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SUMMARY AI
AI has been one of the most used systems for decision-making in years, although it is not a new technology,
because it had been used since the early 1950s, it enables not only the way in which humans decisions-making,
but also it eliminates the risk of human error, consequently the AI could radically change the profession in its
entirety.
The human brain is constantly bogged down by its own inconsistencies and biases, that turns out to be costly in
industries. AI accompanied in the development of machine learning, seeks to help decision making, by
processing large datasets, its adaptability in learning from complex and constantly changing patterns. In
accounting specifically, offers support to professionals in financial and non-financial analysis for decision
making. Although the potential is infinite, the platform currently allows you to execute only tasks with a degree
of repeatability.
The opportunity to incorporate AI and machine learning and specific has contributed to a digital transformation
of finance and accounting, therefore organizing and analyzing data is no longer a task of the human brain.
WH
1. What is AI?
AI (Artificial Intelligence) is one the most advanced concepts in the intelligent systems and decision-
making in years
2. How AI has integrated itself with other aspects of our life?
In recent years, AI has integrated itself with other aspects of our lives as the power behind the chat bot
revolution, smart home networks and applications, and assistive voice-based technologies like Alexa
and Siri.
3. What AI means for accountants?
AI is positioned to deliver an immense opportunity to accountants and promises to bring a new
standard of efficiency to their own specific set of decisions and tasks. In the grander scheme of
accounting advancements, AI could radically change the profession in its entirety.
4. What ML offers to accountants?
Now that we’ve established why ML is so capable and powerful in the proper environments, it’s time
to reveal the catch: ML algorithms and processes are only as intuitive as the data they’re using. If the
datasets being input into these models are incomplete, insufficient or are riddled with their own
biases, the insights that ML models will spit back out will have the same issues. If you’re using ML and
other AI processes to glean results that need high degrees of confidence, this is an issue.
5. How AI has transformed the jobs of the accountants?
The opportunity embedded in the current digital transformation of finance and accounting is allowing
people and AI to work in unison and rely on each other to nurture and contribute in the areas where
their strengths exist. The mind-numbing, monotonous minutiae of number crunching in accounting is
taken care of, and all that’s left is for accounting professionals to tackle the tasks their cognitive engines
are geared for.