Artificial intelligence has been drastically changing the way businesses work. Artificial Intelligence can benefit the field of accounting in so many ways. AI has a lot of practical, profitable, and managerial advantages in the field of accounting. Artificial Intelligence (AI) applications are so efficient that they help businesses collect data about their clients and save a lot of time.
AI Implementation – The Way it is Changing the Accounting Scenario
Since AI can benefit any business sector that deals with data and account keeping, it has become mandatory for accounting schools to teach students about the details of AI in accounting. Aron Govil elaborates on how AI can help an accounting graduate excel in their career if appropriately implemented.
People think that AI might eat away the job of an accountant, but it is only making the work easier and quicker. Accounting students must be well taught about automation and how it helps in simplifying their jobs. Dealing with the payment details of hundreds of employees manually can be a hectic task for the accountant. However, on the contrary, performing the same work through automation helps save time and thus ensures better productivity.
- Data skills
According to Aron Govil, an accountant's data skills must be well trained because an accountant has to deal with so many diversified methods of data keeping and policies that the clients use. The various systems of data-keeping used are also making it complicated for the accountant to work. Hence, data aptitudes and analytics are essential to study in business and accounting schools. This aspect of AI is helping accountants to operate quickly and efficiently.
- Storytelling ability
An accountant has to deal with many diversified financial data and to understand them better, one needs to draw out a storyline through the data. Thus, accounting schools should teach their students to understand the data and learn the ability of storytelling so that they can also explain the details of any data. Even though AI has made the task easier, an accountant should be able to explain the data to people who don't understand AI.
- Data security
Even though artificial intelligence can make the job of an accountant easier and less time-consuming, the security of data needs attention, and the data should be well secured. Also, the advancement of technologies has led to the involvement of the unauthorized crowd in the data records. Hence, accountants should be aware of the significance of data security and should know various methods to keep the documents secure.
Accounting has its involvement either directly or indirectly in almost all sectors of work. People involved in the broader field of accounting should be well educated about the importance and applicability of artificial intelligence. AI has changed the entire working system of an accountant, making it easier and faster. Also, anyone willing to pursue accountancy should keep in mind should take care of certain aspects. The primary step includes knowing whether the school of business and accounting has artificial intelligence in its curriculum or not. This is the first step to ensure advanced learning, which is a continuous process.