Effectiveness Of Artificial Intelligence In Management Accounting

Abstract

This academic review paper aims to investigate the possibility of integrating artificial intelligence into the daily workflow of management accounting, and to what extent this would increase the effectiveness and efficiency of the business operations. By focusing on aspects such as management accounting, artificial intelligence, the advantages and disadvantages of utilising artificial intelligence for management accounting, ethical considerations of utilising AI while handling sensitive financial information, and various real-world businesses which use AI in their day-to-day operations, this paper is able to clearly identify and explain the possibility of human accountants and artificial intelligence working together in order to maximise the accuracy and efficiency of outcome. This paper also provides an overview regarding some of the essential accounting tools equipped with AI that are currently being used by management accountants, and also discusses the possibility of AI replacing human management accountants completely. By covering all of these components and providing necessary explanations, this academic review paper aims to answer the research question “To what extent will AI be more effective than traditional methods of management accounting?”