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How Artificial Intelligence Changes the Future of Accounting Industry

Author

Listed:
  • Suleiman Jamal Mohammad
  • Amneh Khamees Hamad
  • Hela Borgi
  • Phung Anh Thu
  • Muhammad Safdar Sial
  • Ali Abdallah Alhadidi

Abstract

Purpose: The main theme of the study relates to the assessment of the impact of artificial intelligence on accounting professionals, especially the upcoming generation of an accountant. The study aims to assess the effects of the introduction of AI-based systems in the field of accounting and answer the question of how it has changed the world of accounting professionals and to forward relevant suggestions to policymakers. Design/Approach/Methodology: The study consists of the results of qualitative document analysis on the topic of artificial intelligence in the accounting industry. Findings: The research concludes that the serious concerns amongst the practicing accountant in the present-day world can be replaced by an Artificial Intelligence-based automated system. To avoid this fate, the accountants need not only to adapt to the use of information technology but also need to adapt to the ever-changing business environment. Practical Implication: It has been recommended that to enhance the performance and effectiveness of accounting functions the accountants and accounting firms should keep abreast of continuous improvements in artificial intelligence in their field, which will eventually lead to a reduction in accounting costs to the firm along with adding value to the accounting industry by shifting the focus of accountants to data-driven and analytics-based decision from existing monotonous tasks. Originality/Value: The study is original and it adds to scholarly debate on how the technology revolution changes the future of the accounting industry.

Suggested Citation

  • Suleiman Jamal Mohammad & Amneh Khamees Hamad & Hela Borgi & Phung Anh Thu & Muhammad Safdar Sial & Ali Abdallah Alhadidi, 2020. "How Artificial Intelligence Changes the Future of Accounting Industry," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 478-488.
    • Handle: RePEc:ers:ijebaa:v:viii:y:2020:i:3:p:478-488
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    References listed on IDEAS

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    1. A.G. Polyakova & M.P. Loginov & A.I. Serebrennikova & E.I. Thalassinos, 2019. "Design of a Socio-economic Processes Monitoring System Based on Network Analysis and Big Data," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 130-139.
    2. Irina Japparova & Ramona Rupeika-Apoga, 2017. "Banking Business Models of the Digital Future: The Case of Latvia," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 846-860.
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    Cited by:

    1. Grosu, Veronica & Cosmulese, Cristina Gabriela & Socoliuc, Marian & Ciubotariu, Marius-Sorin & Mihaila, Svetlana, 2023. "Testing accountants' perceptions of the digitization of the profession and profiling the future professional," Technological Forecasting and Social Change, Elsevier, vol. 193(C).

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    More about this item

    Keywords

    Artificial Intelligence; accounting; transformation.;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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