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AI and Accounting

Use of Artificial Intelligence in Accounting.

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Rodgers Kimathi
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183 views9 pages

AI and Accounting

Use of Artificial Intelligence in Accounting.

Uploaded by

Rodgers Kimathi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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HOW WILL ARTIFICIAL INTELLIGENCE (AI) AFFECT

THE ACCOUNTING AND FINANCE PROFESSION?

Modupe Ipaye
Overview of AI in Accounting and Finance

 Artificial Intelligence (AI) is transforming the accounting and finance profession

by automating routine tasks, improving accuracy, and enhancing decision-making.

AI technologies such as machine learning, natural language processing, and

robotic process automation (RPA) enable faster data analysis, automated

reporting, and fraud detection (Hasan, 2022).


Automation of Routine Tasks

 Artificial Intelligence (AI) has automated routine tasks like data entry, transaction

processing, and financial reporting.

 AI systems can now handle tasks that were traditionally time-consuming and

prone to human error with increased speed and accuracy (Hasan, 2022).
Enhanced Decision-Making and Forecasting

 (AI) has improved decision-making and forecasting in the accounting and finance

professions by improving accuracy, speed, and insights.

 AI systems can analyze vast amounts of financial data in real-time, identifying

patterns, trends, and anomalies that humans might miss (Hossain & Johora, 2024).
Impact on Auditing and Compliance

 By automating repetitive processes, increasing accuracy, and boosting efficiency,

artificial intelligence (AI) is revolutionizing auditing and compliance.

 Large datasets may be swiftly analyzed by AI-powered technologies, which can

spot irregularities or possible fraud that human auditors might overlook (Hossain

& Johora, 2024).


Changing Roles for Accountants and Finance
Professionals

 Regular duties like data entry, bookkeeping, and compliance reporting are being automated

by artificial intelligence (AI), which is changing the job outlook of accountants and other

finance professionals.

 As AI replaces these laborious tasks, professionals are moving into more strategic positions

that emphasize financial forecasting, data analysis, and decision-making.


Challenges and Ethical Considerations

 One major challenge is job displacement as AI automates tasks like bookkeeping,

auditing, and data analysis. This raises concerns about the workforce's role in a

highly automated environment.

 Ethical considerations include data privacy, as AI systems process vast amounts of

sensitive financial information, and bias in AI algorithms, which may lead to

unfair decision-making.
The Future of AI in Accounting and Finance

 The future of AI in accounting and finance is transformative, revolutionizing how

organizations manage data and decision-making.

 AI-powered tools streamline tasks such as bookkeeping, auditing, and financial

forecasting, improving accuracy and efficiency.

 Automation reduces human errors, enhances fraud detection, and allows for real-time

analysis, providing deeper insights for strategic planning (Leitner-Hanetseder et al.,

2021).
References

 Hasan, A. R. (2022). Artificial intelligence (AI) in accounting & Auditing: A


literature review. Open Journal of Business and Management, 10(01), 440-465.
https://doi.org/10.4236/ojbm.2022.101026
 Hossain, M. Z., & Johora, F. T. (2024). Transformative impact of artificial intelligence
and blockchain on the accounting profession. https://doi.org/10.2139/ssrn.4866866
 Leitner-Hanetseder, S., Lehner, O. M., Eisl, C., & Forstenlechner, C. (2021). A profession
in transition: Actors, tasks and roles in AI-based accounting. Journal of Applied
Accounting Research, 22(3), 539-556. https://doi.org/10.1108/jaar-10-2020-0201

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