Artificial intelligence in accounting

Table of Contents
Executive Summary...............................................................................................................................2
Introduction...........................................................................................................................................2
Analysis..................................................................................................................................................2
Impact of various forms of business......................................................................................................3
Impact on accountants and companies.................................................................................................4
Various skills..........................................................................................................................................4
Summary of findings..............................................................................................................................4
Conclusion.............................................................................................................................................4
References.............................................................................................................................................5
Executive Summary
Artificial intelligence (AI) is considered as the ability of the technology, machines and
software to provide cognitive intelligence which provides a positive impact on the business
process and enhance operational efficiencies in different areas of the organisation. AI intends
to act as a business toll which can increase the performance of the process in an exponential
manner, mainly in the areas which requires greater accuracy, analytics and supporting the
data for taking quick decisions. In the area of accounting, business organisations tend to
implement AI in the field of book keeping and preparation of basic reports. Various key areas
like accounts payables and receivables are now being handled by the AI, this helps the
business to initiate the payments to the suppliers in a timely manner, once the payment is
approved by the management, also the AI will send the invoice to the customers when the
credit limit is nearing, this also enable in speedy recovery of cash from the customers.
Therefore, the payments and receipts are effectively handled by the AI in a more creative
manner.

Introduction
Artificial intelligence (AI) is considered as the ability of the technology, machines and
software to provide cognitive intelligence which provides a positive impact on the business
process and enhance operational efficiencies in different areas of the organisation. AI intends
to act as a business toll which can increase the performance of the process in an exponential
manner, mainly in the areas which requires greater accuracy, analytics and supporting the
data for taking quick decisions. Apart from its presence in the research & development area,
sales & marketing, logistics & supply chain, the impact of AI is not being considered
effectively in the area of accounting. The job description of the current accountant is entirely
different than that of the accountant two decades ago, this is mainly due to the application of
technology in the preparation of the reports, enable in substantially moving away from the
dormant process to supporting relevant data for decision making. One of the specific field
which AI has been extremely assisting the accountants and the auditors is the document
review, previously an individual has to read through various pages in order to understand the
key terms and use them for preparation of various financial reports, this is a tedious task and
involves more manual hours. However, with the application of artificial intelligence this
process is now automated effectively. (Jariwala, 2015). Business enterprises uses this
learning technology tool to scan through various reports and documents and highlight the key
areas which is used by the accountants for processing the accounting entries, audit the
statements and prepare reports which is required by the management. This report intends to
analyse the impact of AI in the area of accounting by considering its impact of various areas
like B2C, B2B, B2E etc, also analyse the role of AI in enhancing the performance of
accountants and companies which enable them to achieve sustainable growth and
development.

Analysis
In the words of John McCarthy, the father of AI, it is defined as the science and engineering
of creating the intelligent machines, basically the intelligent computer programs so as to
enable in the process of providing various data & information, analysis and other key reports
for quick decision making. AI is considered as the manner of creating computer, machine
controlled robots or software which can think more intelligently, in the same way as the
humans think and act. The various technologies of AI are as follows: (Graetz, 2015)
Heuristics: It is considered as the process which involves the users for aid in learning the
documents, discovery and problem solving methods through the application of experimental
design and trial and error methods. Accounting firms uses this in order to read various
documents like leases, business agreements, financial reports so as to help the business to
understand complex data in a more meaningful information.
Machine learning: Machine learning is considered as the key AI tool which enable in
providing the overall ability to learn and enhance the experience without being programmed
more explicitly. This tool focuses in the creation of computer programs which can access
various data and process them for understanding the pattern so as to provide effective
information for quick decisions making. The primary purpose is to enable the systems to
learn automatically without any assistance from individuals and adjust the actions based on
the circumstances.
Artificial neural networks: Living beings can able to process the data and information which
is available in the environment and can adapt to the changes which is presented to them, this
is done based on the nervous system present in them. Similarly, AI applies artificial neural
networks which can enable the machines to process the information and adapt to the changing
environmental changes, furthermore it helps the business to predict the changes quickly and
support in decision making for the management. (Pash, 2016)
Markov Decision Process: It is considered a an overall framework for modelling which
support in effective decision making, this process applies various statistical tools and
techniques to understand the pattern based on the input and the enable in quick decision
making. The basic objective is to create a policy and procedure for the decision making and
indicate in detail the specific action point which needs to be taken under a given
circumstances.

Impact of various forms of business

Business to Business (B2B): the impact of AI is high and provides more advantages to the
companies which is involved in the business to business set up, this tool uses predictive
analytics which enables in processing the data from the customers and enable in predicting
the future choices of the suppliers, customers etc. AI uses various machine learning tools in
order to read through the documents in a quick span of time and
Business to customers (B2C): in this process, the AI intends to analyse the changing demands
of the customers, their taste and preferences and predict the future fashion of the customers,
this will enable the business to prepare for the future and enable in achieving sustainable
growth and development. (Raphael, 2015)
Business to Employee (B2E): AI assists the business to analyse the current openings in the
organisation and then raise the request of vacancy in the job portals, invite applications from
the prospective candidates and analysis the profile for initial screening. This saves more time
and cost for the company in getting the right candidates for the right job.
Business to government (B2G) or Business to administration (B2A): There is a high
opportunity for the business to offer its products and services to the customers through
integrated marketing communications, in the area of accounts, the company requires to
provide various reports to the governments for adhering to the regulations, the AI will enable
in analysing the reports which may be due in the future months and immediately imitate the
management to submit the reports on time.

