Explainable Artificial Intelligence in Accounting

Introduction

The selected article states that artificial intelligence (AI) is one of the technologies that introduce radical changes in the functioning of contemporary society. It provides computers with an opportunity to make choices, decisions, predictions, and adapt to any situation by analyzing data and acting most effectively. For this reason, it becomes an advantageous option in spheres where multiple calculations are demanded. Gradually, the broad implementation of AI in such fields as accounting lays the ground for the drastic changes in management and methods that are utilized by specialists.

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

Advantages of AI

The paper shows that one of the critical advantages of AI is its ability to evolve and adapt to new conditions. In such a way, in the expected revolution AI can free people from low-value, repetitive, unnecessary, and complex activities that might demand much time and effort. Combining human-like thinking and high speed, computers are able to attain results that are nowadays unobtainable for accountants. For this reason, it is believed that the future of the sector is associated with the further use of the given technology and implementation of so-called explainable AI.

Main Idea

According to the article, the main idea of this unique type is to explain human beings how a specific result was acquired by a computer. In such a way, AI enters the next level of effectiveness as it becomes able to cooperate with specialists in new ways and show them methods that can be utilized in their functioning. At the same time, the paper emphasizes the fact, that not only the process will be controlled better; however, accountants will be about to explain how AI selected variance transactions and how it made specific calculations. That is why the advantageous character of the proposed technology becomes apparent to specialists working in the sphere.

Successful Introduction of Explainable AI

Finally, the paper assumes that a key to the successful introduction of explainable AI into the accounting sector is its contribution to the gradual reconsideration of relations between humans and computers by promoting a higher level of trust. All AI solutions that might seem complicated or unclear to accountants will be explained and supported by stable high accuracy. It means that an improved understanding how the technology works and how it should be used in the sector will be generated. It becomes a core component of the future of management accounting and provides a set of new options for the achievement of higher performance and effectiveness levels.

Conclusion

In such a way, the selected work shows that AI contributes to the appearance of radical changes in the sphere of management accounting. The use of automated systems and special applications helps accountants to increase the level of their effectiveness and save time that can be devoted to other critical activities. However, problems with understanding of how this technology works constituted a severe problem to accountants as they had to analyze results and check some data portions. The creation and development of explainable AI are expected to solve this problem and create the basis for better cooperation between humans and technologies.

Work Cited

Harris, A., 2021. Council Post: Explainable AI Is The Next Big Thing In Accounting And Finance. Forbes. Web.

Print Сite this

Cite this paper

Select style

Reference

StudyCorgi. (2021, August 28). Explainable Artificial Intelligence in Accounting. Retrieved from https://studycorgi.com/explainable-artificial-intelligence-in-accounting/

Work Cited

"Explainable Artificial Intelligence in Accounting." StudyCorgi, 28 Aug. 2021, studycorgi.com/explainable-artificial-intelligence-in-accounting/.

1. StudyCorgi. "Explainable Artificial Intelligence in Accounting." August 28, 2021. https://studycorgi.com/explainable-artificial-intelligence-in-accounting/.


Bibliography


StudyCorgi. "Explainable Artificial Intelligence in Accounting." August 28, 2021. https://studycorgi.com/explainable-artificial-intelligence-in-accounting/.

References

StudyCorgi. 2021. "Explainable Artificial Intelligence in Accounting." August 28, 2021. https://studycorgi.com/explainable-artificial-intelligence-in-accounting/.

References

StudyCorgi. (2021) 'Explainable Artificial Intelligence in Accounting'. 28 August.

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.