Why Artificial Intelligence Is The Future Of Accounting: Study

By 2020, artificial intelligence will be able to fully automate accounting tasks, as well as other financial tasks like tax, payroll, audits and banking. After decades stuck in research labs, artificial intelligence (AI) is ready for prime-time, transforming if not disrupting all the sectors of the economy that generate lots of data (big data), from tech to finance, communications, energy, healthcare, mobility or manufacturing. More than most other industries, accounting hasn't seen much innovation since the creation of double-entry bookkeeping - a process of recording both profits and losses - and considered one of the greatest advances in the history of business and commerce. That was over 500 years ago! However, the good news is that applying AI and machine learning technologies to bookkeeping, is becoming a reality with most of the major accounting software vendors (Intuit, OneUp, Sage, and Xero) currently offering capabilities to automate data entry, reconciliations and sometimes more.