Artificial Intelligence in accounting: Accounting, Finance and Auditing

Abstract 

Artificial Intelligence (AI) has become an important technology in the current business. It has made accounting and finance a faster work, more accurate and transparent work as well. Traditionally, accounting required a lot of typing and repetitive work handling cheques which was time consuming and prone to error. AI tools (including machine learning, robotic process automation or RPA and advanced data analysis platforms) have changed this landscape. This paper discusses the use of AI in accounting, auditing, and financial reporting from the perspective of benefits such as speed, fraud detection, real-time reporting, and making better decisions. It also covers the drawbacks such as the initial costs, security issues, and the requirement for skilled personnel. The results indicate AI is a game-changer in terms of changing routine work, freeing up the professionals to work on strategy.