How Artificial Intelligence (AI) Is Reshaping the Accounting Industry
Nowadays artificial intelligence is taking over most industries, and accounting is one of these industries. It is very interesting to see how accountants are benefiting from artificial intelligence by applying it daily. One of the major benefits of artificial intelligence is that it reduces considerably the number of hours required for the completion of a routine task. Accountants can get and process the data at a much faster pace. Another interesting fact is how bots are already capable of categorizing different data and tasks, being able to distinguish between similarities and differences of various data. One of the most discussed arguments about this topic is whether artificial intelligence is going to reduce the demand for accountants. Based on the very latest statistics, AI has already substituted humans, performing several tasks that before could be completed only by hired accountants. However, the number does not guarantee us that anytime soon we will have a big revolution in the field of accountancy. Nowadays accountants are becoming more and more involved with technology, something that used to be unimaginable before. It is great to see how accountants are wisely using technology for efficiency purposes. It looks like accountants have happily embraced the revolutionary AI and want to use it to improve their overall performance and efficiency. As I mentioned above, the major concern is that AI may take over the entire field of accountancy and thus drastically reduce the need for accountants. As of today, accountants do not seem to be very concerned about this possible future phenomenon. It is very hard to say how this field will look ten years from now, as changes happen every day, mostly in an unpredictable way. When we analyze the areas in the field of accountancy that have been affected the most by artificial intelligence, we find out that in the first place are administrative procedures. For example, for every tax report that accountants need to come up with, more than half of their normal work (collecting and organizing the data) is completed with the help of artificial intelligence. The latest in the field of artificial intelligence has indeed brought up a controversy regarding accountants and their usefulness in the future. On one hand, we have people who are already certain about the fact that we will not need accountants in the future due to the explosion of artificial intelligence. On the other hand, some people believe that accountants are fundamental for society and that artificial intelligence can never fully substitute them.
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My personal opinion on the topic
To my opinion, artificial intelligence is a topic that will be discussed continuously in the present and future. Artificial intelligence is not only impacting the field of accountancy. We read about the huge impact of artificial intelligence everywhere: in the medical field, in the engineering field, in the aviation field, etc. The greatest part of society is concerned about the possibility that artificial intelligence and bots will take over professions that have been historically performed by humans. It is unavoidable to talk about this topic and analyze the impact of artificial intelligence. Do I think that artificial intelligence will eliminate the need for accountants? Not, that I completely disagree with this statement defended by a good number of people. On the other hand, I do see artificial intelligence as a positive influence in the field of accountancy. It is very promising to see how accountants have embraced artificial intelligence and how they see it as a tool to improve their performance and efficiency. Why do I think that artificial intelligence will never fully substitute the need for accountants? To begin with, accounting is the language of business. To be accepted by everyone in society as the language of business means that this field has particular importance. Artificial intelligence can assist with the completion of numerous administrative procedures. The completion of these procedures by the bots would help accountants in the way that they would have to focus more on decision-making, something that bots are not able to substitute for the human mind. So, artificial intelligence would help improve efficiency in several fields of financial accounting. What about managerial accounting? I doubt the fact that artificial intelligence will eliminate the need for the top management team that is responsible for decision-making. Why do I believe this? Because situations in the real world are never the same (or at least not most of the time). How can a programmed device make important decisions in different situations? As I have mentioned above, I am completely the implementation of technology in the field of accountancy, but it does not mean that it will save the world by diminishing the request for accountants. We should focus on the positive fact that AI is having a positive impact!
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Reflection on Artificial Intelligence Essay.
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