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Impact of Artificial Intelligence and Software Automation on the Accountants

"The Future of Jobs The onrushing wave Previous technological innovation has always delivered more long-run employment, not less. But things can change" The Economist 18th January 2014. The article said that the accounting field in particular is highly susceptible to automation in the near future and implied that accounting jobs disappear because of future technological innovation such as automated computer software, artificial intelligence, etc. Each group is required to prepare report regarding: What and how does future technological innovation such as artificial intelligence and accounting software automation impact on accountant skills, ethics and career opportunities associated with various accountant designations in future? Your group will be assessed on three aspects of the assignment: • Final report of your group: 3,000 words plus or minus 20%, excluding Job Advertisements and Group Work Activity Report; • Group Work Activity Report including group meeting minutes: around 750 words plus or minus 20%, excluding group meeting minutes (5%); and • Group presentation based on group assignment: (5%). The final report with group work report is due by week 11. Final Report (10%) The final report of the group should use an appropriate business report format and should include: 1. A title page; include all group member full name and student number 2. A table of contents (Times new Roman 14 point); 3. Introduction (Times new Roman 12 point); 4. Appropriate topic headings (Times new Roman 14 point); 5. A detailed description on (Times new Roman 12 point): a. What your group have research about current and future technology, accountant skills and ethics and career opportunities for those who pursue accounting careers? b. What information has surprised your group ? c. The technology, the accountant skills, the ethics and the career opportunities your group have researched may reflect an Australian viewpoint. Choose a country that members of your group may have an interest in, or knowledge about. Briefly discuss what aspects of the technology, the accountant skills, the ethics the career opportunities would have to be considered and what changes/adaptations your group might need to make.

Answer

Impact of Artificial Intelligence and software automation on the Accountants

Introduction 

Accounting is comprehensive as well as the systematic recording of the financial transaction that pertains within the business (Issa, Sun, & Vasarhelyi, 2016). The accounting is the process which generally performed by the accountant to make the effective decision regarding the financial condition of the firm. The world is rapidly developing with the use of technology in every sector, and also this has a huge impact on the accounting system. The purpose of the paper is to discuss regarding the technology like the artificial intelligence than the automated accounting system impact over the accountant skill and career opportunities.

Current and Future technology, accountant skill and career opportunities in accounting 

The trend of accounting system all over the world is rapidly developing where numerous technologies and software are being used for performing the accounting process. In recent years the use of technology for accounting has developed vastly. The organisation and the people have utilised this system for providing a valuable and easy working function within the field (Gass, 2018). The key skill that is eventually essential for the accountants in the new world is the financial skill than the analytical skill, information technology skill, technical accounting skill and the general business skill where accounting process is utilised manually. The use of artificial intelligence is also developing as it helps to perform the accounting and financial activity in the short span of time (The Impact of Artificial Intelligence on the Accounting Profession, 2019). In this process, the only thing is to input the information, and the entire function will be carried out by the system.

The accountant with the changing world needs to develop their skill and knowledge where they can effectively use the artificial intelligence and the software system. The future technology is highly effective for the accounting process, but at the same time, an accountant is also essential to provide a suitable consultant to the firm. The robotic process automation in recent years has reduced the audit as well as the contractual processing time by several weeks. The big firms are taking huge advantage from the usage of AI in their accounting process but to maintain them it is essential that the accountant has proper and effective knowledge regarding the process. The use of AI in the accounting system has helped to improve the software then it also has encouraged the cloud-based system activity within the organisation (Gass, 2018). With the development of time and technology it becomes essential for the fresh accountant to gather knowledge regarding information technology and other advanced technology for managing the system effectively in the business.

Surprising information about accounting 

The accounting process is developing rapidly which creates an argument regarding the job and the career opportunities of the accountants. The organisation is utilising the advanced technology in the huge process which might lead to the joblessness of the accountant (The Impact of Artificial Intelligence on the Accounting Profession, 2019). With the development of the technology it becomes much essential for the accountants to improve their skill and their ethical activity for maintaining the system. It can be seen that the AI can effectively provide a suitable working function for the business in term of Accounts payable and receivable. In this system, the accountant  to input the information and the entire payment process along with the matching purchase order is being performed by the system. The education system regarding the accounting process was also developing where the accountants were provided with knowledge of advanced technology (Issa, Sun, & Vasarhelyi, 2016). The use of smart accounting software is also developed among the accountant to enhance their skill. The process of auditing and other financial factor are also affected due to the use of artificial intelligence in the accounting system.

The most shocking fact in term of automated accounting software and the artificial intelligence is that it eventually reduce the need for accountants. Most of the accounting process is being performed by the help of technology, and for that, the organisation is reducing their manpower in term of accountants (Issa, Sun, & Vasarhelyi, 2016). In this situation, it is highly essential for the future accountant to expand their knowledge in every sector of the accounting process and the use of technology in auditing and financial activity. It is expected that almost 35% of the accounting skill will be different in the future (Kokina, & Davenport, 2017). In the recent years also to maintain the day-to-day financial activity the accountant are not eventually required as the entire production and manufacturing process becomes automatic, the information for the accounting process are also saved automatically.

Accounting process in a different country 

The country Japan is one of the well-developed country where the use of artificial technology and the automated accounting system are being considered in every sector. The use of advanced technology in the accounting system has also created a huge impact on the labour force of Japan. It can be seen that the projected downfall of the accountant workforce and other staff in Japan will be almost 24 million by the year 2050 (Artificial intelligence and the future of accountancy, 2019). People in recent years use technology to perform suitable accounting process, but with the development, the decision-making process are gradually moving towards the artificial intelligence and the automated system for performing the accounting process in the firm. All over the world, the use of artificial intelligence is rapidly developing, and this creates a huge impact for the accountants (Drew, 2017). Most of the work is being performed by the system software, and for that, the organisation is using the automated system to maintain their resources.

The primary activity of the accountant is to perform the bookkeeping then the analysis of the information for providing a suitable financial outcome. With the help of automated accounting system either in Japan or in the other countries effectively show that the use of AI in the accounting process will automatically eliminate the task that is related with accounting processes like the bookkeeping and other activity (Huerta, & Jensen, 2017). The situation of the accounting process and the accountants are almost similar all over the world. It is the fact that the advanced technology allow the business to be a suitable and effective working function within the field. The process also allows the business activity for the improvement of working function and the accountant skill (Greenman, 2017). The fact is clear that being the accountant, it is essential to have effective knowledge not only on the accounting process but also for the various advanced technology in the field.

Conclusion 

The paper concludes that the accounting process all over the world is changing due to the use of advanced technology in the accounting system. It is also concluded that the use of advanced technology like Artificial intelligence then the automated accounting system are taking over the place of accountant within the business process. With the help of this system, the organisation did not need the traditional way of bookkeeping and other activity. This process is a boon for the firm, but at the same time it also has a negative impact on the accountant regarding their skill and their career opportunities.

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