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The Effects of AI on Accounting

Artificial Intelligence, otherwise known as AI, is not something that exists only in science fiction or Hollywood movies. It’s here. And it’s changing the way accountants are doing business. Here’s how and why. AI Can Help with Tedious Tasks While combing through spreadsheets is by no means an unimportant task, it can be time consuming, which is why utilizing machine-learning can help with things like this. AI can be used to analyze large volumes of data at speeds beyond what is humanly possible. This way, you can spend more time doing the things that only people can do: engaging with clients on a personal level, as well as working on decision-oriented computations. In fact, according to Shamus Rae, a partner at KPMG, AI will improve the quality of audits. Why? Rae claims that with AI, “it begins to allow us to ask a lot more questions. It will improve efficiency in what we do and will provide more insight.”..........