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Impact of Artificial Intelligence on Accounting

Article in Sumerianz Journal of Economics and Finance · January 2021

DOI: 10.47752/sjef.41.17.24

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 Sumerianz Journal of Economics and Finance, 2021, Vol. 4, No. 1, pp. 17-24
ISSN(e): 2617-6947, ISSN(p): 2617-7641
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Original Article Open Access

Impact of Artificial Intelligence on Accounting

Dr. Pradip Kumar Das Article History
J.K. College, Purulia, India Received: December 8, 2020
Email: [email protected]
Revised: January 22, 2021
Accepted: January 25, 2021
Published: January 28, 2021

Abstract
Artificial intelligence bears many pragmatism for accountants to improve their effectuality, provide more sapience and
bear more value to business. The system elevates utilitarianism for much more iconoclastic reformation as it perceptibly
takes over core functions currently done by humans because of cost savings and operational efficiencies. Of late, artificial
intelligence has made dramatical development especially in accounting profession which have changed its focus from
paper and pencil entry to computer. But the most alarming of artificial intelligence is that people conclude too early that
they understand it. This comprehensive research study endeavors to examine the impact of artificial intelligence on the
performance of accounting operations with the aid of secondary data. The paper accentuates that the application of
artificial intelligence cockily impresses the performance of accounting functions quality. The researcher recommends that
in the essence of artificial intelligence, accountants should thrivingly develop its own demeanor of dexterity and become
omnibus expertise thereby eliminating certain accounting cost. This will be true if the accounting professionals, auditing
professionals and the AI experts do not collaborate and work together to secure the continuance of profession.
Keywords: Artificial intelligence; Accounting profession; Impact; Technology; Audit.

1. Introduction
Rapid development of Artificial intelligence or AI technology impacts virtually every niche of the world from a
simple transfiguration of human labor to languidly simulated humankinds life. AI bespeaks the ability of computer
or computer-enabled robotic system to process information and yields fruits resembling the apologias of humans in
learning, decision making and solving problems (PWC, 2017). Accounting professionals have embraced the waves
of automation to improve efficiency and effectiveness of their routine work (ICAEW, 2017). Accounting
information systems domineer the domain of paper journals and ledgers, and enter computer-based formats with the
advent of computers. Often, accounting databases become big storehouses of sparse information concerning specific
accounting transactions which do not meet the needs of decision makers. AI accents the creation of intelligent
machines working and reacting like humans to mitigate the difficulties of traditional system. Actually in many
business organizations, complex events are inoperable in process management because of little-known. AI systems
usurp methodically decision-making responsibility from humans to resituate and incredibly improve the quality of
business decisions. To realize this developing, profession needs to concern fundamental business problems and
sublimate new technology approach. This study seeks to answer the most prominent issue on the future of
accounting. This study does not concentrate on a particular area in terms of analyzing the impact of AI on accounting
because this seems to be very narrow since technological advancement has no boundaries in modern day.

2. Literature Review
Literature review provides reasons and dimensions to study and assesses in making comparative analysis of then
and now to predict future. Academicians, researchers, social workers, etc. across the world has conducted extensive
researches to sleuthing direct links between AI use and accounting. The role of information communication
technology or IT in transforming teacher-centred learning to competency based learning and found unfolding niche
of IT in education (Desai, 2010). Higher education institutions are not fully exploiting the possibilities inherent in
digital technology. The study revealed that maximum students reported digital tools provide flexibility and freedom
for their studies, but these tools are occasionally utilized (Lillejord et al., 2018).
For better-quality of illumination, university needs explicitly managing the process associated with the creation
of academic leadership with their intellectual assets and acknowledging the value of this capital to their persisting
role in the society and in a wider global market for higher education (Zafar et al., 2019). Profound implications of
technology on both learning in a content area and learning to practise technology itself (Pearson et al., 2005). AI can
be exercised to foster education by promoting puissance through digital multimedia as well as bettering authenticity
employing video and internet (Zhao, 2005).

