ARTIFICIAL INTELLIGENCE IN FINANCIAL ACCOUNTING: NAVIGATING CHALLENGES AND HARNESSING OPPORTUNITIES
DOI:
https://doi.org/10.5281/zenodo.15631020Keywords:
Artificial Intelligence, Financial Accounting, Automation, Data Analytics, Fraud Detection, AI Challenges, Skill Development, AI Integration, Accounting Technology, Strategic Decision-MakingAbstract
The integration of Artificial Intelligence (AI) into financial accounting is rapidly transforming the way businesses manage, analyse, and report financial data. AI technologies offer significant opportunities such as automation of routine tasks, enhanced accuracy, real-time analytics, improved fraud detection, and strategic forecasting. However, the adoption of AI in financial accounting is accompanied by substantial challenges, including skill shortages, high implementation costs, data quality issues, integration with legacy systems, cybersecurity risks, and ethical concerns. This study aims to explore the dual aspects of AI in financial accounting—its vast potential and the barriers that hinder its full-scale implementation. It further suggests strategic solutions for overcoming these challenges, including investment in skill development, infrastructure modernization, phased implementation, and strong governance frameworks. The findings highlight that with a thoughtful and well-planned approach, organizations can successfully navigate challenges and unlock the transformative power of AI in financial accounting, ensuring long-term efficiency, transparency, and competitiveness.
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