Impact on accountants and companies

In the area of accounting, business organisations tend to implement AI in the field of book
keeping and preparation of basic reports. Various key areas like accounts payables and
receivables are now being handled by the AI, this helps the business to initiate the payments
to the suppliers in a timely manner, once the payment is approved by the management, also
the AI will send the invoice to the customers when the credit limit is nearing, this also enable
in speedy recovery of cash from the customers. Therefore, the payments and receipts are
effectively handled by the AI in a more creative manner. Moreover, the automated date entry
and categorisation of the accounts is being taken care by AI, this helps in quick analysis by
the accountants and organisation to understand the current trends and to predict the future
outcomes in a more disruptive manner. (Baldwin, 2016). Many companies tend to use natural
language processing aspects so as to enable in understanding the contracts and agreements.
AI also helps the business to process the payroll processing, support in internal and external
auditing matters, promptly remit taxes to the governments and helps in smooth functioning of
the organisation. AI also supports in monitoring the cash reserves with the company and
informs the management with the cash position is lower than the agreed limit. AI supports the
business enterprises in enhancing the efficiencies in process, also avoid errors in processing
the payments and receipts, understand the future requirements of the business process and
involve in the preparation of various reports which will be presented to the top management,
regulators and governments.

Various skills
AI assist the accountants and organisation in processing the day to day obligations of the
business which involves more data centric activities like payroll processing etc. this task
tends to avoid the monotonous task of the individuals and help them to be more productive
and work efficiently. The employees tend to have knowledge on processing the data in AI,
possess expertise in the computer language and other key areas which will enable them to
provide the required inputs in the AI and receives the data from the system to process further
into a meaningful reports. (Pash, 2016)

Summary of findings
AI is considered to be an effective tool which will help the business to achieve greater
efficiencies and sustainability. AI is a vital tool which will provide the accountants the
needed data and tools for processing the day to day accounting information which will
enhance the efficiency and effectiveness in the occupation. It is further noted that the
repetitive task of the book keeping or process related assignments and this is replaced through
the automated technology. The usage of AI will enable the accounting professionals to
acquire the fast processing of data which includes the preparation of the annual reports,
balance sheet, preparation of tax reports and other areas. (Jariwala, 2015)
Conclusion
Artificial intelligence is designed to think, feel and react to life and breathing. Learn more
about Deloit's actions, development forums, campaigns and production costs, as well as
production and management costs. These include customer service, research and
development, logistics, sales, marketing and information analysis. When it comes to
professions that require special methods, analysis of information, reports and a lot of hard
work (eg accounting, coding of transactions, etc.), Al can completely change the profession.
Association of Certified Accountants in charge of financial management, financing,
management of losses, treatment and risk of sexually transmitted diseases. In all areas we
provide information about results and classifications, but on recruitment, recruitment,
recruitment, termination and termination. Of course, the accounting software is not new to the
business. The submission of non-return return on investment for the company was actually
the most effective and could recover more than before. New Arrivals Can probably get some
users and better time, NAR by longer bookkeepers. Closer, producing more than just
"parallels" a few weeks before, QuickBooks Online, seconds before the first changes your
money! There are different opinions about how the auditor's role changes. data search
summary would be transferred as the case where the taxi / transport sector Uber and Lyft was
introduced. And as long as the men in Stadig Vilage NOD have accredited audits that govern
the high complex, they claim that the accounting profession is far from a phenomenon of new
technology that interferes with the workforce. (Graetz, 2016)
Generally, the accounting software was the best, only controlled accounts and settlement
were published at that time. QuickBooks did not reduce the book's revenue, but it changed
the input and output points of the paper and the pen on the computer and the software task.
AI is not a substitute for auditors in the accounting world, it only changes focus. Click here to
see all information about this article. Click here to view contact information, IA information,
more accurate information, additional information, paper and current efficiency. Ability to
handle the challenges of automation - An older viral viral counter is likely to experience
customer processes that can be improved through automation. That is, regardless of whether
they are economic production processes or processes. In the future, automation, customer
improvement and cost savings will be the main driving force behind the difference between
auditors. Database Interpretation - Each accountant needs a huge amount of data, processes
and organizational policies that vary between customers. Implementation of information
strategies, implementation of debt reduction strategies, calculation of human rules, statistical
analysis, statistical analysis, optimism. AI is an active trading partner in marketing,
technology and information technology, product information, production companies and
product designation. In the absence of precision and accuracy, AI can automate all boring
manual tasks. Specialists in accounting, financial and financial law, salaries, salaries,
expenses, revenues and expenses. Computers with which AI compatibility can meet financial,
financial and financial availability of financial resources.

References
Baldwin, A., Brown, C., & Trinkle, B. (2016). Opportunities for Artificial Intelligence
Development in the Accounting Domain: The Case for Auditing
Graetz, G and Michaels, G. (2015). Estimating the impact of robots on productivity and
employment. Center for Economic Performance.
http://cep.lse.ac.uk/pubs/download/dp1335.pdf.
Griffin, O. (2016). How artificial intelligence will impact accounting. Economia.
Jariwala, B. (2015). Exploring Artificial Intelligence & the Accountancy Profession:
Opportunity, Threat, Both, Neither? International Federation of Accountants.
Pash, C. (2016). KPMG will soon be using artificial intelligence for audits in Australia.
Business Insider.
Raphael, J. (2015). How Artificial Intelligence Can Boost Audit Quality. CFO.com