ARTIFICIAL INTELLIGENCE IN FINANCE AND ACCOUNTING

Artificial Intelligence (AI) is changing the finance and accounting industry by increasing accuracy, efficiency, and decision-making capabilities. As the volume and
complexity of financial data increase, manual analysis and accounting practices become challenging. AI tools such as machine learning, robotic process automation,
and natural language processing enable organizations to perform manual tasks, financial forecasting, fraud detection, risk management, and improve accounting
process quality. These tools handle routine tasks like data entry and reconciliation,
allowing professionals to focus on strategic analysis. This paper examines the
application of AI in finance and accounting, its advantages, challenges, and future
implications. The paper concludes that while AI has greatly improved financial and
auditing processes, it faces challenges such as skill gaps, high costs, and ethical
concerns, requiring human oversight. However, it also presents challenges, including
the "black-box"(process inputs to produce outputs without revealing their internal
decision-making processes, making them unclear to users) nature of algorithms,
ethical concerns regarding data privacy, and potential job displacement.