Why Artificial Intelligence is the Future of Accounting

Accounting firms are beginning to apply AI and machine learning to automate data entry. By 2020, experts believe that accounting firms could be fully automated.

In an article from Forbes, author Jean Baptiste Su writes, “In our upcoming research report on the future of accounting, we expect that by 2020, accounting tasks – but also tax, payroll, audits, banking… – will be fully automated using AI-based technologies, which will disrupt the accounting industry in a way it never was for the last 500 years, bringing both huge opportunities and serious challenges”.

In the article, Su discusses:

  • The future of accounting
  • Why AI will not eliminate accountants

Su continues, “Despite being very promising, the accuracy of the machine learning algorithms used in most of today’s solutions still needs to significantly improve in efficiency to avoid accounting errors and really fulfill their promise of automation”. Will firms rely solely on automated algorithms for their clients? What does the future of your firm look like?

To read more, see the full article from Jean Baptiste Su in Forbes.