What are ten ways in which artificial intelligence can replace the traditional duties of an accountant?

Ways in which artificial intelligence can replace the traditional duties of an accountant are that it can perform data entry, analysis, and risk assessments, review contracts, categorize invoices, calculate tax payments and returns, document employee compensation, generate financial reports, identify inaccuracies, pick up on system errors, and ensure company policy is always followed.

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There is no way to predict exactly how artificial intelligence will impact the field of accounting. However, here are some ways that it has the potential to change the duties of an accountant.

  1. Artificial intelligence can perform data entry and analysis much faster than a person can.
  2. Artificial intelligence can perform risk assessments and review an organization’s investments.
  3. Artificial intelligence can review contracts.
  4. Artificial intelligence can categorize invoices.
  5. Artificial intelligence can calculate tax payments and returns.
  6. Artificial intelligence can document records for employee compensation.
  7. Artificial intelligence can generate quick, error-free financial reports.
  8. Artificial intelligence can pick up on system errors and learn from them.
  9. Artificial intelligence can identify inaccuracies in financial reports that might be overlooked by a human.
  10. Artificial intelligence can be programmed with a company’s policies and work methods to ensure that work is always up to company standard.

It is important to note that a lot of the tasks artificial intelligence can do consist of time-consuming, grunt work. As of now, there is no real concern that artificial intelligence will completely replace accountants, since the financial expertise and guidance of a human being cannot currently be matched by a machine. It is generally believed that artificial intelligence will increase accountant productivity and that human accountants will transition to more advisory roles in the future.

Last Updated by eNotes Editorial on

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