Review article
https://doi.org/10.22598/zefzg.2023.2.83
Automation of accounting processes: The impact of Artificial intelligence and ERP systems on accounting
Dusica Stevcevska Srbinoska
orcid.org/0000-0002-1690-2979
; School of Business Economics and Management, University American College Skopje, North Macedonia
*
Slavica Donovska
orcid.org/0009-0007-7257-2701
; School of Business Economics and Management, University American College Skopje, North Macedonia
* Corresponding author.
Abstract
The introduction of ERP (Enterprise Resource Planning) systems and AI (Artificial intelligence) technology has revolutionized the accounting space igniting automation that has been crucial for cost reduction and efficient resource use. A lot of companies have engaged in implementing ERP systems and/or AI tech in order to keep up with the changes and the very competitive business environment. Given the lack of research on this topic, a survey has been sent to Macedonian firms to assess the level of accounting digitalization, as well as the related benefits and drawbacks. The majority of the firms have implemented either ERP or AI tech, with AI lagging as it is considered a novel technology. However, both ERP and AI tech are still in an early stage called the implementation zone. The greatest benefits in the accounting sector come from quality reporting, up-to-date decision-making, better resource use given the increased efficiency, and reduced processing time. On the other hand, the disadvantages are that these systems are costly, and specific know-how is required for proper implementation and benefit maximization. This study is of value for the business sector and policy makers as it sheds light on the developments necessary to remain competitive, and it guides policy makers in determining the pre-requisites to supporting and scaling local businesses.
Keywords
Accounting; ERP; AI; benefits; disadvantages
Hrčak ID:
313963
URI
Publication date:
4.2.2024.
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