Accounting: Artificial Intelligence

Artificial Intelligence (AI) is not a new phenomenon, but it is still a growing concern for many industries. While the human element remains the most important factor in most businesses, the accounting industry is not exempt from the threat of new technologies. If you were the owner of a medium to large company, how could you use new technologies such as AI to support your daily operations? Select and discuss one of the options below.

• Option A: Cost savings associated with payroll and other personnel costs (i.e. training and development, employee hiring)
• Option B: More accurate and efficient financial reporting (i.e. reduction in human errors, increased productivity)