AI in Accounting and Finance
Mrs. Swati Jalinder Sawant
(Department Of Commerce)
Mudhoji College, Phaltan.
Mo.No.7709066943/8208736623
Email –swatisawant2911@gmail.com
Abstract
The integration of Artificial Intelligence (AI) into accountancy and finance is revolutionizing traditional practices by enhancing efficiency. Artificial Intelligence (AI) has emerged as a transformative force in the domains of accountancy and finance, reshaping traditional practices and enabling new opportunities for efficiency, accuracy, and strategic decision-making. This research paper explores the transformative role of AI technologies such as machine learning, natural language processing, and robotic process automation in modern accounting and financial operations. It examines the impact of AI on key areas including auditing, fraud detection, financial forecasting, risk assessment, and compliance management. The paper also discusses the benefits of AI-driven tools in reducing human error, automating routine tasks, and providing real-time data insights. Additionally, the study addresses the challenges and ethical concerns surrounding AI implementation, including data security, transparency, and workforce displacement. Data privacy, regulatory compliance, and the need for continuous professional up skilling. By analysing current trends, practical applications, and case studies, the paper highlights how AI is not just a support tool but a strategic asset driving innovation and value in the financial sector. The findings suggest that while AI presents significant opportunities, its effective adoption requires a balance of technology, human oversight, and regulatory frameworks. AI-driven systems reduce human error, automate repetitive tasks, and provide predictive insights that support informed financial planning. This paper explores the applications, benefits, and limitations of AI in accountancy and finance, while also analysing its potential to redefine the roles of accountants and financial professionals in a rapidly digitizing world. The study concludes that AI is not a replacement but a powerful tool that complements human expertise, fostering innovation and sustainability in financial practices.
Keywords:
Artificial Intelligence (AI), Accountancy, Finance, Automation, Machine Learning, Auditing, Financial Reporting, Fraud Detection, Data Analytics, Robotic Process Automation (RPA)
DOI link – https://doi.org/10.69758/GIMRJ/2509I9VXIIIP0064
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