Artificial Intelligence in Accounting and Finance: Transformations, Applications, and Future Directions
Dr. Nikhil Bharat Goyal
Assistant Professor,
Department of Commerce,
New Arts, Commerce and Science College, Ahmednagar (Autonomous)
Mobile: 9028525740
Email: canbgoyal@yahoo.com
The accounting and finance sector, long steeped in tradition and regulatory rigor, stands on the threshold of profound technological change. Today, artificial intelligence (AI) is catalyzing a paradigm shift: automating mundane processes, enabling advanced data analytics, and reshaping how professionals perceive and add value within the field. No longer reliant merely on arithmetic, bookkeeping, and established audit trails, professionals now encounter a digital environment demanding both technological fluency and strategic acumen.[1][2]
AI technologies, including machine learning, blockchain, robotic process automation (RPA), and natural language processing (NLP), are being rapidly integrated into enterprise and public sector finance teams for several reasons. First, the volume, velocity, and variety of financial data now surpass what humans can manage manually. Second, competition and regulatory complexity demand both faster and more insightful reporting. As a result, the adoption of AI promises not only enhanced efficiency, but transformative shifts in roles, responsibilities, and organizational strategy.[2]
The swift adoption of AI is reducing the burden of repetitive work, facilitating real-time access to complex data, and ensuring improved speed, accuracy, and decision-making in financial matters. However, this dynamic landscape also presents opportunities and challenges, from compliance and security risks to innovation and ethical imperatives. Consequently, the profession must evolve to harness AI’s advantages while anticipating its challenges.
DOI link – https://doi.org/10.69758/GIMRJ/2509I9VXIIIP0027
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