Exploring the Role of AI in Accounting: Advantages and Downsides

Artificial Intelligence has become more than just a buzzword in recent times, especially in the accounting arena. From automating mundane tasks to optimizing efficiency, it has indubitably made its mark across all areas of the accounting segment, extending from the bottom to the core. 

A watershed in the accounting realm, AI today is thus expanding at an unprecedented rate. In fact, according to a study by Mordor Intelligence, artificial intelligence in accounting is expected to grow 30% year over year from 2023-2027, which is indeed a whopping number. 

Expanding its capabilities at an unrivaled pace, AI is thus creating both opportunities and challenges that cannot be undermined. Braving this new technological advancement, therefore, calls for understanding the advantages and potential downsides as well as challenges that AI possesses for the accounting world closely. 

But before we delve into that, let us first understand what AI in accounting means in its entirety!