Role of Artificial Intelligence in Modern Accounting Practices

Abstract

Artificial Intelligence (AI) has become one of the most revolutionary technologies of the 21st century that have dramatically transformed different industries of the global economy. In particular, the field of accounting has undergone significant changes since the introduction of artificial intelligence technologies into its activities. These technologies can be used to perform bookkeeping, auditing, financial reporting, fraud prevention, tax compliance, and decision making. This paper focuses on the topic of Artificial Intelligence in accounting and explores its applications, advantages, challenges, and perspectives. It is found that AI makes the work more efficient, accurate, productive, cost-effective, and less prone to human mistakes. At the same time, there are several concerns related to the issue such as security problems, ethical questions, high costs of implementation, and job losses. It is concluded that AI should not be considered as an alternative to the accountants but rather as an additional tool that can enhance their performance.