Integration of AI in Accounting: Opportunities and Challenges

Bhavin M. Badiyani

Abstract: There is no doubt that, artificial intelligence (AI) technology has made significant strides in the accounting field, revolutionizing numerous routine tasks. This trend is only set to grow as the world increasingly embraces technology and relies more on machines to handle tasks previously performed by humans, particularly due to the COVID-19 pandemic's new normal of remote work. The present article concentrates on the relations between Artificial Intelligence and Accounting Functions, the numerous benefits that build upon the advantages of traditional computerization and the challenges regarding AI implementation. It also provides recommendations for the accounting profession to effectively navigate the AI revolution, capitalize on its benefits, and overcome potential challenges.

Keywords: Artificial Intelligence (AI), Machine Learning (ML), Recent Trends in Accounting, Accounting Functions