The article provides an overview of the concept of AI, assessing the current status of AI in accounting work of enterprises in Vietnam. The research results are the basis for proposing solutions to integrate AI in accounting process to help enterprises optimize the accounting process.

DEFINITION OF WHO

According to Pham Huy Hung (2023), AI is a field of computer science that aims to develop algorithms and computer systems that are capable of performing tasks that normally require human intelligence, such as: visual perception, speech recognition, decision making, and natural language processing. These AI systems are designed to receive input from the environment, process information, and perform actions based on their understanding of the data they receive, similar to the way humans process information (Vuong, 2023). Brown and O'Leary (1995) argue that AI can be viewed from many perspectives of intelligence, research, business, and programming.

AI in accounting is the combination and application of AI technologies and algorithms to automate and improve accounting processes. Applications of AI in accounting include using machine learning to automate tasks such as: processing financial data, predicting accounting trends, and even assisting in strategic accounting decision making.

RESEARCH METHODS

To specifically and comprehensively assess the current status of AI in accounting of enterprises in Vietnam, the author conducted a survey by sending questionnaires to a random sample of enterprises operating in the Vietnamese market in February 2024. The survey received a total of 101 responses from different enterprises across the country. The survey was conducted with the aim of gaining a deeper understanding of how enterprises are currently using and applying AI in their accounting processes.

The survey participants were selected from a diverse range of businesses, including large, medium and small enterprises, operating in a variety of sectors such as manufacturing, services, finance and trade. This helps to increase the representativeness of the sample and ensure that the survey results accurately reflect the diverse reality of the business market in Vietnam.

Read more: ".com" vs ".net" - The difference between domain name extensions

CURRENT STATUS OF AI APPLICATION IN ACCOUNTING WORK IN VIETNAM

Table 1 shows that in the analyzed data sample, the number of accountants accounts for the largest proportion, reaching 75.2%. Meanwhile, the proportion of financial directors and chief accountants is relatively small, accounting for 8.9% and 15.8% of the total analyzed sample, respectively.

Table 1 : Position

Source: Survey author

In the research data sample (Table 2), small and medium enterprises accounted for the largest proportion (77.2%), the rest were large enterprises (22.8%).

Table 2 : Business size‍

Source: Survey author

Table 3 illustrates the rate of use of accounting tools in enterprises. It can be seen that the majority of enterprises have switched to using accounting software as the main tool for their accounting process, accounting for 70.3%. This shows the transition from traditional accounting methods to the application of information technology and specialized software to increase efficiency and accuracy.

Traditional accounting tools are still around, with a usage rate of 19.8%, but significantly lower than accounting software. Thus, there is still a lag in the transition or an expectation of stability and reliability of traditional methods.

Table 3 : Accounting tools that businesses are applying

Source: Survey author

However, the most prominent feature is the emergence of AI in accounting tools, with 9.9% of the survey respondents using them. Although the adoption rate of AI accounting tools is still low compared to traditional accounting software, its emergence may predict a general trend in the future. This could open the door to a more efficient accounting process and more advanced accounting methods.

The survey results also confirm the widespread awareness and acceptance of the value and potential of AI in accounting in the future accounting field from businesses. This consensus comes from the benefits that AI brings to the accounting process. AI has the ability to analyze large amounts of data automatically and quickly, thereby providing accurate and timely information to support business decisions. It can also automate repetitive and time-consuming tasks, helping to reduce the effort and time of accounting staff.

In general, businesses agree that AI is a tool to help make accounting work faster and more accurate. However, they also emphasize the irreplaceable role of humans in understanding and interacting with data, as well as in making decisions and responding flexibly to complex situations in the accounting field.

Read more: 5 IT Outsourcing trends businesses need to pay special attention to

PROPOSED SOLUTIONS

To promote the application of AI in accounting in Vietnam, through research on the current situation, the author proposes the following solutions:

On the side of accounting professional organizations in Vietnam 

Strengthen the role of professional organizations to ensure professionalism and ethics in the industry. In addition, invest heavily in training and developing human resources so that they can use AI technology effectively and meet new industry requirements. This requires a comprehensive training strategy, including both technical and soft skills aspects.

On the business side

First, to meet the increasing demand for data volume and complexity of accounting transactions, businesses need to build large databases and integrate closely with other management systems such as ERP to create a comprehensive and interconnected accounting information system. 

In this way, businesses can automate tasks such as data entry, payment processing and daily financial reporting preparation, thereby minimizing the time and effort required for repetitive tasks. Businesses also need to regularly update and store financial and non-financial data; integrate accounting software with the management system; use packaged or self-built accounting software to suit the size of the business.

On the basis of promoting the application of information technology in accounting, businesses are moving towards using AI to analyze data and forecast finances. Machine learning algorithms as well as full coding processes can help analyze accounting and financial data, thereby making accurate forecasts of the future financial situation of the business, helping managers make strategic decisions and financial plans effectively. 

Businesses can refer to some software such as: Fast Accounting, Fresa AI, MISA Financial Management, BI (Business Intelligence) tools such as: Power BI by Microsoft, Tableau... providing analysis and forecasting features to predict future financial trends and analyze risks and opportunities for managers to make strategic decisions and optimize financial management processes.

‍