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! i
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/
