Eziefule, Augustine Obinna and Adelakun, Beatrice Oyinkansola and Okoye, Ikemefuna Nzube and Attieku, Jacob Selasie (2022) The Role of AI in Automating Routine Accounting Tasks: Efficiency Gains and Workforce Implications. European Journal of Accounting, Auditing and Finance Research, 10 (12). pp. 109-134. ISSN 2053-4086(Print), 2053-4094(Online)
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Abstract
The integration of Artificial Intelligence (AI) in accounting has revolutionized the profession by automating routine tasks and streamlining workflows. AI-driven automation in accounting involves the use of advanced algorithms and machine learning techniques to perform repetitive tasks such as data entry, reconciliation, and financial reporting. By leveraging AI, organizations can achieve significant efficiency gains, reduce manual effort, and enhance accuracy in accounting processes. One of the key efficiency gains of AI-driven automation in accounting is the acceleration of repetitive tasks. AI algorithms can process large volumes of data in a fraction of the time it takes for humans, enabling organizations to complete tasks such as data entry and reconciliation more quickly and efficiently. This not only saves time but also allows accountants to focus on more value-added activities such as data analysis and strategic decision-making. Moreover, AI-driven automation improves accuracy in accounting processes by minimizing errors and inconsistencies that are inherent in manual tasks. AI algorithms are trained on large datasets and learn from past experiences, enabling them to identify patterns, detect anomalies, and make accurate predictions. By reducing errors and ensuring data integrity, AI-driven automation enhances the reliability of financial information and strengthens compliance with regulatory requirements. However, the widespread adoption of AI-driven automation in accounting also brings workforce implications that must be carefully considered. While AI streamlines routine tasks, it may also lead to concerns about job displacement and the future of the accounting profession. As AI takes on repetitive tasks, accountants must adapt by acquiring new skills and expertise in areas such as data analysis, strategic planning, and technology integration. Additionally, the role of accountants is evolving from data processors to data analysts and strategic advisors. Accountants are increasingly expected to leverage AI-driven insights to provide strategic guidance, identify opportunities for process improvement, and drive business growth. By embracing AI as a tool to augment their capabilities, accountants can enhance their value proposition and remain indispensable in the digital age. The role of AI in automating routine accounting tasks offers significant efficiency gains and workforce implications for the accounting profession. While AI-driven automation accelerates tasks and improves accuracy, it also requires accountants to adapt to new roles and acquire new skills. By embracing AI as a transformative technology, organizations can optimize efficiency, enhance accuracy, and empower accountants to provide strategic value in an increasingly digital world. Implications
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > H Social Sciences (General) |
| Depositing User: | Professor Mark T. Owen |
| Date Deposited: | 11 Jun 2024 04:25 |
| Last Modified: | 11 Jun 2024 04:25 |
| URI: | https://tudr.org/id/eprint/3073 |
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