The Impact of AI on Accounting
AI is quickly transforming the financial industry – with the impact on accounting already being felt. Robotic Process Automation (RPA), for example, has started to reduce some types of contractual processing times, while EY and Deloitte have started to use AI to update their document review process, with AI systems reviewing quite complex contracts after legislative changes or transfers of ownership of client assets, resulting in a faster conclusion of the audit process.
While upfront costs and the need to alter business models mean there is understandable nervousness about the advance of AI, it clearly can be a great tool for increasing efficiency. “Deep Learning” AI allows computers to make predictions and adapt how they respond to particular situations – making it possible to replace human eyes for rote tasks.
Read the article in full on Forbes.
