The impact of artificial intelligence on accounting professions

Abstract

PURPOSE: The objective of this article is to analyze how modern accounting practices have been shaped in response to the technological revolution including process of automation and Artificial Intelligence. Emphasis is placed on how these new phenomena were incorporated into the daily functions and responsibilities of accountants. In addition, identified will be emerging opportunities and challenges that may either encourage a positive attitude toward automation and AI or, conversely, act as deterrents. As well, to identify strategies for accounting professionals to adapt to and collaborate with AI technologies, ensuring a balanced and effective integration.

DESIGN/METHODOLOGY/APPROACH: This article formulates the following research problem: How and to what extend does an Artificial Intelligence impact contemporary accounting practices? Will AI overtake the accounting sector completely, leaving accountants jobless? Corresponding to this research problem the research hypothesis was formulated: implementation of AI in accounting result in the efficiency gains for accounting practices and its professionals. AI will reform traditional business models in the accounting world. However, implementing AI in accounting carries as well certain risks. Further analyses and research aim to confirm this hypothesis. The study employs a detailed analysis of existing scientific literature, norms, and standards related to accounting field. The analyzed sources include books and scientific articles aimed at understanding the theoretical foundations of automation and AI in finance and accounting , as well as identifying best practices and challenges in this field.

FINDINGS: An integration of Artificial Intelligence (AI) in world of finance is expected to significantly enhance efficiency and effectiveness in the field of accounting, although it is improbable that AI will fully replace human accountants. It's difficult to replace accounting experts by new technologies at least current stage of it鈥檚 development. In accounting is needed human judgement, strategic interpretation, and the ability to draw from personal experience, in decision making, particularly in difficult complex accounting tasks.

PRACTICAL IMPLICATIONS: The study鈥檚 findings can provide management of the companies with crucial information regarding the effectiveness, positive aspects of AI in accounting, but as well make them sensitive on some issues connected with threats incorporated in implementation of new technologies. However, for impact of AI on finance and accounting to be extend further analyses and studies are necessary. Particular attention should be paid to the data protection problems.

ORIGINALITY/VALUE: The article presents a comprehensive approach to relatively new phenomenon of Artificial Intelligence in Finance and accounting with particular emphasis on changing role of accountants in contemporary organizations. It discusses key problems, tools and best practices that can support organizations in effective implementation of new technologies in area of accounting.