In the current digitalization era, Artificial intelligence has become the new and advanced force to boost Industry Revolution: Accounting Assignment, NUS, Singapore

In the current digitalization era, Artificial intelligence has become the new and advanced force to boost Industry Revolution 4.0. It is the machine that acts like a human and performs human-like tasks by continuously adjusting the new input from experiences.

With the advance in technology and big data, it allows machines to process data and generate a pattern for easily recognized. In order to achieve cost-saving and operational efficiency, operations of financial institutions are aware of the needs and introduce AI. Besides that, AI is expected to overtake the major operations and functions in financial institutions.

According to a study on the implication of AI in accounting firms in South East Nigeria, it showed AI has positive implications for the performance of accounting functions. The adoption of AI is not exclusive to big corporate, but a study also found that AI-based accounting software was used by small corporate to keep invoice images and to perform the automated process of information capturing.

On top of that, the adoption of AI will lead to the accounting industry’s level advancement via automating accounting procedures. In the end, AI has outlined the place of accountants and how modern accountants can adapt to the massive automation in the industry in the 21st century.

In the short-term, the cost of implementing the AI-based accounting system may be costly, however, it will bring significant positive impacts to the company and keep the company stay competitive advantage and sustainable in the long run. This project will discuss how AI can bring benefits and how it can be applied in accounting functions and the accounting industry. We will also discuss the possible challenges the company may be encountered with AI.

Questions

1. What are the benefits that will bring to Accounting Industry applying Artificial Intelligence (AI)?
2. What challenges may be encountered when bringing Artificial Intelligence (AI) into Accounting Industry?
3. How Artificial Intelligence (AI) can be utilized practically in Accounting Industry?