How Artificial Intelligence is Impacting the Accounting Industry and its Future

By the year 2020, artificial intelligence would be able to completely automate accounting tasks, and other financial tasks as well, including payroll, tax, audits and banking. After decades of being stuck in research laboratories, AI or artificial intelligence is set for prime-time, which transforms if not disrupts all sectors of the economy the generate plenty of data, from technology to finance, energy, communications, mobility, healthcare or manufacturing. More than a lot of other industries, accounting has not witnessed much innovation since the creation of double-entry bookkeeping, which is a process of recording profits and losses and is conserved as one of the greatest advanced in the business and commerce history. But, this was more than 500 years ago! The great news is that the advancements in artificial intelligence and applying AI and machine learning technologies to bookkeeping, is getting to be a reality with most major accounting software vendors presently offering capabilities for automating data entry, reconciliations and at times, even more.