Information technology has gained world attention with its effectiveness, benefits, and tremendous services due to which corporate firms are automatically get enforced to use it in performing their business activities. For example; the emergence of Artificial intelligence, cloud computing, computerized systems, tracking or recording financial transactions, storing information, instant calculation, and many more technological advancement has influenced the account designations in the future. Thus, this project will outline at least 4 articles or more than that for understanding the impact of various IT innovation on the skills of accountants, ethics as well as career opportunities in the coming phase of life. The main objective of this report is to show the changes which are encountered by the accounting department due to the introduction of modern IT tools and how they are using it like; either opportunity or threat.
Artificial intelligence has speedily reformed the operational activities of financial institutions and expecting that it will surely take over the fundamental business functions due to its usefulness in a various manner such as; saving cost and efficiencies of operational activities. In the existing time frame, some of the essential enhancement has taken place in artificial intelligence which mainly linked with the profession of accounting and entirely reformed the focus of this paper from manual entry to computer or software entry. At the same time, the author has mentioned that the topmost danger of artificial intelligence is that human beings summarize it too initially that they have understood it properly. Therefore, the foremost objective of this study is to scrutinize the impact of artificial intelligence on the performance of accounting operational activities amongst accounting organizations in southeast Nigeria. Mainly, the descriptive design has been used in this paper across almost 185 accountants and managers of finance organizations in Anambra and Enugu state (Odoh, Longinus Chukwudi1, Silas C. Echefu , Ugwuanyi, Uche Boniface and Chukwuani, Nnenna Victoria, (2018) . Along with this, a structured questionnaire has been preferred by the author in this study for seeking data about the selected subject matter. As per this investigation, approximately 95% of change has lost the jobs of an accountant as the machine has overtaken the responsibility of data analytics as well as number crunching. At the same time, it is also identified that growth in technology has eradicated the job whereas few are created which means that artificial intelligence has reduced the hard, monotonous, and painstaking nature of the accounting profession by designing it more efficiently consulting services. The emergence of software related to accounting and other current development of artificial intelligence has fully transformed the systems of accounting by making it more effective or fast for business use. Additionally, the study has also disclosed that internets in computer, specialist system and current modernization of artificial intelligence has impacted the performance of accounting operations positively. For example; maximize its accuracy or speed, enhance the intrinsic & extrinsic reporting system, decrease the use of paper, maximize flexibility, business efficient as well as enhances the data-based system.
As per the article of Finance Voices, (2018) artificial intelligence, robots, and machine learning have become the fundamental aspect of the business over the international marketplace incorporating all the industries. For instance; production, retail, agriculture, and consumer service has already acquired AI which has replaced the job position in the workplace, and workers are getting enforced to identify new career alternatives for them. In fact, various voices of finance have stated that the revolution of AI is not going to slow down anymore whereas it has estimated that AI implementation is going to replace almost 800 million jobs by the 2030 year. Primarily this tool and other automation technology have affected the job of pink & blue collars but after its more advancement as well as powerful functioning is influence the position of white-collar employees too. It incorporates, accountants who started getting concerned about their job and future career because AI is making the job fully out-dated (Finance Voices, (2018).
Fundamentally, an AI tool is considered as intelligent or logical machines who are having a potentiality to accomplish repetitive, unexciting activities at a fraction of duration consume by a human being with outstanding accuracy. In fact, the introduction of Machine learning is now permitting AI platforms to notice, assess, and self-learn information as well as processing for enhancing the business performance or accuracy over the duration. On the other hand, this article also mentioned that there is no distrust that AI is having a potentiality of managing numerous top-level accounting activities in the fastest way or efficiently but it doesn’t mean that this will going to end the requirement of accountants. Whereas, there is always a requirement of human components and human intelligence at the side of AI technology for handling the machine. Additionally, successful investigator firm Gartner has also mentioned that AI is a bunch for generating maximum job opportunities instead of replacing it especially for accountants with distinct options or alternatives. Hence, accountants don’t need to get worried about their jobs from the emergence of AI technology in the coming future.
