Artificial Intelligence in Accounting Practices

Smitha Mahindrakar

Abstract: AI-Artificial Intelligence is a breakthrough in the field of computing, in present day scenario AI has already established in every industry vertical and its applications are growing at rapid pace. AI is significantly contributing to Science& Computing, from Drug discoveries to Biotechnology to Cyber security. Implementation of AI has contributed to a significant improvement in efficiency across all the sectors. These developments have obliged to adopt & embrace AI in the domain of accounting for better efficiencies. The domain of accounting/audit services/tax services/wealth management deals with significant amount data to analyze& complex processes to make decisions; this can be leveraged by implementation of AI to bringing efficiencies. This paper analyzes some of the areas of AIs implementations, barriers, and framework for the future efforts of inclusion of AI in accounting domain.

Keywords: Artificial Intelligence, Machine learning, Accounting, Finance