AI and Accounting Software Automation †MyAssignmenthelp.com

Question: Discuss about the AI and Accounting Software Automation. Answer: AI and Accounting Software Automation Artificial Intelligence may well culminate to job security in certain professionals, however, for an accountant, one should never worry much. Even though technology is able to automate portion of accountants role, technology is never going to substitute an accountant any time soon. Indeed, via saving time as well as removing more tasks, accountants shall get it even easier than ever to please their corresponding clients (Michalski, Carbonell Mitchell, 2013). Accountants are safe from Artificial Intelligence. In each talk regarding how technology shall alter everything, people sometimes lose sights of what is already changed fundamentally. Examine cloud accounting. Via receipt scanning tools as well as software that is linked to bank feeds, one can gain access to the live ledger which instantly enhances ones insights and ones advice to the clients. This is never strictly Artificial Intelligence, however, it does give a window into how theaccounting profession has altered lately. These professionals, crucially, are never digging their respective heels in. Accounting professionals are vastly welcoming this alteration, even if these professionals do not often completely comprehend it. It has been revealed by Xeros South African State of Accounts report that eighty percent of the accountants have a belief that technology plays a crucial role in their respective jobs. The outcome of this survey further unraveled that fifteen percent of accountants are never often aware of the recent technological innovation. Twenty-two percent of the Artificial Intelligence intriguing as well as eighteen pronounced their respective interest in the feasibilities offered by the machine learning. If Artificial Intelligence was really going to take the jobs of the accountants, one would anticipate that accountants to be more worried. Rather, several accountants are embracing/adopting the very actual feasibilities provided by technology. And where one examine what the feasibilities are for the accountants as well as theaccounting profession, it is never surprising. Machines are increasingly rising. Machine learning, for instance, offers a great opportunities in developing high integrity accounting. Particularly, high integrity accounting remains data untouched by the hands of humans. This might potentially remove data entry as well as coding wholly thereby freeing up the time thus allowing accountants to focus on strategic as well as advisory duties/tasks. Where AI accounts for a high-performing economy, SMEs shall make additional money and hence have more accountants need. In fact, as AI technology develops more and more, it becomes clearer that AI will never get rid of accountants rather it will be a great empowerment to accountants. Stripped of tedious manual work as well as emboldened to think as well as analyzed, accountants role- alongside their significance to respective client business will solely increase more significant. Accountants will need to develop more soft skills on top the traditionally prized within the accounting profession. It is expected that more demand for accounting businesses as well as data analysts alongside business consultants in accountancy firms will be inevitable. The automation will wipe out the more recurrent bookkeeping as well as process-drive task and hence accountants will be left with higher value tasks. The FloQast Software will trim down accounting departments and remaining workers will focus on strategic initiatives including process improvement, capital optimization and costs control. Many present accounting jobs will be destroyed and new ones created and hence the accounting graduate must re-skill immediately after graduating as over 35% of skills will be different in the coming future. Junior accounting jobs will be automated and hence the need to find the juniors opportunities to get experience and become increasingly strategic (career opportunity). Junior accountants will become business partners and coaches to businesses and clients. AI will trigger an increasingly well-rounded education in universities and schools. The audit quality will be increased by AI since it allows auditors to ask many questions thereby increased efficiency to provide more insight (Nilsson, 2014). More career opportunities will be required in terms of data analyst coupled with a novel war for talent in such skills set. There will also be increased opportunities in computer sciences hiring as well as identical skills since work will be more digitized. Accounting will require an addition of IT-focused workers straight to accounting departments to specialize in the implementation as well as maintenance of several pieces of software (Cohen Feigenbaum, 2014). The ethical that will arise from AI will surround the job loss. Accounting firms will have to balance to what extent they will automate and use AI in order that they benefit from the technology and not to retrench workers. They will have to re-skills and upskills workers rather than laying them off in areas of where automation has taken place. References Cohen, P. R., Feigenbaum, E. A. (Eds.). (2014). The handbook of artificial intelligence (Vol. 3). Butterworth-Heinemann. Michalski, R. S., Carbonell, J. G., Mitchell, T. M. (Eds.). (2013). Machine learning: An artificial intelligence approach. Springer Science Business Media. Nilsson, N. J. (2014). Principles of artificial intelligence. Morgan Kaufmann.