A Friend or A Foe: Machine Learning in Accounting
PUBLISHED: October 25, 2021
Artificial Intelligence and Human Intelligence, two distinct words but with merely similar goal. While artificial intelligence is geared towards outputs and reports, human intelligence is modeled on emotions and sound decision making. And as we, humans, go forward in life, many fear that AI will replace us in all the things that we do. So, is Machine Learning in Accounting a friend or a foe?
Machine Learning Definition
Designing computer systems to mimic or copy human intelligence by having a computer program take actions and make decisions based on the information provided.
Machine learning in accounting enables on-premise Accounting Software and Cloud accounting Software with machine learning ability, to do invoicing, accounts payables, automate bank reconciliations, taxation, and reports.
How it Works
Computer software and programs were created to provide computers instructions to follow in solving problem/s and the goal in machine learning is to write a procedure or algorithm that can be trained using test data to look for specific patterns. Like machine learning in accounting where computer software and programs are designed to do a whole accounting process.
Is Machine Learning in Accounting a friend or a foe for accounting professionals?
Let’s cut to the chase, the answer is a big NO.
While machine learning in accounting is designed to do the accounting works for humans, it does not eliminate the fact the humans are still and be will needed in order to run a successful software. Add to that the inability of machines to make humane decisions in order to steer the company’s course. Machine learning in accounting is actually a friend not just to accountants but to every business owner because it reduces the time spent in doing accounting manually, letting accountants, business owners, and the like to focus more on running the business that the actual preparation and reporting of accounting data.
There is definitely no turning back now, the only to move, is to move forward. And sometimes, changes like digitalization and automation are not bad if used properly, in fact, it can greatly help a company future-proof one’s business.
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