AI and the future of accountancy: report - Accounting Weekly

In the coming decades, intelligent systems will take over more and more decision-making tasks from humans. While accountants have been using technology for many years to improve what they do and deliver more value to businesses, this is an opportunity to reimagine and radically improve the quality of business and investment decisions – which is the ultimate purpose of the profession. In order to realise this potential, the profession needs to focus on the fundamental business problems it aims to solve, and imagine how new technologies can transform its approach to them. This is according to a report (Artificial intelligence and the future of accountancy) by the IT Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW). It says although artificial intelligence (AI) techniques such as machine learning are not new, and the pace of change is fast, widespread adoption in business and accounting is still in early stages.