This research article will provide an outlook of millennial accountants of several challenges that are encountered by professionals of accounting in the future because Indonesia is getting influenced by the Industrial Revolution 4.0 which disappeared the job. However, the author in this article is trying to solve the problem that has incurred in millennial accountants while designing strategies for dealing with these fluctuations by giving full attention to a circumstance of 4.0 phase where technology has enhanced speedily. This author believes that development in technology is not a barrier for millennial generation accountants in acquiring a job. However, the researcher is showing the influence of one major technology which has to boom the overall industry that is; Artificial intelligence. Along with this, it stated that Artificial intelligence has somehow become a significant part of work activities at the beginning of the Industrial Revolution 4.0. Mainly, industries are using this technology for handling various business operational activities and handling a large amount of information. As a result, distinct individuals are forecasting that machines are somehow going to replace the role of accountants in the future but if the things are going to observe in another way then this situation will also have considered as an absence of skills or information related to technology (Bambang Leo Handoko, Archie Nathanael Mulyawan, Josephine Samuel, Klara Karlita Rianty, Steven Gunawan, (2019).
This modernized world is encountering an industrial revolution era 4.0 which emerges with the help of speedily developed technology and this advancement has foremost introduced in Germany in almost 2011 at the Hannover Trade Fair by a team of representatives from distinguished departments. As per the current reports which are having a title of “Automation and future of employment in Indonesia” jobs which are lost, seemed, and reformed whereas not all the employment assignments are getting digitalized. Generally, it is mentioned that digitalization is having the capability to maximize business productivity, GDP progress, and generate maximum earning for Indonesia employees as well as develop market opportunities for various companies too.
In the article of KELLY CHERNIWCHAN, 2019 AI are the systems that are introduced by human beings for performing smartly or intelligently. AI is not that difficult to understand or use neither scary. Existing drivers of AI are the automation, amplification of human activities which incorporate; visual perception, understanding of natural language, data communication, assessment, and decisional process. Mainly, AI is educated by human beings and launch for empowering the person instead of eliminating it. The author believes that machine teaching is just like a teacher who is teaching toddlers, young kids, and ABCs magically which is gained by other individuals. Thus, this same thing is applied on a machine also but the only difference is that the toddler grabs the things instantly whereas machine requisite maximum images for attaining the same outcome. Therefore, once the approach has been designed appropriately than machines can properly measure or assess as much faster than human beings which shows the actual potentiality of Artificial intelligence. Additionally, the article signifies that business tools are ongoing evolving and resolve the business issues which requisite better solutions for handling the complex activities of an enterprise. There are numerous instances are presently related to AI in real-world and shows how existing business are using artificial intelligence in an existing era (KELLY CHERNIWCHAN, (2019).
Machine learning is utilized by the healthcare industry for assessing a wide amount of medical information which is only possible with the presence of expertise human learners in order to read the language of the machine. For instance; discovering the sub-types of diabetes, finding brain tumors, and accelerated the target of addressing cancer. Previously, a recruiter spends their almost 60% of timing in reading the CV of candidates before selecting a suitable candidate but now the machine is supporting in selecting topmost 10 eligible candidates in a single minute by comparing the resumes of persons with the description of the job or associated capabilities. As a result, this shows that AI is not replacing the job of accountants or other employees whereas it is supporting in enhancing the knowledge of staff members by polishing their talent.
This article was just updated in 2020, 24th January for throwing lights on the accuracy of data as well as upgraded information. Thus, this shows that due to the presence of numerous regulations and client demand, various accounting organization has get encouraged towards modern workforce team for supporting the association in minimizing the time-consuming activities. In fact, this advance supply in an enterprise is supporting the firm while handling complex business tasks without demanding any monthly salary. Hence, this workforce is none other Artificial intelligence. The author has mentioned in this article that Artificial intelligence is playing a major role in extending the potentiality of computing at an overall advanced level such as; provide an opportunity to the system for making certain predictions and conduct reformation accordingly just like the human world. AI is replacing the capabilities of a human being in the accounting profession where an individual is dealing with routine activities. As per the current survey conducted by MIT-Boston Consulting Group, approximately 85% of individuals are believing that AI is supporting business in gaining competitive advantage whereas around 79% believe that modern technology also aids in maximizing business productivity. Moreover, AI is preferred by various accounting organizations for assessing the heavy volume of information at a fast speed which is not simple for human beings. In fact, existing firms are installing advanced technologies in their business operational activities from which accounting operation is a topmost in the list because AI is supporting entity in offering positive outcomes to the company like; maximization of business productivity, enhancing accuracy, and decreases the expenses. This shows that AI is providing plenty of advantages or benefits to the administrative activities of accounting which leads to numerous structural modifications (Renuka Rana, (2018).
