Artificial intelligence: the pros and cons of AI for accountants

Artificial intelligence (AI) can reduce the volume of transactional work and improve productivity through the use intelligent accounts payable management systems but it cannot replace humans. Alan Rajah, partner at Lawrence Grant Chartered Accountants, examines the use of AI in accounting and finance teams

The UK’s top accountancy and law firms are all investing in AI (artificial intelligence), demonstrating the huge potential and game-changing nature that these developments will bring to both professions.

Progress has snowballed since the first industrial revolution. The internet has also been instrumental in shaping our society more than any single invention. The ability to instantaneously communicate, share and consume information has amplified the pace of technological breakthroughs.But first for a basic definition of AI: it is the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent human beings.

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