The Role of Artificial Intelligence in the Accounting Industry

Abstract

Until now, China's financial accounting has experienced three stages, manual accounting, accounting computerization, and intelligent accounting. Recently, with the development of artificial intelligence (AI), various kinds of intelligent financial software and tools are introduced into the accounting industry, such as Deloitte financial robot and AlphaSense. Based on AI technology, they automate tedious and repetitive work, greatly improving the efficiency of financial work. However, AI also has a few downsides, for example, it will lead to rising unemployment and cause panic among financial practitioners. In this study, we explore the evolution of the accounting industry following the AI technological developments, analyze the role of AI in the accounting industry, assess the advantages and disadvantages AI introduced into the industry, and provide suggestions for future transformation and development of the accounting industry and its practitioners.