When talking about artificial intelligence (AI), the most common thing to imagine is an intelligent machine capable of even acting like a human being. Artificial (machine) intelligence would go so far as to attempt to substitute feelings inherent to human beings. Many are frightened by this. Of course, it is scary, but this is still no more than science fiction. So, relax.
What cannot be denied, however, is that artificial intelligence assists some professionals, especially those who work with large amounts of data, such as accountants. There is no doubt that artificial intelligence and machine learning will revolutionize one of the oldest professions in the world: accounting. Whether you are an accountant or studying to become one, you will benefit from learning how artificial intelligence is challenging the profession.
Automation Of Heavy-Load Tasks
Artificial intelligence was born precisely to make your life easier. Gone are the days when accountants spent hours analyzing business transactions. This technology is capable of eliminating these cumbersome tasks. Sounds crazy, doesn’t it? Yes, those accountants’ routine job duties will be forgotten.
Improved Financial Control
Is it possible for an accountant to make a mistake in his or her mathematical calculations? Yes. Despite being experts in the field, they can make mistakes. So, it is likely to happen. It is therefore a risk that will always exist if the responsible for the work is a human being. However, with artificial intelligence, there is no room for error.
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Artificial intelligence can significantly reduce financial fraud or theft. But how can AI counter these risks? This technology is capable of accessing the stored data securely and protecting the cloud with methods that are very complex.
Financial services have the broadest exposure to fraud issues: money laundering, financial mismanagement, regulatory and compliance, internal financial fraud and information loss or theft. The most common threats to accountant is malicious software, or malware. Given that, accounting businesses should keep a constant check on the latest cybersecurity trends and standards and upgrade their defense systems regularly. When it comes to cybersecurity, artificial intelligence plays an important role for companies.
Reduction In Costs
With artificial intelligence, companies only need one robot to compute all movements that may occur in banks, inventories, accounts receivable, among others. And in real time!
No matter if there are few or many operations, the machine will work 24 hours per day, every day of the year. This is, of course, something that no worker can be required to do. Additional staff would be needed to cope with the workload. Surely, this would entail far greater cost for the company. However, with artificial intelligence, everything can be done, and with less budget.
Increased Social Skills
The use of artificial intelligence in the accounting profession is leading these professionals to develop more soft skills. Accountant soft skills are an often overlooked component of building a successful firm and career. But guess what: They make their jobs unique!
To succeed in an era of increasing digitization, professional accountants need a rounded set of skills that go beyond technical knowledge. AI can take on the tedious work that takes up so much time and, in so doing, free accountants up to engage in more advisory roles. Emotional competencies are critical to becoming a trusted and capable professional accountant these days. As automation increases, the need for accountants to be able to do things that technology can’t yet do, is going to rise in the years to come.