Question

Explain the Artificial Intelligence in Accounting?

Answer 1

Artificial intelligence, also known as AI, can be defined as an area of computer science that emphasizes the creation of intelligent smart machines that can perform accounting work and also react like humans. It is on a fast track to peak-hype status; and the accounting world is just the latest in a series of industries that is being affected by the rapid rise in the use of artificial intelligence. AI provide outputs that can be extremely accurate, time savings, minimizing costs, boosting productivity, and in few cases far superseding human efforts. It could eliminate accounting errors, which are in often difficult to find and therefore lower the liability and enables moving to a more advisory role.

AI is powerful; however still have its limits. AI only can analyze data but fails to recognize bias or prejudice in a system. Other times, an issue may require an ethical recommendations or assessment that can’t be reached just from examining data. When used appropriately, AI and human intelligence both can work to balance each other’s weaknesses, thus creating an efficient and streamlined process to help businesses move forward.