Artificial Intelligence and Its Impact on Accounting Systems

Artificial intelligence is called as forth industrial revolution. The concept of artificial intelligence is to help humans in doing tasks and taking decisions by using machines. Nowadays technologies and artificial intelligence impacting our lives in many fields, and it keeps developing and changing in a rapid pace. People and companies are trying to cope with this advanced technology and apply it in ease their live in many areas. This literature review is important for business and organizations. It is essential for organization’s business owner’s and top managements to under- stand the power of artificial intelligence on business, how artificial intelligence improve their businesses sales, reduce costs, and enhance performance in many tasks in the firms the challenges that can face companies who is investing in artificial intelligence. Moreover, this literature review can be important to accountants also to understand the future of the profession and how AI can affect their career. Also, how to develop their skills. This literature review explained what artificial intelligence is and how it started. Examples of artificial intelligence applications in different fields like health, education, and business and the application in accounting in specific the big 4 accounting firms in the world. Moreover, this paper shows the tasks that can be replaced by AI, the impact of artificial intelligence on accounting field in specific in regard of how tasks can be replaced by artificial intelligence, the routine and time-consuming tasks that can replaced by AI. Also benefits and challenges of implementing AI was explained with an analysis of AI application in some organization in Malaysia. Further- more, it discussed the future of accounting position when applying AI and how this will impact the new accounting role, required skills and abilities. At last future research area was discussed.