A Critical Analysis of Artificial Intelligence Technology in Accounting

Abstract

Artificial Intelligence (AI) has emerged as a disruptive force in the accounting profession, a field historically reliant on manual processes and human judgment. This study aims to critically analyze the AI technologies proposed in current accounting research and explore their implications on the accounting profession. Using a qualitative research approach and document analysis, the study systematically evaluated scholarly works on the integration of AI in accounting. The findings underscore that while process automation is a foundational pillar of digital transformation, amplifying analytical capabilities and bolstering decision-making processes are equally critical for businesses and financial institutions seeking a competitive edge. Consequently, strategic investment in a diverse portfolio of AI technologies, encompassing machine learning, neural networks, and expert systems, is essential. However, the lack of case-based reasoning and simulation modelling in accounting research limits the full potential of AI in the field. Integrating AI can transform accounting by automating routine tasks, enhancing data analysis, increasing accuracy, efficiency, and productivity, as well as improving decision-making. This integration creates opportunities for scholars, practitioners, and researchers in information technology and accounting to collaborate, navigating the complex terrain where these disciplines intersect and driving future exploration and innovation in the integration of AI in accounting.

https://doi.org/10.26803/MyRes.2024.09