Introducing artificial intelligence (AI) into accounting is viewed by many researchers as a promising practice. For instance, according to Issa et al. (2016), who assess the sustainability and effectiveness of AI projects in this field, a significant number of companies invest in acquiring such innovations. This means that many firms in this environment are interested in streamlining their workflow and count on the power of digital technology to improve the quality of analytical procedures. Ranjith et al. (2021) confirm the demand for AI in accounting and argue that, based on the results of their research, the overwhelming number of surveyed specialists express a positive attitude towards such an innovation. The authors mention some potential barriers to its implementation, for example, the need to control the operation of digital algorithms, the individual nature of programs, and high costs (Ranjith et al., 2021). Nevertheless, the value of AI in the accounting field is assessed as high. As a result, the extensive work of introducing such advanced tools into the routine practice of accountants should be seen as a sustainable trend.
The benefits of implementing AI into the accounting industry have been the subject of numerous studies. Khan and Faisal (2021) provide a detailed report showing their respondents’ attitudes towards this innovation based on specific criteria. According to the survey, the majority of accountants do not see a threat to their employment due to the emergence of AI in the workflow (Khan & Faisal, 2021). Moreover, more than half of those surveyed rate AI adoption from the perspective of improved efficiency, data accuracy and security, and time savings, which indicates a positive attitude towards digital innovation (Khan & Faisal, 2021). Cao (2021) highlights the value of AI in relation to “a talent training work in the accounting industry” and pays attention to the possibilities of enhancing employees’ capabilities through introducing advanced digital algorithms (p. 6). Skills development through this technology can be realized by establishing a sustainable learning regime so that talented employees can have an opportunity to adopt appropriate operating strategies. Thus, a number of advantages underline the value and necessity of utilizing AI in accounting.
The historical development of innovative technologies in the accounting sphere is the topic of research by Sutton et al. (2016). The authors analyze this area and note that over the past 30 years, interest in AI in this environment has grown significantly (Sutton et al., 2016). Compared to several decades ago, experts are not afraid to implement digital advances in operational modes. This topic has already been studied extensively, and Sutton et al. (2016) suggest focusing on a deeper assessment of innovation, such as the impact of machine learning on the sustainability of accounting procedures. Mirzaey et al. (2017) also emphasize the growing interest in AI in the industry in question, but they analyze not only the basic functions that digital algorithms can handle but other processes as well. Specifically, the scholars mention “learning, prediction, classification, and extension” as the capabilities that may be realized due to implementing AI instruments (Mirzaey et al., 2017, p. 3523). Therefore, the potential of this innovation is colossal, which confirms the wide research interest and its public approval.
To determine whether the attitude towards AI in accounting is positive or not, some researchers evaluate the real outcomes of its implementation by utilizing employee performance metrics. Chukwudi et al. (2018) use a detailed evaluation framework to determine if the innovation in question can actually enhance accountants’ productivity in South East Nigeria. Based on the results of their research, introducing AI algorithms improves employee performance, and increasing knowledge regarding the application of these digital developments is considered a way to further improve operating results (Chukwudi et al., 2018). However, due to various factors, for example, technical unpreparedness, implementing AI can be accompanied by difficulties. For instance, Ukpong et al. (2019) assess this technology from the perspective of its impacts on the African financial sector. They argue that for some economies, such innovation is unavailable due to limited assets and services (Ukpong et al., 2019). At the same time, these gaps are the basis for specific activities toward strengthening the accounting sphere so that as many countries as possible could use the advantages of this digital technology (Ukpong et al., 2019). Otherwise, the risk of stagnation increases, and economic growth is hampered.
The conditions for the positive acceptance of AI in accounting are discussed in the article by Zhang et al. (2020). The researchers opine that in order for accountants to fully exploit the capabilities of this innovation and realize its advantages, special training in the use of AI is required (Zhang et al., 2020). Due to technological progress, the changes have become inevitable, and to avoid the problems with the use of advanced digital tools, managers of accounting firms should establish a sustainable employee training process. As a result, the correct use of AI is the key to time-saving and efficient accounting procedures, which is crucial in dynamic financial markets.
References
Cao, Y. (2021). Innovation and reform of accounting professional training model based on the artificial intelligence. Journal of Physics: Conference Series, 1915(4), 1-6. Web.
Chukwudi, O. L., Echefu, S. C., Boniface, U. U., & Victoria, C. N. (2018). Effect of artificial intelligence on the performance of accounting operations among accounting firms in South East Nigeria. Asian Journal of Economics, Business and Accounting, 7(2), 1-11. Web.
Issa, H., Sun, T., & Vasarhelyi, M. A. (2016). Research ideas for artificial intelligence in auditing: The formalization of audit and workforce supplementation. Journal of Emerging Technologies in Accounting, 13(2), 1-20. Web.
Khan, A. K., & Faisal, S. M. (2021). The impact on the employees through the use of AI tools in accountancy. Materials Today: Proceedings, 1-5. Web.
Mirzaey, M., Jamshidi, M. B., & Hojatpour, Y. (2017). Applications of artificial neural networks in information system of management accounting. International Journal of Mechatronics, Electrical and Computer Technology, 7(25), 3523-3530.
Ranjith, P. V., Madan, S., Jian, D. A. W., Teoh, K. B., Singh, A. S., Ganatra, V., AV, A., Rana, R., Das, A., Shekar, S. L., & Singh, P. (2021). Harnessing the power of artificial intelligence in the accounting industry: A case study of KPMG. International Journal of Accounting & Finance in Asia Pasific (IJAFAP), 4(2), 93-106. Web.
Sutton, S. G., Holt, M., & Arnold, V. (2016). “The reports of my death are greatly exaggerated” – Artificial intelligence research in accounting. International Journal of Accounting Information Systems, 22, 60-73. Web.
Ukpong, E. G., Udoh, I. I., & Essien, I. T. (2019). Artificial intelligence: Opportunities, issues and applications in banking, accounting, and auditing in Nigeria. Asian Journal of Economics, Business and Accounting, 10(1), 1-6. Web.
Zhang, Y., Xiong, F., Xie, Y., Fan, X., & Gu, H. (2020). The impact of artificial intelligence and blockchain on the accounting profession. IEEE Access, 8, 110461-110477. Web.