*Corresponding Author

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 Sumerianz Journal of Economics and Finance
Technology is worthwhile in teaching basics and can also proffer students with particular need to communicate
and also abet teachers to accommodate their students’ changing learning mode (West Ed Regional Technology in
Education, 2002). AI has a salutary effect on teaching and learning as well bettered academic realm (Bolarinwa,
2014; Falobi, 2014; Krubu and Osawaru, 2011). IT benefits learners and provides better expedient of instruction
delivery for subject teachers (Falobi, 2014). AI has an important bearing on language and intelligent attainment.
Students performances are indicators of proper utilization of AI in the teaching and learning of business studies
(O’Hara et al., 2004).
AI has no grim variation between teachers and students perception on efficacy (Ajisafe, 2014). Business
education students perform poorly in IT courses and most of them are not competent in IT skills (Nwaiwu, 2019).
Debilitating factors like poor maintenance culture of IT facilities, use of obsolete computers, prior method of content
delivery, etc. were observed (Onojetah, 2012). Lecturers are not equipped with AI instruments that are closely linked
to curriculum and assessment methods (Egboka, 2012).
Business education provides knowledge, skills and attitudes necessary to perform productively in the business
sphere as a producer and/or end-user of products and services that business propounds (Okoli, 2010). Business
education provides the recipients with competencies essential in husbanding own business and utilizing the benefits
of the business sector (Ezenwafor, 2012).
A research study by the University of Oxford in 2015 reveals that accountants have a 95% change of becoming
unemployed as machines assume the role of data analytics and number crunching (Greenman, 2017). With progress
of technology, some jobs are eliminated while others are created (Greenman, 2017). The Financial Stability Board
Report indicates that AI simply applies computational tools to address tasks traditionally requiring human
sophistication. Both public and private sectors employ AI technologies for regulatory
compliance, surveillance, data quality assessment, fraud detection, etc. (FSB, 2017). AI provides heavy lifting
for the most challenging problems in computer science (Dilek et al., 2015). Technological power lies in its
versatility, intelligence, connectivity and complexity instead of its energy trust (Lombardo, 2015). Technology
supports bulk organizations from large to small and medium scale organizations (Francis, 2013). Advancement in
technology and expert system are on high increase (Deloitte, 2017). More and more automation and technological
advancement would displace human in their work by 2025 (Alex et al., 2014).
AI makes computers do things better than human (Elaine, 2000). AI is a branch of computer science concerned
with the study and creation of computer system that exhibits some form of intelligence (Shukla and Jaiswal, 2013).
AI as a powerful tool is methodology used to solve human and business problems better than human solutions (Carol
and O’Leary, 2017). Software involves selection from among a definable group of choices where the decision is
based on logical steps (Taghizadeh et al., 2013). AI primarily enables a machine perform the functions of human
brain (Kuma and Thakur, 2012). AI is critical to the future of accounting and auditing professions (Greenman,
2017).
Domain of accounting researchers has applied various AI technologies with progress to specific tasks in
financial reporting and analysis as well as in auditing and assurance (Lam, 2004). Expert systems in accounting
facilitate accounting education and training (Zhao et al., 2004). Eye shaded accountant will likely culminate with
the birth of analytics and cognitive technology to audit (Davenport, 2016). Heretofore, accountants would make
decisions based on often outdated figures but with automation of data processes always up-to-the minute information
enable better-grounded decisions affecting the business performance (Alex et al., 2014). IT-based decision aids
presently wrack the modern corporate with stress on auditors to play improved role in its governance entities. The
study recommends the working together of educational institutions, firms and accounting and auditing professionals
(Omoteso, 2012). Technology may cause less accounting jobs in market but over time, there will be buoyant
demand for superior accountants to deliver sound business judgement, proposals, etc. with preservative accuracy
(Nagarajah, 2016).
Highly developed Asian countries with advanced education systems have been undertaking research works to
discover digital solutions for complexities for years (Wisskirchen et al., 2017). Established technologies could
automate 45% of the activities people are paid to do and that about 60% of all occupations could see 30% or more of
their pursuits with technologies available today (Chui et al., 2016). AI brings CPA to assist in the setup of
accounting and recording systems that combine data from the Internet of Things (Maria and Murphy, 2015). Most
clients prefer to have both the AI and human expert to recommend interpretation of the results and where the
business will be underperforming (Accenture Consulting, 2017). Accounting Information Systems curriculum is
taught using loose-leaf format textbook. Weakness of the proposal rests on the fact that the data source used is drawn
from faculty surveys, textbooks and course syllabi only (Badua et al., 2011).

