Recent Issues Artificial Intelligence Causing in Accounting

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Table of Contents

Introduction
Discussion
Conclusion
References

Introduction

Artificial intelligence (AI) is one of the most promising technologies impacting the modern world. However, I think its fast evolution introduces a specific issue linked to the labor market. There is a problem that nowadays, the implementation of AI leads to replacing workers with technology.

Discussion

For instance, in 2022 accountants were gradually replaced by AI-empowered software, and there is a threat that by the end of 2023 they might disappear because of its effectiveness (Gilbert, 2023). The problem might impact various stakeholders. First, society might suffer because of the increased number of unemployed people. Moreover, the government will face the challenge of providing these individuals with jobs. At the same time, markets might benefit from it because of the increased efficiency and reduced resources necessary to attain it. The given issue can be considered a global one as it affects the whole accounting sphere, or other sectors where AI is broadly used.

However, the discussed issue is not new, as it is linked to the development of technologies. The fear that machines would replace people emerged since robots became part of manufacturing processes. The emergence of AI complicated the situation as it learns and gradually becomes better at processing big data (Walch, 2023). As a result, there is a risk of a reduction in the number of human workers necessary to perform specific jobs, mainly linked to working with data. I assume that the issue is a moral one as it is linked to the price of progress and its acceptance by the public.

Conclusion

On the one hand, it harms employees, their career opportunities, and other stakeholders. However, on another hand, technological progress can create around 12 million jobs by the end of 2025 (Konovalov, 2022). Additionally, AI can change accountants work by pushing them to be more proactive (Johnson, 2023). For this reason, the further massive use of AI might complicate this issue and require increased attention.