Abstract
In the ‘New Normal', the accounting industry is experiencing heavy pressure associated with artificial intelligence (AI). The purpose of this study is to examine the ways and how organizations are harnessing the power of artificial intelligence in the accounting industry through the lens of KPMG. There are 39 employees from the KPMG who responded through a structured questionnaire on Google Forms circulated among the employees of the company. The data collected were analyzed and presented in the table of numerical terms. The results showed there is a significant positive relationship between the adaptation of AI in the accounting tasks in KPMG company. The results of this study reflect upcoming AI practices that will be sent to the KPMG to enhance awareness and adopt artificial intelligence applications for better productivity. These findings can help the accountants in clearly understanding how they can use AI technology to improve the accounting standards.
Highlights
Until recently, the task of accounting requires humans to input data on paper-based and draw a reasonable conclusion from the relevant information (Wisskirchen, et al, 2017), while several technological innovations may increase productivity and profit margins, such as computer software and automated production (Wazir et al, 2020)
This research paper aims to (1) understand the impact of artificial intelligence and the opportunities it presents for the accountancy profession, (2) examine the relationship between artificial intelligence and professional accountant practices, (3) develop a deep understanding of how artificial intelligence can solve accounting and business problems, and (4) suggest different ways that AI can be used by accountants for better productivity
The research paper has examined the impact of artificial intelligence on accounting tasks and standards at KPMG
Summary
The task of accounting requires humans to input data on paper-based and draw a reasonable conclusion from the relevant information (Wisskirchen, et al, 2017), while several technological innovations may increase productivity and profit margins, such as computer software and automated production (Wazir et al, 2020). In the New Normal, there are unexpected changes in society’s behaviors toward harassing the power of artificial intelligence (AI) in the accounting industry. This is noteworthy to the businesses, especially for the accountants. The KMPG and Deloitte, one of the big accounting firms had announced alliances with IBM Watson analytic and Kira systems in their day-to-day workforces (O'Neill, 2016). This means that the big firms are trying to evolute their tasks from manual to automated-based tasks.
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