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Artificial intelligence and machine learning in accountancy - part 1

Much of day-to-day accounting, and in particular audit, involves dull repetitive tasks such as inventory and general ledger checking but such drudgery is apparently set to become a thing of the past with the advent of artificial intelligence (AI) and machine learning. Rob Munro reports

Accountancy is a profession seemingly designed to benefit from advances in artificial intelligence (AI) and machine learning, involving as it does the use of large datasets and the need for accurate, critical analysis of that data.

AI involves the use of powerful computer applications to analyse vast amounts of data and check it using an algorithm designed to detect anomalies. Machine learning allows AI to give a computer access to data and let it learn for itself, ‘discovering’ new and innovative ways to perform tasks based on insights gained from massive data crunching.

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