OVERVIEW OF ARTIFICIAL INTELLIGENCE IN ACCOUNTING.ppt

impact of artificial intelligence in accounting

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2. •Artificial Intelligence is a method of making a
computer, a computer-controlled robot, or a
software think intelligently like the human mind
•Artificial intelligence is currently one of the hottest
buzzwords in tech and with good reason
•Experts regard artificial intelligence as a factor of
production, which has the potential to introduce
new sources of growth and change the way work
is done across industries
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3. •While exploiting the
power of the
computer systems,
the curiosity of
human, lead him to
wonder, “Can a
machine think and
behave like humans
do?
•Thus, the
development of AI
started with the
intention of creating
similar intelligence in
machines that we find
and regard high in
humans
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4. •To Create Expert Systems The systems
−
which exhibit intelligent behavior, learn,
demonstrate, explain, and advice its users
•To Implement Human Intelligence in
Machines Creating systems that
−
understand, think, learn, and behave like
humans
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6. Here’s a brief timeline of the past six decades of how AI
evolved from its inception
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7. •Artificial
intelligence has its
pluses and
minuses, much
like any other
concept or
innovation
•Here’s a quick
rundown of some
pros and cons
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8. •It reduces human error
•It never sleeps, so it’s
available 24x7
•It never gets bored, so it
easily handles repetitive
tasks
•It’s fast
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9. •It’s costly to implement
•It can’t duplicate human creativity
•It will definitely replace some jobs,
leading to unemployment
•People can become overly reliant on it
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10. •Collecting and analyzing reams of financial
data is an important part of an accountant’s
job
•Artificial intelligence is becoming a real and
prevalent part of our everyday lives,
especially for many of us in the accounting
industry
•The salient question is how AI is changing
accounting, how AI innovation can change
accounting jobs, and what accountants need
to do to thrive during this digital revolution
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11. •Data automation
•Improved analytics through machine
learning
•Increased efficiency in essential
accounting routines
•Foundation for better business decisions
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12. •The World Economic Forum
has issued numerous
reports forecasting how AI
will impact jobs worldwide
•In fact, their analysts
predict that automation will
result in an increase of 58
million jobs, two-thirds of
which will be highly skilled
•The net result of new
technology in accounting
and bookkeeping has been
that accounts and tellers
performed higher-skilled
work than before
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13. •Inputting and matching data
•Receipt reconciliation
•Creating and sending invoices
•Expense reports
•Tracking price changes
•Account reconciliation
•Sorting transactions
•Data recording and reporting
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14. •Invisible accounting: A
behind-the-scenes
function that frees up
human accountants to
engage more with
strategic decision-making
•Continuous auditing:
Auditing without the need
for breaks and with no
gaps in reason or precision
•Active insight: Accounting
managers and leaders can
get real-time visibility into
their finances
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15. •Accounting and bookkeeping platforms
like Sage, Quickbooks, Oracle, FreshBooks,
Zoho Books, and many others are used
daily in businesses of every size
•Accounting software has made accounting
jobs immeasurably easier, enabling people
to think critically, gain the full picture of a
company’s finances, and work across
verticals to achieve results
•AI takes data management and processing
that would consume the time of many
people and presents it in a way that can be
used, sometimes right away
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16. •Sage 50 uses
Accountimg behind
Screen which
forms part of AI to
automate a lot of
back-office tasks,
including cash flow
forecasting, smart
match
reconciliations, and
payroll.
•It contains the
Business
Intelligence Report
as well.
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17. •Quickbooks uses
AI to automate a
lot of back-office
tasks, including
cash flow
forecasting, smart
match
reconciliations,
and payroll
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18. •Oracle is a cloud-
based platform
already, and the AI
is joined by
machine learning
for elite enterprise
resource and
financial planning
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19. •FreshBooks is a cloud-
based system that uses
AI for accounts payable
automation and a variety
of automation around
other business processes
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20. •Zoho Books is also
a tech-first tool that
covers the gamut of
banking, inventory
management,
invoice
management,
billing, and more
•While AI accounting
software may
address some of
the relevant tasks in
bookkeeping, it’s
fair to say that AI is
having a broad
impact in the
industry as a whole
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21. •“The application of artificial intelligence
can solve the pain points of inefficiency
and low added value in the accounting
field, making the accountants turn to
more creative work and bring greater
value to the company.”
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22. •Staff resistance: Even the most future-
forward organisation will have detractors
to modern technologies
•Data limitations: While rarely an issue for
larger firms and multinationals, smaller
accounting businesses may find that they
collect insufficient amounts of data to
build models around specific areas for
analysis
•Cybersecurity and data risks: As with any
innovative technology, there are always
fears, whether they are valid or otherwise,
about the risks of potential exposure to
cybersecurity for accounting firms
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23. •The best way to prepare for AI and
accounting automation is to be prepared
•In a digital-first age, Accountants are in
high demand to consider the business
ramifications of technology – from AI to
cryptocurrency accounting – and
implement new strategies that will
accelerate progress
•While AI-powered tools could impact the
day-to-day, it’s these big picture
moments where Accountants really have
an opportunity to shine by driving
meaningful change in an organization or
firm
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24. •Artificial Intelligence is revolutionizing industries,
accounting inclusive with its applications and
helping to solve complex problems
•The continual evolution of AI technologies means
accounting and finance professionals armed with
the right knowledge can adapt to changing
responsibilities and roles within their firm
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25. •The mindset of ‘routine work’ must
now shift to ‘strategic thinking’, and
this will be achieved by knowing how
to analyse and interpret the data that
AI in accounting parses
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26. •Accenture: From Bottom
Line to Front Line
•Accounting Today: What
AI Does for Accountants
AICPA’s Melancon Sees
Future for AI Bots in
Accounting
•CPA Journal: Meeting the
Challenge of Artificial
Intelligence: What CPAs
Need to Know
•Forbes: Harnessing the
Power of Artificial
Intelligence in
Accounting
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