Investigate Effects Of Artificial Intelligence In Accounting - 1650 Words

Investigate The Effects Of Artificial Intelligence In Accounting (Research Paper Sample) Content: Dear Sir/MadamI submit herewith the assignment that investigates the effects of Artificial Intelligence in the Accounting IndustryThe effect of Artificial Intelligence in AccountingExecutive SummaryThe purpose of this report is to create a document that seeks to give clients a betterunderstanding on Artificial Intelligence. It has come to the knowledge of the companythat several clients are interested in artificial intelligence and making use ofartificially intelligent machines, whilst some clients feel that the use of artificialintelligence and the use of artificial machines will have a adverse effects on theiradverse. The clients have little or no knowledge with regards to artificial intelligenceand artificially intelligent machines and I have been tasked to shed light on the topicin order to help clients gain a better understanding of artificial intelligence andartificially intelligent machines and how their use will assist their business or haveadverse effects on their business.The key audience for this report are the clients who are interested in gaining a betterunderstanding of artificial intelligence, artificial machines and what impact it wouldhave on their business as well as the management of the company.The key decisions that are to be made is whether or not to make use of artificialintelligence and artificially intelligent machines.In order to make and informed decision on whether or not to make use of artificialintelligent and artificial machinery is to understand the costs, benefits and potentialthreats it has on the business, Information on the performance of companies in theaccounting industry will also aid in deciding. The decision of whether or not artificialintelligence and artificially intelligent machines should be used will be primarilybased on three factors; namely the cost, the benefits and potential threats andtherefore information relating to these three factors will assist in deciding.Contents * Body of the ReportIntro ductionDiscussionConclusionRecommendationsConclusion * References * Body of the ReportIntroductionArtificial Intelligence, (AI) is a division within the field of computer science and information technology that develops and creates machines (which is the artificial side) that possess various human like abilities, (the intelligent side).These machines are created to perform and mimic human activities to supplement human activity for increased productivity or to do away with human resources and have the machines perform specific activities instead. Artificially intelligent machines have been praised for their ability to minimize not only the time spent on performing as single task, but also the element of human error that is eliminated when tasks are performed by machines with human intellect and capability.DiscussionArtificially intelligent machines have been developing steadily throughout the years, and are now able to perform a variety of tasks that were unthought of in the past, a nd were previously thought to be tasks that only human beings were able to successfully perform. The activities that artificially intelligent machines are able to perform include.ââ€" ª Problem solvingââ€" ª Speech recognitionââ€" ª Voice recognitionââ€" ª Vision systemsââ€" ª Data capturingââ€" ª Assist with various medical related tasks such as the diagnosing of a patient and the performance of surgery on a patientââ€" ª Artificially intelligent machines are also able to perform menial household tasks such as cooking, cleaning and washing the dishesTechnology has dramatically changed the scope of various industries in the past decades. Through the many changes that have been brought about by the advancing technology it can be seen that some changes have brought about positive improvements whilst some have had impacts so detrimental to an industry that it is seeing a steady decline and possible extinction of that particular industry. The industry of accounting is no stranger to the advancement of technology over the decades and as with many other industries the changes that have been seen are both positive and negative. One of the biggest and greatest impacts technology has had on the accounting industry is the fact that it has made the processes and procedures that accountants are mandated to follow simpler. This change has allowed increased productivity which also has many positive impacts within the industry of accounting. As technology advances accountants are using computers more and more, which means many of their systems are computerized. This decreases paper work and eliminates the possibility of human error that was a big problem before. An adverse effect of having efficient computerized systems is that paper was difficult to manipulate but computers can be easily manipulated which then leads to fraud and the rise of fraudulent activities.There are many opportunities that come from the use of Artificial Intelligence, these opportunities includ e; * The ability to deliver learning to remote areas through machine learning * Artificial intelligence in accounting will allow for less human area which will be beneficial to the client. * The use of artificial intelligence will lead to many higher skilled job opportunities becoming available which will increase the employment rate and boost the economic activity. * Advancing technology will allow artificial intelligence to develop and it is possible that in the near future, artificially intelligent machines will be able to perform functions that even humans are not able to perform * Artificially intelligent machines in the future are said to be able to outperform human beings, it is said that they will write more texts, analyse more data and various other activities that humans will slowly start doing less off.The key words that should be used when searching for relevant information include.ââ€" ª The definition of artificial intelligenceââ€" ª The impacts of artificial intelli genceââ€" ª The benefits of artificial intelligenceââ€" ª The impact of artificial intelligence in accountingââ€" ª The threats of artificial intelligenceââ€" ª The cost of artificial intelligenceRecommendationsAs it has been indicated above, the major threats of artificia...