Probing the Effect of Artificial Intelligence and Machine Learning on Accounting Functions (Evidence from Selected Companies)

Artificial intelligence technology has no doubt gained ground in the field of accounting and in the performance of several routine functions. This is going to be a growing phenomenon as the entire world continues to seek for ways to use and depend more on technology and machines to perform functions hitherto done by humans, especially with the new normal of remote work brought to the fore by the COVID-19 global pandemic. This study focuses on the impact of the adoption of artificial intelligence and machine learning technologies on the accounting functions of business organisations. Survey questionnaire in addition to qualitative literature review was used to gather data from respondents and analyse previous academic and professional works on the subject. The result of this study shows that, although artificial intelligence technology will be used to replace most programmable and monotonous accounting activities, AI will also create new opportunities for the upward mobile accounting professional to grow into more strategic and rewarding carrier path rather than just being a ‘book keeper’. However in the case of companies in Nigeria specifically, the regression model is not significant since the probability value 0.846 is greater than 0.05 meaning that the null hypothesis is not rejected, implying that there is no significant statistical relationship between AI and accounting functions of Nigeria companies. The recommendation of this study is that accountants, business entities and relevant government agencies should seek for ways to profitably tap into new growing arena of artificial intelligence rather than being in denial of its impact or trying to suffocate a technology that has come to stay.