engleski

The Impact of Artificial Intelligence on the Accounting Process

The impact of information technology on the company's business is unquestionable. The idea of implementing new digital tools is increasingly present as a response to the rapidly growing development of globalization, harmonization, and the ever-present need for rationalization of time and financial resources. In the next few years, artificial intelligence will affect our society, business operations as well as the individual lives of all of us. The idea of applying artificial intelligence in accounting and auditing evolved three decades ago. From that period, many changes have been made. Research and theory, as well as practice, confirm that there is a space for implementing artificial intelligence in the accounting process. There are still lots of open questions regarding the application of artificial intelligence in business, the issue of regulatory framework development, different legal and ethical issues in the context of accountability for the resulting errors. Paper aims to explore how artificial intelligence affects the accounting process as well as how the changes that the accounting profession will face soon affect the work of accountants, how accountants accept them, and how did they adapt to changes. The paper uses secondary data and provides an overview of existing research on the application of artificial intelligence in accounting. The main goal is to present how artificial intelligence can be used to increase the business efficiency of accountants and consequently deliver more value to the company. However, increasing accountants’ efficiency would not be based on staff reductions, but rather on increasing their day-to-day, operational efficiency. Finally, research findings helped us validate the thesis that the robotization of the accounting process can replace simple, repetitive accounting operations while the most important role of the accountants remained the same, being the most important advisor to the management in making business decisions and managing a business.

Artificial Intelligence, Accounting Process, Accounting Profession, New Trends

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