STUDY THE BENEFITS OF AI BASED ACCOUNTING FOR UPCOMING ACCOUNTING PRACTICES
Dr. Pravinkumar Bharatkumar Lupane
Asst. Professor,
Krantiagrani Dr. G. D. Bapu Lad Mahavidyalaya, Kundal
Abstract
Artificial Intelligence is graceful to upset our world. With intelligent machines enabling high-level cognitive processes like thinking, perceiving, learning, problem solving and decision making, coupled with advances in data collection and aggregation, analytics and computer processing power. India is being the fastest growing economy with the second largest population in the world. It has a significant stake in the AI revolution. While AI has the potential to provide large incremental value to a wide range of sectors, adoption till date has been driven primarily from a commercial perspective. This research paper is based on descriptive type research and is based on secondary data. Researcher has discussed with the accountants, tax practitioners, academicians regarding impact of AI using in Accounting. The researcher has tried to study the benefits of AI Based accounting system and understand how it will be useful for upcoming accounting practices. AI in accounting can help improve accuracy and efficiency, reduce costs and time, and provide valuable insights and predictions for decision-making. Artificial Intelligence has become a game-changer, helping accounting firms streamline processes, improve accuracy, and deliver more value to their clients. AI is likely to become an essential pillar of modern financial management, offering agility, scalability and a competitive edge. AI does not possess any critical skills like judgment, communication, and critical thinking. AI tools are here to help to work more efficiently, not replacing Accountants.AI is used in accounting to automate repetitive tasks, identify patterns in financial data, and provide insights to help businesses make better decisions. AI in a small area of the business and gradually scale up as the technology is refined and employees become more familiar with its use. Regularly monitor and evaluate the performance of accounting. Finally, accounting teams adopting AI to their practice will be better able to analyze a tremendous amount of data, identify patterns and trends. Even better, they will be able to use the latest technology and tools to support various working modes and geographies by taking over routine tasks that are better suited to machines.
Key Words: Artificial Intelligence, accounting, decision making, fraud detection
DOI link – https://doi.org/10.69758/GIMRJ/2509I9VXIIIP0014
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