Algorithms will be changing the world of accounting, reporting, auditing, and analysis over the coming years. An informal definition of algorithm is a "a set of rules that precisely defines a sequence of operations".
In his book (page 257) Principles, Ray Dalio explains algorithms, "Algorithms work just like words in describing what you would like to have done, but they are written in language that the computer can understand." He goes into this in more detail, explaining how humans and machines will work toghether in this video.
For more information about algorithms, watch this video. That video is made for business professionals.
For more depth, watch this Intro to Algorithms: Crash Course in Computer Science #13.