Accounting is a science that dates back centuries. Numerous tech tools and resources have made accounting more efficient, accurate, and reliable. Combining accounting, artificial intelligence (AI), and automation can help businesses strike a balance between modern technology and human brainpower. Machine learning is being integrated into all technologies used by humans for information sending and receiving. The future of AI rests on the assumption that intelligent machines will continue to decrease the need for human labor.

Artificial Intelligence (AI) has become an essential part to the most demanding and faced-paced industries. The impact of artificial intelligence in accounting industry and financial sector has been phenomenal and it is completely innovating the way they function, create products and services. Many recent enhancements in AI are quickly transforming the face of the leadership and management in several ways. From catboats to actively taking care of management accountant, from tackling the enhanced regulations and demands from clients to taking care of time-consumed tasks. Several accounting professionals are now moving to a new type of workforce so that they can manage well all the tasks.

Machine learning technology is changing many sectors in tremendous ways. The accounting sector is no exception. Analysts from Markets and Markets project that the market for AI in the accounting industry will exceed $4.7 billion within the next two years. A lot of accountants are discovering innovative ways to take advantage of the benefits of machine learning. They have found that AI technology can help boost efficiency, reduce errors and improve customer satisfaction.

Like any other industry, the accounting industry is ever-evolving. We have moved along a lot from the accounting and early auditing systems developed by ancient Egyptians and Babylonians to Luca Pacioli from Italy who was the first one to publish a book on double-entry bookkeeping; followed by the modern chartered accountancy profession that originated in Scotland in the 19th century. Even recently we have seen a major advancement like the forensic audit. So, are you ready to take the next big leap into the future of accounting? If the answer is YES you would now be thinking… "But how?"

If you read almost any article about the future of the accounting industry, you might be inclined to make a dramatic career shift. The statistics point to massive technological change. According to findings from a 2017 PwC study, 40% of the accounts payable process can be automated; other findings show that accounting and bookkeeping jobs are at the highest risk from digital disruption in the next 20 years. On its surface, this data might lead you to assume that AI and automation are like ruthless villains coming for our jobs. But the outlook doesn't have to be bleak.

Artificial intelligence has received a mixed welcome from corporates exploring how the technology could disrupt their operations. While AI can deliver time and cost savings, automation and actionable insights, executives are also concerned that the tool will displace professionals like accountants and procurement officials. New research suggests, however, that the technology is finding harmony in these two areas of the enterprise. Small business accounting firm Xero and spend management company Ivalua each released new research this week analyzing how artificial intelligence has impacted their perspective arenas. "The accounting industry is frequently held up as one of the industries most likely to be negatively impacted by AI and automation," Xero said in its announcement on Wednesday (June 6) of new research on the impact of AI on small business accounting.

Google estimate human-level AI will be reached by 2029, with 16% of employment positions in the US estimated to be lost to AI networks over the coming years. Gartner, the research company, have calculated that 33% of all occupations could be undertaken by robots by 2025, predominantly in logistics, finance, customer service, health care, and manufacturing. With such large numbers of jobs at stake, it's hard to ignore how the rise in AI will affect the accounting world and, specifically, accounting practices. Applications can handle data, produce reports and generate statements quicker and with more precision than a human, but does this indicate the end of the accounting profession? Many fear job losses, but to give a little context, many of the current in-demand-jobs (posts that technological and societal shifts brought rise to) had not been created ten years ago and the World Economic Forum estimates that 65% of children currently in primary school will hold positions that are yet to be imagined. The same fears of job losses were discussed in the mid-nineteenth century with the advent of the first industrial revolution - those fears quickly subsided - as we sit on the advent of the fourth industrial revolution similar fears are coming to the fore again.

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.

According to a study by Oxford University and Deloitte in 2015, accountants will be among the first professions affected by the rise of artificial intelligence (AI). Up to 95 percent of accountants will face some threat due to the advanced automation capabilities provided by AI. While this is categorized initially as a "threat," it also opens the door to a new kind of accountant. The modern accountant does much more than crunch numbers. In fact, in the future, AI might do most of the number-crunching.

Artificial intelligence is affecting all sorts of industries, and accounting is no exception. Some accounting practices are starting to implement such advanced technology to streamline their operations. The general outcome that they are perceiving is saving time, reducing costs, increasing productivity and providing better accuracy. This means this is hardly a trend that will fade anytime soon, so it's better to catch up with it now rather than later. Different from the times when cloud technology was unknown territory for most accounting professionals, the industry players are now fully adapted to implementing new tech into their routines, and the adoption of AI is happening at a much faster pace.