3. Objective of the Study

The objective of the study is to ascertain the impact of AI on the performance of accounting operations.

4. Research Question
The research question raised in addressing the study objective is what impact does AI has on the performance of
accounting function.

5. Materials and Methodology

The study is descriptive in nature and conducted by variety literatures in terms of AI and their impacts.
Descriptive research has been preferred for developing better profundity of knowledge. Thus, this study purely

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 Sumerianz Journal of Economics and Finance
adopts secondary data collection strategy, and considers a variety of secondary sources accessed through the Internet
and academic databases viz. literature reviews, empirical studies, website, books, journals, reports, etc. The work is
designed for a cross-section of those for making the issue easily understandable and organized into several sections.
Besides other discussions, various sections are serially numbered from 1 to 14. The inherent limitation of the study is
that as the study is based on published data and information, and this secondary sources may be lacking in
authenticity, the result inferred there from may not be completely reliable. The corpus of this paper is, therefore,
limited to establish, in the first place, a global sketch on AI. In the second place, an assessment on the foremost
mission endeavoring the discernment of the effect of AI on accounting profession has been delineated.

6. Results and Discussion

6.1. Impact of AI on Accounting Industry
In the eon of AI, traditional accounting personnel transmit complicated tasks to accounting software which
largely reduces working errors and improves determination of enterprises. AI embraces progressively decision-
making tasks from humans. Accountants have been grooming technology to improve their performance.AI simulates
the process of thinking and information obtaining (Xing et al., 2017). Modern device simulates intellectuality and
information process. Accounting industry becomes propitious to canonize transformation of the accounting industry
(Dongre et al., 2020). AI provides hellishly accurate outputs and situationally far superseding human efforts.
Transition is fast but extensive acceptance of AI techniques in accounting is still budding. Developing AI to face
accounting problems, practical challenges and the skill precipitated to work amidst intelligent systems is crying need
of the day to build joviality.

6.2. Avoid the Possibility of Financial Fraud

Traditional accounting system levitates accounting personnel in both cash flow and book keeping. Thus, there
may exist luxation in financial accounting and financial fraud. Management level predominates internal control. This
scrape is noxious. Computer needs to complete heavy accounting and other works; accounting personnel only review
these. At period-end, AI negotiates bill automatically and actualizes trial balance. In the meshes, accounting
personnel having own cognate prerogatives, different accounts and passwords somewhat windup financial fraud.
Still, accounting system cannot fathom fraud consummately; it requires modulation and subsequently people execute
the adjustments.

6.3. Improve the Quality of Accounting Information

Accounting personnel in traditional accounting take ample manpower and financial resource to check vouchers,
accounting books, statements, etc. Resultant fatigue and mistakes for long exertion distorts accounting
information. But AI completes every step in time to improve competency. Accounting personnel approach
financial data for computer to complete the rest. There may also be errors. Wrong data entry in accounting software
system automatically reports errors which substantially enhance the quality of accounting information.

6.4. Promote the Reform of Traditional Accounting and Auditing

AI changes the method of separation of traditional accounting and auditing works which help accounting
personnel improve their performance. This also optimizes setting of accounting posts, structure layout, and changes
traditional and practical working modes.

7. Impact of AI on Accountants
AI system replaces heavy accounting basic work to more valuable professional judgment based on large data
analysis and data mining (Zehong and Zheng, 2018). Its extensive use gradually reduces the demand for accounting
personnel. Thus, accounting personnel face the crisis of elimination. Robot performs redundant and repeatable data
entry tasks, and interacts with such automation technology. Technology alone cannot lead future; it helps enterprises
make decisions built on their individualistic experience. The crucial is to bloom new technology to ameliorate it on
aeonic base.

7.1. Financial Accounting

Accounting personnel get data from introspective cognizance. Analysis ad infinitum proves the authenticity
emanating from past transactions or phenomenon. Robots ordain digital numbers to express liabilities. Accounting
estimation insinuates judgment on events based on fresh intel to face transition which accounting standards stipulate
for adopting prospective law. Financial accounting awaits specialists for their knowledge and experience aligned
with the accounting standards and relevant laws and regulations to furnish fair information to users.

