How Artificial Intelligence is Shaping Aspects of Accounting

By: Denise Camacho, Staff Accountant

We’re hearing a lot about “artificial intelligence” or “AI” these days, and it refers to using technology to perform tasks with minimal human input. Accounting is just one of a number of industries that is being impacted by artificial intelligence.

This has created a unique opportunity for accountants. The increased utilization of artificial intelligence can allow accountants to more easily fulfill their mission to record, measure, and communicate financial information to stakeholders. As users of financial information, business owners can directly benefit from the automation of financial data as they can make more informed decisions with up-to-the-minute financial data.

Artificial intelligence is already transforming the field of accounting. Several companies are currently implementing the automation of repetitive tasks like data input, data matching, invoicing and bill payments. “Machine learning” will only get more reliable and accurate as time goes on. By automating these simple and repetitive tasks, accountants can focus on other areas requiring their expertise such as critical thinking while making judgments and providing consultation.

Large companies like QuickBooks, Quicken and Turbo Tax are now seeking out ways to implement artificial intelligence, as well. Bookkeeping companies are continually fine-tuning their artificial intelligence to automate tasks that normally would be done by a human bookkeeper.

Their bookkeeping software can be set up so that you can have bank transactions automatically downloaded and categorized to your needs. Also, you can set up the software to manage the accounts receivable process to make sure income is recognized and customers get invoices and billing reminders.

Artificial intelligence may lead to more jobs in the accounting field as businesses will need people to help manage these new technologies. When artificial intelligence is implemented thoughtfully, companies can see the benefits.

But as we recognize the advancements of artificial intelligence, it is important to remember that it is still in its beginning stages and has a long way to go before we can completely integrate automation in accounting.

While artificial intelligence may make an accountant's job more efficient, accounting is still a field that will require the personal touch and empathy that only a human accountant can provide. Accountants are vital for sharing the judgment and technical expertise necessary in order to interpret the financial data generated by artificial intelligence.

 

Denise Camacho graduated from UCLA in 2013, and has been with Osborne Rincon CPAs since 2019. She is an Enrolled Agent with the IRS and has 4 years of experience in bookkeeping, individual income tax returns, corporate tax returns, partnership tax returns, non-profit tax returns, sales tax and payroll tax.