Discuss about the AI And Future Accounting.
AI is the system where a machine learns by means of algorithms to understand statistics from the world to estimate outcomes and learn from achievements and disappointments. This research proposal includes the literature review of AI and future accounting. After literature review the qualitative research methods are analysed which can be used during research like document analysis, focus group and many more. After research methods the analysis of data is done to find out the total time duration taken in completing the research proposal. Then the discussion is undertaken regarding benefit and disadvantages of AI in future accounting. And in last conclusion are analysed regarding research.
A research question is the crucial centre of an examination venture, study, or audit of writing. It centres the examination, decides the philosophy, and aides all phases of request, investigation, and reporting.
AI use in future accounting is giving benefits to not only to accountants but also to companies as well. Following are the main key points for in AI and accounting:
Focus on purpose: Accountants duty is to help company and economy work excellently by providing advice and taking decisions (Fethi & Pasiouras, 2010). As accounting activities are ultimately related to decision process regarding the allocation of resources and data for the company. Accountants help in investment, growth, and confidence in the organization. The artificial intelligence system enables fundamentally numerous approaches towards accountant’s objective. It also helps in solving business problems the accountants need to resolve in daily routine. There are more problems and concerns like investors’ confidence and trust, government audits, tax assessment and many more daily routine issues can be solved with the help of artificial intelligence. The faith and confidence amongst various stakeholders can also be achieved through adopting artificial intelligence. Solving these kinds of basic problems for the organization is significant for companies and economies to lead in the market. According to Lee, Shih & Chen, (2012) there are likewise many new issues that can be changed with new information and more advanced frameworks. In all cases, there is a enormous measure of work to do to accomplish those objectives. At any rate, there is a requirement of compelling estimation to empower educated choices on the assignment of money related and different assets to accomplish the objectives. Companies additionally require responsibility for those choices (ICAEW, 2017).
Exploit powerful technologies: It is then imperative to perceive and abuse the energy of new innovations successfully. This report features the quality of machine learning ways to deal with AI, and profound learning strategies specifically, which are frequently prompting significant headway in numerous regions of research. In any case, it is a complex and consistently changing innovative setting. Different regions of innovation will communicate with AI and significantly affect business later on, as block-chain or quantum processing. Also, the pace of progress in abilities can be quick, and the idea of learning-based and information-driven frameworks empower nonstop change. According to Johnson, Phillips & Chase, (2009) to completely misuse effective new advancements, we should be clear about their exceptional qualities and how they can take care of genuine issues. There is normally quite a while from building a working innovation to getting the most extreme incentive from it. Frequently, innovation can be an answer searching for an issue to resolve (Jariwala, 2015).
Think deeply: In completing the profession liabilities needs openness to be reflective and avoiding defensive or refining the position quo. According to Ramchurn, et al., (2012) AI permits superior vision in gathering data also supports human experts in making improved decisions and offering guidance. As technology continues to be further influential will be enabling AI to move more into difficult decision parts of the business, possibly substituting humans overall in numerous cases and facilitating exclusively changed results, facilities and models. After observing at the longer term, therefore, the profession must think beyond incremental enhancements to present procedures (Moudud-Ul-Huq, 2014). Furthermore, it desires to reflect on the specific skills and abilities that auditors bring to companies.
Adaptability: It is difficult to forecast the degree by which AI will substitute human management over the upcoming years. According to Dirican, (2015) there are considerably larger background and the lasting prospect of accountancy which will eventually reveal how humans will observe and shape connection with influential structures. This also will be prejudiced by a variety of monetary, societal and political factors. The expertise in the forthcoming time will also be very diverse to what is observed today. So there is a demand by companies providing significant aid through technology to overcome these hurdles and adaptability issues (Omoteso, 2012).
Motivation for use of AI: The dynamic inspirations behind the adoption of AI in business processes seem to be the superior promptness and volume competency of computers when associated to their present human complements. Various businesses are at present using AI process computerization structures to crux numbers and shift facts on a regular basis (Chan & Vasarhelyi, 2011). For instance, Kenco is an intellectual workstation system extensively used by stock dealers and shareholders to automatically examine portfolio performance and forecast market changes.
