How Artificial Intelligence can change the world of Accounting and Finance
Artificial intelligence (AI) is a computer science term that describes the ability of computers to replicate the human ability to learn, evaluate, solve problems and make decisions. AI is used in accounting and finance for various purposes such as detecting fraud, automating routine tasks, and making informed decisions. AI also helps accounting and finance industries to save time, money, and gain a competitive advantage 1 . In this article, I will highlight some of the ways that AI can change the world of accounting and finance, and what skills are needed to embrace this technology. Fraud detection Fraud is a major problem for businesses and organizations, costing them billions of dollars every year. According to the 2020 ACFE Report to the Nations, certified fraud examiners estimate that organizations lose 5% of revenue to fraud each year 2 . Financial statement fraud schemes are the least common, but most costly, carrying a median loss of $954,000. Asset misappropriations is th
