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Impact of Artificial Intelligence on Modern Accounting Practices

Simran

Professor, Department of Commerce, NIILM University Kaithal

Abstract

The advent of Artificial Intelligence (AI) has revolutionized numerous industries, and accounting is no exception. This paper explores how AI technologies are reshaping accounting practices by automating repetitive tasks, improving accuracy, enhancing decision-making, and reducing operational costs. The study delves into current applications of AI in accounting, such as audit automation, fraud detection, predictive analytics, and intelligent financial reporting. The paper also discusses the challenges of AI adoption, including data security, ethical concerns, and the need for upskilling the workforce. The findings suggest that while AI introduces transformative benefits, a balanced integration with human expertise remains essential for the future of accounting.

Keywords: Artificial Intelligence, Accounting Practices, Audit Automation, Predictive Analytics, Financial Reporting, AI Adoption

Impact Statement

The research paper “Impact of Artificial Intelligence on Modern Accounting Practices” provides a comprehensive examination of how AI technologies are reshaping the landscape of accounting by automating routine tasks, enhancing accuracy, and enabling real-time financial analysis. By exploring AI applications such as automated data entry, fraud detection, predictive analytics, and intelligent audit tools, the study illustrates how AI is transforming traditional accounting roles into more strategic and analytical functions.

The paper’s impact is significant in both academic and professional contexts. It equips educators and institutions with insights to redesign accounting curricula that reflect current industry trends and prepare future accountants for a tech-driven environment. Simultaneously, it offers valuable guidance to practitioners and firms seeking to integrate AI into their workflows, thereby improving efficiency, compliance, and decision-making.

By bridging the gap between emerging technologies and accounting practices, the study contributes to the evolution of a more agile, data-centric, and innovation-ready profession. It also prompts critical discussions around ethical implications, data governance, and workforce reskilling—ensuring that the adoption of AI enhances the integrity and strategic value of accounting in the modern era.

About Author

Dr Simran  is working as Professor, Department of commerce, NIILM University, kaithal She has 13 years of rich experience in leadership, curriculum development and teaching at school and higher education level. Her area of research is accounting, taxation, human resource management and teaching-learning. She has attended more than 70 conferences, seminars and workshops. She has presented her research in various National and International Conferences. She has been awarded with 8 prestigious Awards. Dr. Simran is working as Professor, Department of commerce, NIILM University, kaithal

References

 

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  5. Kumar, S., & Simran, S. (2024). Psychological impact of physical distancing due to covid 19 pandemic on school and higher education students. Edumania-An International Multidisciplinary Journal, 02(04), 101–112. https://doi.org/10.59231/edumania/9076

  6. Ghosh, S. (2020). Artificial intelligence in accounting: A future perspective. Journal of Accounting Research and Education.

  7. Kumar, S., & Simran, S. (2024). Psychosocial impact of COVID-19 pandemic on women’s mental health. Shodh Sari-An International Multidisciplinary Journal, 03(04), 366–375. https://doi.org/10.59231/sari7769

  8. Institute of Chartered Accountants in Ireland. (2021). Impact of artificial intelligence on the accountancy profession. Institute of Chartered Accountants of India.

  9. Kokina, J., & Davenport, T. H. (2017). The emergence of artificial intelligence: How automation is changing auditing. Journal of Emerging Technologies in Accounting, 14(1), 115–122. https://doi.org/10.2308/jeta-51730

  10. PwC. (2020). AI in finance: How artificial intelligence is transforming the financial sector.

  11. Schmidt, E., & Rosenberg, J. (2019). Trillion dollar coach: The leadership playbook of Silicon Valley’s Bill Campbell. Harper Business.

  12. World Economic Forum. (2020). Jobs of tomorrow: Mapping opportunity in the new economy.

  13. Kumar, S. (2023). Artificial Intelligence Learning and Creativity. Eduphoria, 01(01), 13–14. https://doi.org/10.59231/eduphoria/230402

  14. Kumar, S., & Simran. (2024). Equity in K-12 STEAM education. Eduphoria, 02(03), 49–55. https://doi.org/10.59231/eduphoria/230412

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