Qualitative research approaches are explanatory and purpose is to offer a seriousness of understanding. Qualitative methods are generally founded on words, observations, feelings and much more (Ritchie, Lewis, Nicholls & Ormston, 2013). In comparison to quantitative techniques, qualitative research includes trials, discussions, focus groups, and surveys with flexible interrogations.
There are various methods which can be applied in qualitative research for the purpose of collecting data such as documentation analysis, focus group and observation. The detail
The following method is preferred for the research proposal as this gives the accurate and informed data related to benefits and inefficiency of AI in accounting. According to the requirement the document analysis will give better results in comparison to other methods. Thus, document analysis is preferred and is discussed.
Document analysis is a method of qualitative examination through which documents are understood by the investigator to provide speech and implication about an assessment topic. Examining documents includes coding content into subjects alike too in what way focus collection or conversation records are analysed. It can help in accounting and AI as well in managing and investigating the business area (Smith, 2015). The reason for choosing this method is authentication of documents received from customers and clients. This is best for analysing the feasibility of AI in accounting in companies.
Advantages- Document analyses are distinctive and arrived in an assortment of structures, making reports an extremely available and strong base of information. Acquiring and dissecting archives is frequently much more cost proficient and time effective than directing own exploration or trials (Cassell & Symon, 2004). This also provides reduction in time of retrieval of data required by accountants. The following types of documents can be used while doing research through document analysis:
Public Records: The authorized, continuing records of a company’s activities. For instance include transcripts, mission statements, annual reports, policy manuals, strategic plans and many more.
Personal Documents: Documentary financial records of a person’s activities, practices, and opinions. For instance include e-mails, books, blogs, Facebook posts, duty logs, incident reports, reflections and many more.
Disadvantages of document analysis in AI are:
AI could turn into a precious accomplice in professions that request extensive training, specialized accuracy, and moral judgments inclusive of accounting. As indicated by a report, AI could achieve totally new classes of products and administrations, make new markets, and produce extensive additions for creators. According to Pannu, (2015) application ranges incorporate client administration, innovative work, coordination, deals, and marketing. The market for AI-based instruments and applications is developing quickly and, as indicated by a report from the European Commission. Sooner rather than later, AI may not just screen consistency with directions and company’s policies which could likewise assess worker execution or even control contracting and terminating ((Luxton, Ronald & Matthews, 2014). AI carries huge prospects for accountants to advance their competency, give vision and bring more significance to companies. In the upcoming future, AI raises prospects for more fundamental variation, as systems progressively take the task of decision-making presently done by individuals. AI is slowly assuming control monotonous accounting and process-driven undertakings, the information section and transaction coding. For instance, Optical Character Recognition (OCR) checks invoices. IBM Watson utilizes regular dialect preparing and machine learning for giving data and experiences from a lot of unstructured information.
One of the primary weaknesses of computerized reasoning is the cost caused by the upkeep and repair. Projects should be refreshed to suit the evolving necessities, and machines should be made more intelligent and smarter. In case of a breakdown, the cost of repair might be high. Methods to re-establish lost code or information might be tedious and expensive (Andone & Pavaloaia, 2013).
AI does not have capability to store enormous quantity of data and information. Moreover the storage, permission and recovery of information are not effective as it is in case of human brain. According to Kirkos, Spathis & Manolopoulos, (2010) AI may not be able to perform monotonous task for a longer duration of time and their knowledge also will not enhance with experience of working as in case of humans. AI can only perform the task for which they have been given programme. Due to this sometimes accountants has to face difficulty many times. Machines might not be as effective as individuals in changing their reactions contingent on the varying circumstances.
Data analysis in qualitative research includes statistical measures which can be used in gathering data regarding research. It becomes the tool of collecting data which is analysed and used in research. The various types of data analysis which can be done is primary and secondary methods.
Primary research: The benefit of using primary data is that investigators are gathering facts for the purposes of their research (Issa, Sun & Vasarhelyi, 2016). In core, the interrogations the researchers enquire are personalized to stimulate the facts that will aid researchers in their study. Researchers gather the data by themselves by focus group, document analysis and direct observations.
