How Artificial Intelligence Is Changing Financial Auditing

As robots continue to play a growing role in our daily lives, white collar jobs in many sectors including accounting and financial operations are quickly becoming a thing of the past. Business are gravitating towards software to automate bookkeeping tasks, saving considerable amounts of both time and money. In fact, since 2004, the number of full-time finance employees at large companies has declined a staggering 40% to roughly 71 employees for every $1 billon of revenue, down from 119 employees, according to a report by top consulting firm The Hackett Group. These numbers show that instead of resisting change, companies are embracing the efficiencies of this new technology and exploring how individual businesses can leverage automation and, more importantly, artificial intelligence – aka robots. As technology becomes more sophisticated and particularly with the use of Artificial Intelligence (AI) we're able to automate multiple steps in a process.