1 Accounting Information Systems (BAP 71) INDIVIDUAL ASSIGNMENT | GUIDANCE PAPER Trimester 1 2021 __________________________________________________________________ Section 1.0 Assessment Information...

ARTIFICIAL INTELLIGENCE AND ITS IMPACT ON ACCOUNTING PROFESSION
Table of Contents
Introduction    3
Analysis    3
Key findings    3
Impacts    3
Key ideas    4
Automation of difficult tasks    5
Artificial control    5
Effective fiduciaries    6
More accounting automation revenues    6
Investment management    6
Negative impact of artificial intelligence    6
Recommendations    7
Conclusion    8
Introduction
Artificial intelligence is now a part of mainstream personal and business lives. Every part of it is as deep as the introduction of the personal computer back in the 1980s. The result cannot be yet imagined as robots in every street but the progress is indeed steady and brilliant. Time saving for everyday tasks is a great demand nowadays and the accounting industry has a considerable dependence on this. Application of artificial intelligence saves a lot of time for the accountant and allows him or her to devote and focus on other things than everyday simple and repetitive tasks.
Analysis
Key findings
Machine learning is a major component of artificial intelligence and explains the computer’s ability to program by making its own predictions and decisions based on data already received (Chukwudi et al. 2018). The incoming entries for bank statements with correct and nominal codes are evident. It takes humans and their intelligence in performing this simple task but machine learning is able to carry out emulation of minute logical connections. Artificial intelligence can help accountants in the true sense so that they can act as trusted advisors of the client.
It is not implicated that artificial intelligence will change the pattern of accounting business but the proactiveness will be enhanced due to the application of artificial intelligence on certain daily tasks. The attractiveness of the profession got uplifted due to the temptation of being trusted client advisors. Artificial intelligence will be able to monitor the flow of cash into organisations (Drew, 2018). This will help in detection and controlling of problems even before they take place.
Impacts
It is just a speculation yet that artificial intelligence will impact jobs and human job roles. It was initially assumed that humans will face downfall at the hands of robots but that is not yet common at all (Gulin, Hladika and Valenta, 2019). Surveys revealed that technology professionals are more optimistic about the introduction of artificial intelligence in workplaces and everyday lives while consumers showed pessimism in this regard. Introduction of chatbots is a special phenomenon in the business world. Both scripted and natural language ones are being engaged in business strategies and smartbots are being used as superhumans who have the ability to learn like human beings and offering a spooky level of reality. Prediction of Gartner is that the request for customer services via mobile apps will exceed drastically by the year 2019. About eighty five percent of interaction with customers will be done via smartbots thus reducing dependence on human resources. Sage is specifically designed for managing finances. Pegg helps in maintaining real time knowledge about your expenses (Li and Zheng, 2018). More and more interactions with Peg will result in making the assistant more intelligent and it will gradually gain perfection in providing tailored solutions for your business.
Pegg saves the time and effort to gather knowledge about bookkeeping or payability or receivability of accounts. The days are not very far when accounting firms will hire chatbots for the first line of support to clients. The chat is able to speak the same language as the clients thus making the entire experience quite real for both the parties. The chatbot can be used by the accountant to give more efficient and smart solutions to the clients both in a cost effective and time saving manner. The upcoming generation prefers buying products related to artificial intelligence and chatbots for starting new businesses (Sako, 2020). They realise the efficiency of chatbots sp according to surveys there is more likes than dislikes for artificial intelligence services.
Key ideas
With its varied benefits artificial intelligence is being widely used in administrative and accounting tasks. All the handling and processing of data becomes automated thus making any tax report generation more accurate and quick. Artificial intelligence helps in recognising and categorising data from various sources to different accounting heads (Rkein et al. 2019). Several dedicated tasks can be handled easily by artificial intelligence techniques like payable and receivables of accounts. This improves the cost management by companies.
1) In case of monthly or quarterly close procedures the sooner the numbers are received the better it is for a company to create proper business strategies. Artificial intelligence helps in providing and consolidation of data from...