Q&A of the Week November 22, 2023

q&a 11-22-23 by Joyce Gundling

Question

How is artificial intelligence (AI) being used in Accounting?

Answer

The accounting industry is using AI in several ways:

• Data analysis - predicting, identifying trends, finding errors, and determining areas for improvement

• Data management - analyzing transactions, cash flow, and budgets

• Automation of bookkeeping, data entry, invoice processing, and reconciliations

Those who are in favor of using AI in accounting believe that it allows accountants to save time so they can work better and smarter. 

By allowing AI to do the tasks mentioned above, accounting professionals can focus on higher-level strategic work such as problem-solving, decision-making, and relationship-building. 

Most agree that AI will augment, but not replace, accountants.