Artificial Intelligence (AI) is not a new phenomenon, but it is still a growing concern for many industries. While the human element remains the most important factor in most businesses, the accounting industry is not exempt from the threat of new technologies. If you were the owner of a medium-to-large-sized company, how could you use new technologies such as AI to support your daily operations? Select and discuss one of the following options.
- Option A: Cost savings associated with payroll and other personnel costs (such as training and development and employee hiring).
- Option B: More accurate and efficient financial reporting (such as a reduction in human errors and increased productivity).
Week 10 Discussion: More Accurate and Efficient Financial Reporting
Option B: More accurate and efficient financial reporting (i.e. reduction in human errors, increased productivity)
During the time spent using the innovation, we frequently wind up mishandling it because of this we need to confront its repercussions. I would want to pick the utilization of AI sensibly and to the degree, it is really required in the Organization. I will go for Option B to help with my everyday tasks.
It’s undeniably true that regularly accountants need to manage a bulk quantity of data in their actions. In such a manner, there are not many exercises of the accountant that are totally standard in nature and require a greater degree of speed throughout some stretch of time rather than changing intellectual abilities, unique to each case. Such errands could be designated to the AI for quicker fruition of the equivalent with essentially NIL chance of mistakes, not at all like in the event of human propensity when at a stretch, and managing high volumes of information. Computer-based intelligence will not just assist in the consistency of tasks with speed and precision yet in addition, will work with the investigation of the accessible information in a productive way by the Accountants and different specialists. These scientific abilities of AI ought to anyway be exposed to Accountants’ scrutiny yet as it were, will support proficient monetary announcing and work on the efficiency of the Organization’s Financial reporting. I could give the AIs assume control over positions and access to the branch of Accounts and Finance. Exercises like that of the information section or compromise proclamations are a lot iterative in nature. There could be errors while the disposal of assets and a decrease in the liabilities on the accountants and upon the organization in general. In any case, the interpretative and delicate data should in any case rest in the possession of the Accountants for human mediation. (Hasan, 2021, p.446)
Hasan, A. R. (2021). Artificial Intelligence (AI) in Accounting & Auditing: A Literature Review. Open Journal of Business and Management, 10(1), 440-465.