Impact of Artificial Intelligence in Accounting

Abstract

The application of artificial intelligence (AI) in accounting has transformed conventional methods and changed how financial management and decision-making are conducted. This essay examines the complex effects of artificial intelligence (AI) on accounting, focusing on how these effects may affect organizational efficiency, accuracy, and strategic decision-making. This study investigates the use of artificial intelligence (AI) technologies, including as machine learning, natural language processing, and robotic process automation, in accounting operations, from data input and analysis to risk assessment and forecasting, through a thorough evaluation of the body of existing literature. It also looks at the potential and problems that come with implementing AI, such as labor reskilling, ethical issues, and regulatory compliance. This research gives insightful information about the transformative potential of AI in accounting by combining findings from academic studies and industry sources. It also includes tips for practitioners and policymakers navigating this ever-changing field. The economy, science, and technology are developing at a rapid pace, ushering in the age of artificial intelligence, which has had a profound impact on every part of life. Whether or not there is widespread worry about the fate of accountants facing elimination. This essay will examine how artificial intelligence will affect accounting staff and how to prevent accounting fraud while also producing positive effects on the quality of accounting information. Since machines cannot make decisions, artificial intelligence won't result in widespread unemployment. The article's conclusion will emphasize that, in the grand scheme of artificial intelligence, accounting staff members should develop their own seven skill areas and become fully qualified professionals.