Artificial Intelligence in Accounting: A Review of Technologies, Applications, and the Future of the Accounting Profession

Abstract

Artificial Intelligence (AI) is a transformative technology that is changing accounting practices. This technology enhances accuracy and efficiency in the accounting field. It also helps in better decision-making. The evolution of Accounting has moved from traditional manual Record-keeping (Bookkeeping) to computerise accounting systems, then to cloud computing, and now to Artificial Intelligence. This change has affected how we record, process, analyse, and report financial information. Various AI technologies, such as Machine Learning, Natural Language Processing, Robotic Process Automation, Generative AI, Predictive forecasting, etc., are now being implemented in Accounting to automate routine tasks, improve financial reporting, strengthen audits, support tax compliance, and detect fraud. It focuses on Artificial Intelligence technologies, applications, challenges, and the future of the accounting profession." It is descriptive and based on secondary data collected from peer-reviewed research articles, books, professional reports, publications of leading accounting firms, and reports issued by professional accounting bodies. A thematic review method has been utilized to examine how to integrate the existing literature. The review shows that Artificial Intelligence has greatly improved the speed, accuracy, transparency, and reliability of accounting information System. It has also reduced manual effort and operational costs. At the same time, organizations face challenges relating to data privacy, cybersecurity, ethical concerns, implementation costs, and the need for continuous upskilling of accounting professionals. The study concludes that Artificial Intelligence should be seen as a tool that helps Accountants by enabling them to perform higher-value analytical and advisory roles. The findings of the study provide useful insights for researchers, accounting professionals, educators, business organizations, and policymakers on the growing significance of AI in modern accounting practices and its future potential to transform the accounting profession.