In this article, authors have mentioned that modern information technologies and the advancement of machines are developed by the emergence of Artificial intelligence which has strongly affect the world of work in this digital 21st century. In fact, the presence of computer systems, algorithms, as well as the availability of software, has simplified the overall task of regular operational activities. Therefore, in this modern world, it’s hard to imagine the business without the presence of digital tools. However, the author in this article has mentioned the name behind AI that is John McCarthy who has started the investigation on the subject in almost 1955 and forecasted that every element of learning as well as described other intelligence domains in precise manager so that it can get simulated via machine. AI is signifying the work procedure of machines which genuinely need intelligence if it is accomplished by human beings. Thus, term AI is all about “finding logical problem-solving behaviour and designing an intelligent system of a computer. According to the perspectives of authors in this research, artificial intelligence is mainly classified into two different parts; one is weak and the other is strong. Apart from this, various types of AI are also introduced related to distinct fields such as; the economic field is categorized the AI into five different parts; deep learning, robotization, dematerialization, Gig economy, and autonomous driving. Consequently, the overall objective of the article is to highlight that artificial intelligence is supporting the overall corporate world in various fields and making work simpler instead of replacing the job of accountants (Gerlind Wisskirchen Blandine Thibault Biacabe Ulrich Bormann Annemarie Muntz Gunda Niehaus Guillermo Jiménez Soler Beatrice von Brauchitsch, (2017).
From the above articles, it has been summarized that artificial intelligence is having a dual influence on the career of accountants because several authors are considering the arrival of modern IT tools in a positive way whereas few are seeing it as a replacement of a job. Although, most of them are believing that AI and other technological tools are modernizing the world by supporting business in productivity maximization. Along with this, it also facilitates human beings or accountants in enhancing their knowledge and potentiality to accomplish assigned job activities more effectively.
Books and Journals:
Bambang Leo Handoko, Archie Nathanael Mulyawan, Josephine Samuel, Klara Karlita Rianty, Steven Gunawan, (2019). Facing Industry Revolution 4.0 for Millennial Accountants. International Journal of Innovative Technology and Exploring Engineering (IJITEE) ISSN: 2278-3075, Volume-9 Issue-1.
Finance Voices, (2018). Is Artificial Intelligence Set to Replace Accountants in the Future? Retrieved from <https://finance.toolbox.com/articles/is-artificial-intelligence-set-to-replace-accountants-in-the-future >.
Gerlind Wisskirchen Blandine Thibault Biacabe Ulrich Bormann Annemarie Muntz Gunda Niehaus Guillermo Jiménez Soler Beatrice von Brauchitsch, (2017). Artificial Intelligence and Robotics and Their Impact on the Workplace.
KELLY CHERNIWCHAN, (2019). How AI Will Help Transform How Accountants Work. Retrieved from <https://www.firmofthefuture.com/content/how-ai-will-help-transform-how-accountants-work/ >.
Odoh, Longinus Chukwudi1, Silas C. Echefu , Ugwuanyi, Uche Boniface and Chukwuani, Nnenna Victoria, (2018). Effect of Artificial Intelligence on the Performance of Accounting Operations among Accounting Firms in South East Nigeria. Asian Journal of Economics, Business and Accounting, 7(2): 1-11, 2018; Article no.AJEBA.41641 ISSN: 2456-639X.
Renuka Rana, (2018) (updated in 2020). How Artificial Intelligence Will Impact the Accounting Industry? Retrieved from < https://www.acecloudhosting.com/blog/artificial-intelligence-impact-accounting/>.
RHONDALYNN KOROLAK, (2017). Is Your Accounting Future Cloudy With Only a Chance of Advisory? Retrieved from <https://www.firmofthefuture.com/content/is-your-accounting-future-cloudy-with-only-a-chance-of-advisory/ >.
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