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Artificial intelligence and the future of accountancy

Learn about the impact of artificial intelligence and the opportunities it presents for the accountancy profession.

In our report Artificial intelligence and the future of accountancy, Kirstin Gillon, from ICAEW’s IT Faculty, looks at the rise of artificial intelligence, its impact on the accountancy profession and how it can be utilised by accountants.

While accountants have been using technology for many years to improve what they do and deliver more value to businesses, this is an opportunity to reimagine and radically improve the quality of business and investment decisions – which is the ultimate purpose of the profession.

Watch the recording of IT Faculty’s event Artificial intelligence – what does it mean for the future of accountancy?, in which artificial intelligence expert Professor Moshe Vardi discusses the growth of artificial intelligence and its impact on the accounting profession.

Artificial intelligence technology

Artificial intelligence systems can be very powerful and are improving quickly. They provide outputs that can be extremely accurate, replacing and, in some cases, far superseding human efforts. However, they do not replicate human intelligence. We need to recognise the strengths and limits of this different form of intelligence, and build understanding of the best ways for humans and computers to work together.

Artificial intelligence and accountancy

Although artificial intelligence techniques such as machine learning are not new, and the pace of change is fast, widespread adoption in business and accounting is still in early stages. To build a positive vision of the future, we need to develop a deep understanding of how artificial intelligence can solve accounting and business problems, the practical challenges and the skills accountants need to work alongside intelligent systems.

ICAEW has long-standing expertise in technology-related issues, drawing on the experience across many aspects of business, finance and accounting, and will focus on building understanding of the practical use of artificial intelligence across business and accounting activities today and in the near future.

Download the full report Artificial intelligence and the future of accountancy.

This article was originally published by ICAEW.