Navigating the Future of Finance: How Artificial Intelligence is Transforming Accounting
DOI:
https://doi.org/10.22399/ijcesen.1648Keywords:
AI, Machine learning, Natural Language Processing(NLP), Data analysis, Fraud detectionAbstract
The force that is driving this revolution in the accounting domain is Artificial Intelligence (AI). It holds the power to enhance efficiencies, accuracies, and decision-making virtues. The present article ventures to illustrate how AI is bringing changes to the accounting sector. Moreover, it imparts a granular understanding of the vital armaments of AI that includes machine learning, natural language processing, and data analysis. Incorporating AI into accounting can reap several benefits, among them are productivity increases, better precision, cost-savings, and improved ability for analytics. At the same time, the implementation of AI also throws in challenges: examples include technical problems of interfacing, issues concerning ethics, and the demand for new capabilities and education for accountants. Other articles describe cases where AI has been successfully applied in accounting and detail the lessons learned and effects on business. In these, the future of AI in accounting is described through the crystal ball of emerging trends and technologies, and, moreover, whether accountants will tell their clients differently because of AI. It also considers the greater effects of AI on the financial landscape by surfacing the need for new regulatory standards to guarantee that AI is utilized in an ethical and responsible manner. This paper in total tries to paint a comprehensive picture of how AI will cause a transformation in the accounting profession and why professional adaptation is needed.
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