information.

With the help of artificial intelligence, accountants can focus more on important tasks like process improvement, cost control, and capital optimization. The tedious task of data entry can be easily automated with the use of the latest accounting software like Xero, Quickbooks & ProfitBooks.

Businesses Using the AI Innovation

KPMG has been using the AI innovation in its audit processes since 2015. With the help of McLaren Applied Technologies (MAT), KPMG has developed a unique suite of tools for addressing the risks with financial statements. With the use of predictive analytics capabilities, KPMG can effectively manage the financial statement risk of its clients. Deloitte also recently announced its partnership with Kira Systems for better contract reviewing, document verification and other vital aspects of its business.

AI is Not Taking over the Accountants

AI is integrating with accountancy not to take over the jobs of humans, but to enhance their work and performance. Chris Kellner, Head of Business Development at Digital Genius spoke at an event that they are not using artificial intelligence to replace accountants with robots, but to work alongside them to enhance their performance. He also talks about the impact of AI on KLM airlines. KLM airlines has closed over 30 percent cases by using AI.

As per the South African State of Accounts report, nearly 80 percent of accountants are aware of the fact that technology can play a crucial role in their performance. Nearly 22 percent of them find AI intriguing, and are looking forward to the possibilities of its adoption.

The Future of AI in Accountancy

London’s Xero Tech Week further highlighted that the market of AI is expected to reach $400 billion by 2020. Rather than considering AI as a threat to their job, accountants are now finding it a great assistance tool. Even businesses can benefit largely from AI, as most of their paid activities can be automated with this technology.

It would be right to say that by combining the best of human and robot abilities, AI is transforming the way businesses manage their accounting processes. Rather than being skeptical to changes, accounting professionals need to be excited about opportunities of shifting repetitive tasks to machines.

About The Author
Kalpana Araya
Kalpana Araya Kalpana is an inquisitive tech enthusiast who loves reading & writing everything under the sun. Currently writing for Tech, SAAS, IT Hardware and Software products. She is a Digital expert with 5+ years of experience in the industry.