Abstract
Abstract Artificial Intelligence is changing the reality of the accounting field, on a rapid way, due to the benefit of improving and reshaping the actual way of performing activities on this domain. Over the years accounting has changed significantly by replacing the work with paper and pencil first with computers, but more importantly with programmes able to decrease time spend on repetitive work that reduce the amount of errors. The interest on Artificial Intelligence solutions in this domain is not new but on the last years researchers become more focused on it. Despite the material progress there seems to be not enough data to support companies’ willingness to embed Artificial Intelligence solutions into their accounting activities. Also, an important aspect of this reality is the capability of experts to adapt faster to the new status quo and to acquire the necessary skills to be able to work with Artificial Intelligence solutions and to overcome the fear of losing their jobs. This paper is focusing on understanding the impact of Artificial Intelligence solution in accounting by conducting a qualitative research based on relevant literature review, of the last years. This paper is highlighting the potential changes Artificial Intelligence can bring to the accounting jobs and the necessary steps to be taken in order to prepare for the new jobs, in which Artificial Intelligence solutions will be more present.
Highlights
Artificial intelligence (AI) is one of the most important technology for the future, alongside with Internet of Things, cloud computing, blockchain
The business leaders understood the need of making a change in order to gain a bigger part of the prize
The result of a survey conducted on public accounting professionals by Patrick O’Brien in 2020 analysing the level of utilization of AI, represented by machine learning (ML) and RPA has shown that the accounting profession is already using this technology
Summary
Artificial intelligence (AI) is one of the most important technology for the future, alongside with Internet of Things, cloud computing, blockchain. It is considered the ability of a machine to imitate human actions like communication, decision taken. Accountants are already using the technology in their daily activities to improve the results and reduce the time spend In this case AI systems implementation will not be an unknown step in their career. This comes with considerable benefits as achieving objectives using data-driven decision making, can find insights on the results of the business using data analytics and can save significant amount of time, that would normally be spend on repetitive activities (Sutton et al, 2016)
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