7.2. Management Accounting

Management accounting refashions prediction to ensure the realities of predicted results. Most management
activities are inextricable from participation of management accounting, budget, decision-making, final assessment
and evaluation of managers performance. AI simulates future environment to help management accounting
accomplish tasks; but it cannot metamorphose management accounting for decision-making.

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8. Accountants Face the Impact of AI

Cloud computing is the hallmark of modernism of big data. Barring simple computer operations, accountants
must command certain computer programming techniques to enhance their own data processing proficiency.
Accountants should improve their competencies and participate in management to make themselves intelligent
accountant (Huang, 2017). Subduing management skills may not have massive impact on accountants in the short-
term but accountants comprehend its gravity when they assume the position of financial manager or like. Accounting
information bring considerable changes to management and development of enterprises. Besides knowledge in
accounting theory and practice, Accounting talents should also be proficient in capital operation, internal control,
management, tax, finance, insurance and practical operation in the field of accounting control as the center of wide
range (Ren, 2017). AI makes accountants’ work more worthy than staying in simple accounting work. Robots help
develop accounting profession; accounting industry in its development process also requires the help of AI. As AI
systems get despotic, they are able to move further into complex decision areas for different solutions and services
potentially replacing humans altogether in many spheres. Computers never replace human characteristics uniquely
like leadership, empathy and creativity. Denying key technology and simply cuddling prototyping are hare-brained.
Strengths and weaknesses of multiforme of AI and the best road for coacting of humans and technology must be
acknowledged. Machines do not demonstrate human favoritism but help eliminate irrationality indispensable for
organizations to exploit the proliferation of big data. Humans alone cannot analyze and extract insight from the
volumes of data. They require working with AI techniques to procure knowledge from the best use of big data.

9. Impact of AI on Effective Business Education

Modern AI base education is socio-economic commodity. In business education, commodification is in form of
business consultancy. Only investment recovery with profit is the ultimate mission. This mission reasons institutions
to induct advanced technology and launch more online educational programmes. Impact of AI on business education
students rests much on how business education teachers practises IT within the teaching and learning process.
Impressing teachers is enigmatical whilst teachers surmise influential influence of AI on learning and learning
outcome, their perceived impact on teaching methodologies are seen to be much more moderate.
Novelly, business education teachers have positiveness towards computer by perceiving its merits for learning
through experience and embedded practices. In changing the teachers-students relationship as part of the new
educational paradigm, the most delicate technique for teachers is to cede control and have more confidence in
students planning their work independently. AI roots more in e-mature institutions, e-confident teachers suggesting
that once the foundation is positioned, the blessing will be substantial. The challenge is, therefore, to capacitate all
teachers and students to meet e-maturity.

10. AI Complication for Implicit Business Education

10.1. Learners Misapprehension
Learners often are found to have wrong ideals about basic leaning to prevent the assimilation of new lessons
thus, can also mess with students’ conceptualizing.

10.2. Learners Former Exposure

Learners former exposure has profound impression on their view of phenomena and their enthusiasm to
welcome more meticulous delineation. The need is, therefore, to examine the students view in learning and
contemplate their perceptions and perspectives before strengthening on them or refashioning ideas. Teachers must
incorporate current perception with students early perception of methodical phenomena.

