The Application of Artificial Intelligence in Accounting and Financial Analysis: Automating Business Processes for Enhanced Efficiency and Decision-Making
DOI:
https://doi.org/10.31150/ajebm.v8i3.3432Keywords:
AI, Accounting, Financial Analysis, Automation, Machine Learning, Predictive Analytics, Decision IntelligenceAbstract
The development of Artificial Intelligence (AI) has enormously impacted the accounting and financial analysis industry with new possibilities for automation, efficiency, and effectiveness. This paper investigates AI`s impact in accounting and financial analysis by reviewing its automation feature in business processes, decision-making, and financial forecasting. The paper discusses major AI technologies including machine learning, natural language processing, and robotic process automation and their use in financial reporting and auditing, tax compliance, and predictive modeling. Moreover, the study aims to analyze the-use and implementation of AI and its associated advantages or concerns such as ethical issues, data protection, required skills- matching learning for the professionals, among others. This paper intends to show how AI changes accounting and financial analysis through literature review, case studies and seeks suggestions for further practices and studies.
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