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.

Technology such as data analytics, artificial intelligence, machine learning, blockchain and robotic process automation will be playing a greater role in the accounting profession this year, according to a recent report from the Institute of Management Accountants. The report indicates that finance and accounting professionals are increasingly implementing big data in their business processes, and the pattern is likely to continue in the future. The IMA surveyed its members for the report and received 170 responses from CFOs and other management accountants. Many of the CFOs are predicting big changes for 2020 in their businesses. "Four key elements must be present for organizations looking to become data-driven: data-savvy people, quality data, state-of-the-art tools and a supportive organizational culture," according to the report.

MUMBAI: In order to understand its effects on the finance and accounting industry, Chartered Institute of Management Accountants, (CIMA) the world's leading and largest UK based professional body, conducted a global survey across select European, African and Asian countries. A majority of financial leaders are of the opinion that artificial intelligence helps enhance efficiency and accuracy of the business. This recent global study reveals that more than two-thirds (64%) of finance professionals from India encourage increasing automation as it saves time, money and helps ease the indecision process in their organisations. At a global level, Zimbabwe tops the chart with (75%) professionals supporting automation, followed by China with a 67% of acceptance. This indicates that accountants regard the impact of new technologies as an opportunity rather than a threat.