Secondary research: They can incorporate from the data gathered by government through Statistics Canada. One sort of optional information that is utilized progressively is authoritative information. This term indicates to information that is gathered routinely as the everyday operations of an association, organization or office. This data is less suitable for above research proposal regarding AI and the future of accounting (Best & Kahn, 2016). The secondary data will rely only on gathered information not on present situation of companies, so not as much preferred by researchers in research proposals.
Conclusion
From various perspectives, these advancements in AI are very significant. Machine learning procedures take advantage of our own psychological qualities design acknowledgment and adapting as opposed to endeavouring to characterize complex guidelines. The most modern strategies here in view of manufactured neural nets and profound learning is empowering major leaps forward in regions for example, language processing, interpretation, machine vision and video game playing.
References
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Andone, I. I., & Pavaloaia, V. D. (2013). Opportunities of innovation with intelligent technologies for the financial and accounting software.
Best, J. W., & Kahn, J. V. (2016). Research in education. Pearson Education India.
Cassell, C., & Symon, G. (Eds.). (2004). Essential guide to qualitative methods in organizational research. Sage.
Chan, D. Y., & Vasarhelyi, M. A. (2011). Innovation and practice of continuous auditing. International Journal of Accounting Information Systems, 12(2), 152-160.
Dirican, C. (2015). The Impacts of Robotics, Artificial Intelligence On Business and Economics. Procedia – Social and Behavioral Sciences, 195, 564-573.
Fethi, M. D., & Pasiouras, F. (2010). Assessing bank efficiency and performance with operational research and artificial intelligence techniques: A survey. European journal of operational research, 204(2), 189-198.
ICAEW, (2017), ‘What is the long-term vision for AI and the profession?’., Artificial intelligence and the future of accountancy, Available at < https://www.icaew.com/-/media/corporate/files/technical/information-technology/technology/ai-report-web.ashx>. (accessed on: 28th September 2017).
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.
Jariwala, B., (2015), Exploring Artificial Intelligence & the Accountancy Profession: Opportunity, Threat, Both, Neither?,“Finance Leadership & Development”, Available at < https://www.ifac.org/global-knowledge-gateway/finance-leadership-development/discussion/exploring-artificial-intelligence>. (Accessed on: 28th September 2017).
Johnson, Phillips, & Chase. (2009). An intelligent tutoring system for the accounting cycle: Enhancing textbook homework with artificial intelligence. Journal of Accounting Education, 27(1), 30-39.
Kirkos, E., Spathis, C., & Manolopoulos, Y. (2010). Audit?firm group appointment: an artificial intelligence approach. Intelligent Systems in Accounting, Finance and Management, 17(1), 1-17.
Lee, W. I., Shih, B. Y., & Chen, C. Y. (2012). Retracted: A hybrid artificial intelligence sales?forecasting system in the convenience store industry. Human Factors and Ergonomics in Manufacturing & Service Industries, 22(3), 188-196.
Luxton, D., Ronald T., & Matthews, J.R. (2014). Artificial Intelligence in Psychological Practice: Current and Future Applications and Implications. Professional Psychology: Research and Practice, 45(5), 332-339.
Moudud-Ul-Huq, S. (2014). The role of artificial intelligence in the development of accounting systems a review. The IUP Journal of Accounting Research & Audit Practices : IJARAP, 13(2), 7-19.
Omoteso, K. (2012). The application of artificial intelligence in auditing: Looking back to the future. Expert Systems With Applications, 39(9), 8490-8495.
Pannu, A. (2015). Artificial intelligence and its application in different areas. Artificial Intelligence, 4(10).
Ramchurn, S. D., Vytelingum, P., Rogers, A., & Jennings, N. R. (2012). Putting the’smarts’ into the smart grid: a grand challenge for artificial intelligence. Communications of the ACM, 55(4), 86-97.
Ritchie, J., Lewis, J., Nicholls, C. M., & Ormston, R. (Eds.). (2013). Qualitative research practice: A guide for social science students and researchers. Sage Publication, London.
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