The future of accounting and where it is headed in the next few decades.
Recent advancements in Artificial Intelligence technology is rapidly
changing the ways in which accounting and finance operate. The articles
states that "Labor and time-consuming tasks of finance and accounting,
which include – audits, banking, tax preparation, bookkeeping, reporting, and
payroll, have become successfully automated with the help of AI." (Adams,
2022). This type of automation frees up time for more important, and less
time-intensive operations like managerial tasks and financial statement
analysis, so much so that "one-third of accounting firms spend anywhere
from 51 percent to 75 percent of their time on repetitive, low-value tasks."
(Adams, 2022). This advancement in technology seems very promising, and
may be the key to allowing companies to grow bigger than before.
Automating repetitive tasks that have less value than other important tasks
associated with the accounting process takes some of the burden and
workload off of professionals so that more of their free time is spent on
trying to make the business flourish, which to me sounds pretty exciting!++
Reference:+
Adams, K. (2022, August 15). How AI will impact the accounting and
Finance Industry. Data Science Central. Retrieved August 17, 2022,
from+https://www.datasciencecentral.com/how-ai-will-impact-the-
accounting-and-finance-industry/+
