Artificial Intelligence: Why It Matters & How It’ll Impact Financial Reporting

Artificial Intelligence (AI) is everywhere. And it’s changing the world around us. It’s on our phones, banks, hospitals, and modes of transportation. Buckle up; it’s not just a passing fad. AI, sometimes referred to as machine intelligence, makes it possible for machines to learn from past experiences, adjust to new data inputs and then perform human-like tasks. Computers can be trained to accomplish specific tasks by processing large amounts of data and then recognizing patterns in that data. And ever so quickly. Many AI examples we hear about today range from the game playing computers to self-driving cars. In one way or another Artificial Intelligence is, and will continue to, fundamentally change how businesses operate. No sector will be immune from its impact. Because of this, there’s a lot of hype around how it will affect our daily lives. Images of humans being replaced by robots lead to widespread fears that many of us won’t have jobs much longer. Fear not. In our AI whitepaper, we cut through the hype and address the effects AI will truly have on the daily life of accountants and how they’ll manage their financial reporting process as AI evolves. In order to get a balanced perspective, we’ll begin by looking broadly at AI and its impact on society in general. Understanding what it is and how it affects human labor is important if we’re going to get a realistic picture of where Artifical Intelligence is leading us. We’ll look at where it’s being deployed in various industries and explore how AI and human intelligence can work together for greater advantage. Specifically in the financial reporting arena. There are endless opportunities for data analyzation, reduction of errors and better insights when combining the strengths of machines and humans. In the end, don’t count out the need for the human worker anytime soon. We still have a vital role to play in the continuing goal of bettering the human condition through the use of AI and future technologies. Find out how our AI white paper is impacting financial reporting.