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Impact of Artificial Intelligence (AI) on Accounting and Finance Functions

Ubogu Festus PhD, Ejiofor Emmanuel O PhD

Abstract

The integration of AI in accounting and finance presents both opportunities and challenges. The study examined the impact of Artificial intelligence on accounting and finance functions. The study adopted historical descriptive research method and secondary data was used because of the largeness and nature of the study. The main objective of the study is to examine the impact of Artificial intelligence on accounting and finance functions. The specific objectives were to determine the impact of Ai on time savings on specific tasks, to identify the impact of AI on job displacement. The study revealed that AI has positive and significant effects on the variables of the study. The study concluded that AI and data science are not just technological advancements, they are tools for creating a better future. The study recommends among others retraining and up skilling initiatives to effectively implement AI strategies.

Keywords

Artificial intelligenceAccountingFinance Function etc.

References

Akson, A. (2023). The application of computational intelligence in accounting and financial activities. Journal of current research in science. 2(1):29. Baldwin, A. A. (2022). Opportunities for artificial intelligence development in the accounting domain: the case for auditing. Intelligent Systems in Accounting, Finance& Management: International journal. (14(3):77-86. Chukwudi, O.(2024). Effect of artificial intelligence on the performance of accounting operations among accounting firms in South East Nigeria. Asian Journal Economics, Business and Accounting.7 (2):1-11. Frankwood & Allen Sangster (2015). Business Accounting (19th Edition). Pitman Publication London. Herman, S. (1987). Principles of Finance.) Special edition). Business Publication Inc, Plano Texas. Kokina, J. Davenport TH. (2017). The emergence of artificial intelligence: How automation is changing auditing. Journal of emerging technologies in accounting.14 (1):115-22 Pannu, A. (2024). Artificial Intelligence and its application in difference areas. Artificial Intelligence. 4(10):79-84. Shi,Y. (2020). The impact of artificial intelligence on the accounting industry. Cyber Security Intelligence and Analytics: Springer.

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