Use of Artificial Intelligence in Modern Accounting Practices

Artificial Intelligence (AI) has developed into one of the most transformative technologies in today’s business environment. It has significantly impacted various domains of professionals. Accounting is one of them. Traditionally, accounting practices have been based on manual and human judgment. However, with the rapid development of digital technologies, AI has incorporated automation and intelligent data processing into accounting systems. The main aim of this research paper is to analyze and discuss the role and impact of Artificial Intelligence on modern accounting practices in an extensive manner. It will also explore various aspects of AI in accounting, such as automated bookkeeping, auditing, fraud detection, taxation, and financial forecasting. Additionally, it will discuss various advantages and disadvantages of AI in accounting. It will also explore how AI is changing the role of accountants from number crunchers to advisors. Finally, the research study will conclude that AI is an opportunity for the accounting profession rather than a threat if professionals upgrade their skills to accommodate these technological advancements.