IDEAS home Printed from https://ideas.repec.org/a/ers/ijebaa/vviiiy2020i3p478-488.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.ijeba.com/journal/538/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. N.G. Vovchenko & S.S. Galazova & A.A. Sopchenko & O.S. Dzhu, 2019. "FinTech Ecosystem as an Instrument of Sustainable Development Provision," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 147-155.
    2. Yu.V. Przhedetskiy & N.V. Przhedetskaya & K.V. Borzenko & V.A. Bondarenko, 2019. "Blockchain Technologies in Healthcare Institutions: Focus on Security and Effective Cooperation with the Government," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 92-99.
    3. repec:ers:journl:v:volumexxi:y:2018:i:issue4:p:512-523 is not listed on IDEAS
    4. Olga Evgenyevna Kachkova & Maria Aramovna Vakhrushina & Irina Dmitriyevna Demina & Taisiya Ivanovna Krishtaleva & Marina Ilyinichna Sidorova & Elena Nikolaevna Dombrovskaya & Lyudmila Vasilyevna Klepi, 2018. "Developing the Accounting Concept in the Public Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 636-649.
    5. repec:ers:journl:v:volumexxi:y:2018:i:issue4:p:435-458 is not listed on IDEAS
    6. Garnov & A. & Zvyagin & L. & Sviridova & O., 2019. "System Data Analysis: Innovative Technologies, Methods and Techniques," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 26-39.
    7. A. Mussina & S. Albekova & J. Shakirova, 2018. "Pricing Mechanism of Banking Products," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 665-677.
    8. Gabrielli, Gianluca & Magri, Carlotta & Medioli, Alice & Marchini, Pier Luigi, 2024. "The power of big data affordances to reshape anti-fraud strategies," Technological Forecasting and Social Change, Elsevier, vol. 205(C).
    9. Tomasz Smutek & Jan Sikora & Sylwester Bogacki & Marek Rutkowski & Dariusz Wozniak, 2024. "Use of Autoencoder and One-Hot Encoding for Customer Segmentation," European Research Studies Journal, European Research Studies Journal, vol. 0(Special A), pages 72-82.
    10. Arzhenovskiy S.V. & Bakhteev A.V. & Sinyavskaya T.G. & Hahonova N.N., 2019. "Audit Risk Assessment Model," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 74-85.
    11. Ivanchenko O.V. & Mirgorodskaya O.N. & Baraulya E.V. & Putilina T.I., 2019. "Marketing Relations and Communication Infrastructure Development in the Banking Sector Based on Big Data Mining," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 176-184.
    12. Semenyuta O.G. & Andreeva A.V. & Sichev R.A. & Filippov Yu.M., 2019. "Digital Technologies in Lending Small and Medium-Size Enterprises in Russia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 40-52.
    13. R. Rupeika-Apoga S. Saksonova, 2018. "SMEs' Alternative Financing: The Case of Latvia," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 43-52.
    14. N.E. Goryushkina & T.V. Gaifutdinova & E.V. Logvina & A.G. Redkin & V.V. Kudryavtsev & Y.N. Shol, 2019. "Basic Principles of Tourist Services Market Segmentation," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 139-150.
    15. R.M. Mahboub, 2018. "The Impact of Information and Communication Technology Investments on the Performance of Lebanese Banks," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 435-458.
    16. M.A. Shadrina & N.N. Shelemekh & V.V. Mizyureva & V.E.O. Kerimov & B.V. Lukyanov, 2018. "The Recognition and Valuation of an Asset\'s Productivity in Business Accounting and Reporting," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 129-141.
    17. Lavrova Tatyana (Лаврова Т.Б.) & Polyakova Aleksandra (Полякова А.Г.), 2020. "Development Of The Unified Information System For The Russian Federation Civil Service Human Resources Management [Развитие Единой Информационной Системы Управления Кадровым Составом Государственно," State and Municipal Management Scholar Notes, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 33-40.
    18. R.A. Ramazanov, 2019. "Development of Electronic Communications in the Financial Market-Based System," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 86-92.
    19. G.A. Batischeva & M.Yu. Denisov & I.V. Rybchinskaya & M.B. Stryukov, 2018. "Regional Development and Banking Activities," European Research Studies Journal, European Research Studies Journal, vol. 0(Special1), pages 455-465.
    20. R. Rupeika-Apoga & I. Romanova & L. Bule & Y.E. Thalassinos, 2019. "The Impact of Population Ageing and Social Stratification: The Case of Latvia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 49-63.
    21. Kuan-Chieh Chen, 2020. "Implications of Fintech Developments for Traditional Banks," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 227-235.
    22. Antonios Adamopoulos & Eleftherios I. Thalassinos, 2020. "Tourism Development and Economic Growth: A Comparative Study for the G-6 Leaders," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 368-380.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:ijebaa:v:viii:y:2020:i:3:p:478-488. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ijeba.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.