10.3. Societal Dissimilitude

Efficacious exercise of few strategies materializes to demonstrate not only age and societal apposite
dissimilitude but also accredit students to associate latest information to earlier knowledge. Stage of advancement
and implementation of innovative technology is validated substantially by far society’s dexterity to fabricate and
administer emerging technology. These achievements, in turn, are tightly linked to the level of education. These
processes are largely driven by AI where scientific knowledge and information increasingly determine new
semblance of growth and current feasibilities to reduce poverty more. AI is sympathetic mode to mobilize teachers
creativeness and make them didactic practice more flexible and ingenious. Teachers need to be apprenticed first they
are supposed to teach students afterwards. Dilemma of bringing teachers and would-be teachers to a new didactic
method like the integration of AIs come from the fact that teachers themselves have been taught in traditional ways
for many years. AI involves the development of communication gadgets which can be applied in information
management and dissemination widely to enrich the potency of information.
With the help of AI, teachers can take students beyond traditional extremity, confirm their participation in
teaching and learning exercise and fabricate indispensable ambience to demonstration. Reconnoitering this novel
blooming is a healthy demonstration that the aeon of teaching without IT dexterity is past. AI or intelligent retrieval
contributes superabundance for students to build or revamp their own experience. Absence of functional internet
facilities in mostly tertiary institutions appear to hinder the extent of teachers exposure to the adoption of AI on its
road to learning of business education. Teachers together with students in business education appear not also to be
competent in AI due to skill gap. Business studies teaching behooves several measures to glimpse a child-friendly
space, improve its skills to respond to contemporary needs.

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11. Impact of AI on Business Environment

Technology has had a dramatic effect on the global business environment. Application of technology in
management provides opportunities to work outside the office and increases access to important information
regardless of location. Modern technology has completely changed atmosphere creating entire business niches that
never even existed before. Managers run their business from laptops, tablets and smart phones, never even
considering opening a brick-and-mortar presence. Business meetings no longer mean driving long distances as
teleconferencing means getting everyone together online. Digital technologies such as social media, artificial
intelligence and e-commerce allow corporate to reach global audience and improve customer experience in a more
effective manner. Corporate also use complex software programs to track sales, manage customer relations, ensure
data security and streamline their business operations. Global knowledge economy presents developing countries
with both opportunities and challenges. Firm-level technological capabilities do not develop in vacuum. Such
capabilities extend beyond the individual firm to the broader network in which the firm is embedded. Technology
invariably brings changes on various aspects of business areas such as human resources, strategy planning, customer
relationship management, business environment, service management and performance metrics. Decision-makers
should understand the nature of changes, their potential impact, plan for them and manage the change process to
ensure buy-in of all the relevant stakeholders.
Technology plans must be devised as part of corporate strategy and must take into consideration the impact
technology has on processes, governance and people. Implementing e-business applications require process redesign,
organizational restructuring and alignment, new job descriptions and reviewed and revised policies. E-business is
changing all the rules and models specially in the COVID-19 pandemic situation around the globe. An
organization’s ability to embrace new technology and business model is key to increasing organization’s
productivity. True benefit of e-business is achieved through the digitization of the entire value chain. Decision to
implement an e-business initiative should not be undertaken lightly and the benefits that can be achieved from such a
venture must be investigated thoroughly before deciding to go ahead.
Despite the perceived benefits in the use of technology in business environment, there are much determinants
obstructing the successful application of technology. Institutions and individuals must evolve a society of cultivation
resting a big level on technology. Maximum teachers sedulous cardinal dexterity to operate computer and other
technology devices in their teaching/learning practice of business education . Hence, all business spheres
encompassing lecturers and students should be acquainted with appropriate skills about latest technology.
Justice of technology must be to cultivate self-concept and self-governing learning and developing
sophisticated policy for business progress and social equity. Education is universal in nature and needs surveillance
and for the purpose of achieving it, concerted efforts must be organized. Opportunity remains trivial if the concerned
parties lack the competencies to domesticate the opportunity.

12. Limits of AI
Success depends on sufficient data of right quality. Data often reflects proclivity. Furthermore, not every
problem is acceptable for AI approach. Ethical questions may influence decisions or problems may require profound
causes analysis. Different levels of accurate estimate are also appropriate in different circumstances. Long-standing
issue around data in many Although AI techniques are long-running, its scaling-up in business-accounting is still in
antiquity.

13. Practical Challenges

Organizations including complex and unintegrated legacy system is realistically a grave prob. Small
organizations suffer from insufficient data to achieve precise results. Indomitable models necessitating outsources
are not wide-open at appropriate cost. Therefore, building experience of both successful and less successful cases
help inform future appropriation. AI moderately becomes mingled into accounting software. Many accountants
affront AI without known it. Acceptance of AI often requires substantial investment. With established software for
legal or regulatory reasons, substantial hardware and processing power may require notwithstanding it is accessed on
cloud basis. Cultivating intelligent products in accounting professional areas by AI require market prospect to justify
investment from software developers.

