A big step forward in technology is artificial intelligence (AI), which is changing how accounting and financial reporting are done in modern businesses. Traditional accounting systems depend on people entering data by hand, doing the same things over and over, and checking things over and over again. This takes time, costs money, and increases the chance of making a mistake. People expect businesses to give investors, regulators, auditors, and management faster, more accurate, and more open financial reports as e-commerce, global trade, and digital transactions grow. Robotic Process Automation (RPA), Optical Character Recognition (OCR), machine learning, and advanced analytics are some of the AI-powered accounting techniques that are being used more and more to automate boring tasks, make transaction records more accurate, shorten the time it takes to file reports, and strengthen audit trails. With secondary data as its main source, this research paper looks at how AI-driven accounting can make financial reporting more accurate, faster, and clear. The paper also talks about some of the biggest problems, like cybersecurity threats, data privacy issues, algorithmic bias, the high cost of implementation, and a lack of accounting professionals with the right skills. The study's conclusion is that AI doesn't replace accountants; instead, it helps them by shifting their duties from simple bookkeeping to analytical, advisory, and decision-supporting tasks. For long-term use of AI in accounting and finance, the paper suggests a structured approach that includes training, strong internal controls, ethical leadership, and a step-by-step rollout.
Prof.Dr. Ashok Ramchandra Shinde (Mon,) studied this question.