Integration of AI Technology in Cost and Management Accounting for Effective Cost Control

The rapid advancements in Artificial Intelligence (AI) have introduced transformative opportunities across various industries, including cost and management accounting. This paper examines the integration of AI technology into cost and management accounting practices to achieve effective cost control. By implementing AI-driven tools such as predictive analytics, automated reporting, and real-time data processing, organisations can optimise resource allocation, minimise inefficiencies, control wastage, and enhance financial decision-making. The research highlights the application of AI in analysing cost behaviours, forecasting future trends, and automating routine accounting tasks, thereby reducing human error and improving accuracy. Key considerations such as system integration, data privacy, and skillset requirements for adoption are discussed. Additionally, case studies demonstrate how AI has been successfully implemented to provide actionable insights for cost optimisation. The study concludes by emphasising the potential of AI to redefine cost and management accounting as a strategic function, fostering sustainable financial practices in the evolving business landscape.