14. Implication of the Study

Accounting is not an end in itself. Accounting activities help people make good decisions concerning allocation
of resources and holding accountability for their decisions. This underpins investment, growth and confidence in all
organizations and economies. More intelligent systems like AI effectuate dandily novel way to the endgame and
kinds of fundamental business problems. At most, we need impressive tools to endorse good bet on financial
resources allocation to triumph. Accounting roles are changing apropos new capabilities to work effectively with
data analytics as they unite important levels of prognostication with strong business awareness.

15. Recommendations
 Accountants with technical know-how should be precarious while applying their skills to varied audit
scenarios.
 AI asserts boons and poses pressing issues that outvie stakeholders. Workforce needs to be re-educated to
beguile AI afore oppose it.

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 Sumerianz Journal of Economics and Finance
 It is indecorous to surrogate all the commanding mode to AI as this precipitates auditor’s liability in the
doldrums of flawed assessment.
 Augmented intelligence may be applied but human auditor should take the ultimatum.
 Professional improvement is also suggested as one of the cornerstones to succor profession. Financial
perspective is also preferred.
 Educational institutions should never tire with industry to teach their students on the appropriate
competence.
 Curriculum requires updating to confirm that the pedagogy remains contemporaneous to persuade the
etiquette of electronic operations where ingenuity becomes key strength in an organization.
 Universities/colleges may recruit guest speaker from industry to deliver lectures which will cover the
successful solutions to the industry requirements.
 Accountants and accounting firms should have fertile mind about AI to enhance the efficiency of
accounting tasks, thereby, discarding explicit accounting cost.
 With robotics appropriating their routine operations, auditors should be visionary rather than applicants of
such cutting-edge technology.
 Emphasis may exert to technical accounting expertise and human judgment to administer novel cases.
Training requires perception of AI techniques.
 Accountants need more superficial knowledge of AI for conversations with experts and other business areas
to cultivate innovative solutions for catechizing the best AI tools. Critical thinking and communication
skills become congruous.

16. Comment
In the hope of feeding distinction and superb scoop, bright impact of AI on accounting cannot be augured with
pellucidity barring if auditors and AI experts collaborate and powwow to appraise the impact of AI on accounting
profession. Admittedly technology may outplace those who perform per diem but let us not forget that AI does not
pulverize jobs but it resuscitates them. Association of Chartered Certified Accountants(ACCA) also demands that
there are key challenges to the bosom of robotics and technology chiefly in industry and financial services.
Dexterously the menace of imbuing software absolutely to do very enigmatic, tailor-made are still veritable while
the benefits of automation are yet to be fully explored.

17. Conclusion
Emergence of AI is an opportunity not a challenge for the accounting industry and accountants. It may trigger
few accountants job loss; but eventually it will not oust accountants requiring accounting personnel to have a good
eye on AI to gradatim invigorate their sheer dexterity and to transform from traditional accounting personnel to
management type, high-end accounting personnel. Accountants should versatilely tailor to the development of
society, staunchly induct, restyle themselves, upgrade their savvy and become an irreplaceable high-quality
accountant. Accounting professionals contemplate AI as a fathomable tool that is imperative with accounting
practice. Unreservedly trusting to AI is undear as it may enkindle recrimination of an auditor lest of incorrect
prediction by ineffective AI. An auditor i.e. human expert is an imperative addendum to AI.

18. Research Scope

Accounting researchers must bridge the gap between the accounting domains and AI domains, and begin
collaborations with AI researchers to improve esoteric accounting tasks having execrably catastrophic impact. AI
researchers hold the key to solving some accounting issues by applying AI techniques and perhaps other areas of AI
that have never been applied in accounting context. Ballooning through AI technique such as expert systems, genetic
programming, neural networks, fuzzy systems and hybrid systems should be eyeballed to the extent feasible. Closer
study on this essence may be visualized in forward-looking by enthusiastic researchers as the research approach is
not revitalized by core data which is also pertinent in ad-libbing peripheral proposition on the research theme.

19. Acclamation
Devoted to DIVINE for HIS kindness in writing this paper

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