The Effect of Artificial Intelligence on the Accounting and Financial Reporting

Artificial intelligence (AI) has recently impacted global businesses' accounting and financial reporting systems. Artificial intelligence (AI) has been leveraged to enhance the precision of financial reports, automate tedious and repetitive tasks, minimize accounting expenses, and establish a more expeditious and efficient accounting infrastructure. However limited research had been conducted specifically on how AI has impacted the accounting and financial reporting system. This research aimed to analyze how artificial intelligence AI has influenced accounting organizations' efficiency and productivity. The investigation focused on, accountants, including managers in accounting, is using a descriptive research approach. The data required for the investigation I gathered using a structured/semi-structured question. Interviews with industry professionals, a review of pertinent academic literature and direct observations are the triangulation providing the data for the study. The use of artificial intelligence was found to have a positive impact on the efficiency of accounting and financial reporting processes. Artificial intelligence was found to have boosted the accuracy of financial reporting, decreased the need for manual labor, and streamlined the recording and analysis of transactions. AI was found to have improved the accuracy and reliability of long-term planning and cash flow forecasting. Researchers suggested that accountants and accounting companies regularly update their AI knowledge to boost the efficiency of accounting processes and reduce associated costs.