DIGITAL ACCOUNTING AND ARTIFICIAL INTELLIGENCE

Abstract

Development of the economy, business, and competition on a global scale, regardless of economic crises, including the Covid crisis and the war in Ukraine in recent years, requires more and more investments in digitalization and digitization of business as a whole and its constituent processes. Or as Klaus Schwab says in his book on the Fourth Industrial Revolution, the rapid advancement of new technologies is causing the merger of the biological, digital, and physical worlds, which leads to enormous opportunities, but at the same time to potential dangers. Its scope, scale and rapid development have a strong impact not only on global politics and economics, but also on society and the individual, aiming to increase the efficiency of business operations, increase profits, open new markets, increase productivity and develop new business models. All this also applies to accounting, control and audit on business operations, as the transformational impact of IT is redefining the functions of accounting and auditing, and will force accountants and auditors to rethink established practices, processes and calibrate their functions in the new digital era. Technological progress is inherent in digitalization and will undoubtedly change accounting, control and audit, in digital workplaces with the help and emergence of AI. Artificial intelligence can be defined as computer science, which, through machines or software programs, can perform activities related to intelligence and knowledge, and are inherent to humans, such as reading and systematizing data, making decisions, solving problems, etc. The use of AI enables the processing of large volumes of information, summarizing and, as well as preparing reports, forecasts and trends, analyzing information based on real data and can compare the same with data from previous periods. But here the question arises, will artificial intelligence not replace the role of the accountant and will the accounting profession disappear at his expense?