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Accounting and Artificial Intelligence: Revolutionizing the Finance Industry
Author: Dr. Anya Sharma, CPA, PhD in Accounting Information Systems
Dr. Anya Sharma is a Certified Public Accountant (CPA) with a PhD in Accounting Information Systems from the University of California, Berkeley. Her research focuses on the intersection of accounting and artificial intelligence, and she has published extensively in leading academic journals and industry publications. Her expertise includes AI-driven audit techniques, robotic process automation in accounting, and the ethical implications of AI in finance.
Publisher: Wiley Finance
Wiley Finance is a leading publisher of books and journals in the fields of finance, accounting, and economics. They have a strong reputation for publishing high-quality research and practical guides, making them a trusted source on topics like accounting and artificial intelligence.
Editor: Mr. David Chen, CFA
Mr. David Chen is a Chartered Financial Analyst (CFA) with over 20 years of experience in investment banking and financial technology. He has a deep understanding of the practical applications of AI in finance and has edited numerous publications on related subjects.
Keywords: accounting and artificial intelligence, AI in accounting, automation in accounting, robotic process automation (RPA), AI-powered audit, machine learning in accounting, deep learning in accounting, financial technology (FinTech), AI ethics in accounting, future of accounting.
1. Introduction: The Dawn of Intelligent Accounting
The convergence of accounting and artificial intelligence is transforming the financial landscape. No longer a futuristic concept, AI is rapidly becoming an integral part of accounting practices, offering unprecedented opportunities for efficiency, accuracy, and insight. This article explores the multifaceted relationship between accounting and artificial intelligence, examining its current applications, future potential, and ethical considerations. The integration of accounting and artificial intelligence promises to revolutionize how businesses manage their financial data and make strategic decisions.
2. Current Applications of AI in Accounting
Numerous applications of accounting and artificial intelligence are already prevalent in the industry. These include:
Robotic Process Automation (RPA): RPA utilizes software robots to automate repetitive, rule-based tasks such as data entry, invoice processing, and reconciliation. This significantly reduces manual effort, minimizes human error, and frees up accountants to focus on higher-value activities. The integration of accounting and artificial intelligence through RPA is proving particularly impactful for large enterprises.
AI-Powered Audit: AI algorithms can analyze vast datasets to identify anomalies and potential risks more efficiently than traditional manual audits. Machine learning models can learn from past audit findings to improve accuracy and predictive capabilities. The combination of accounting and artificial intelligence enhances the effectiveness and speed of audit processes.
Fraud Detection: AI excels at identifying patterns and anomalies that might indicate fraudulent activity. Machine learning models can be trained on historical fraud data to detect suspicious transactions with high accuracy. Accounting and artificial intelligence working together create a robust system for preventing and detecting financial crimes.
Financial Forecasting and Predictive Analytics: AI algorithms can analyze historical financial data to forecast future trends and predict potential risks. This enables businesses to make more informed decisions regarding budgeting, investment, and risk management. The power of accounting and artificial intelligence in this area is transforming strategic financial planning.
Tax Compliance: AI can automate various aspects of tax preparation and compliance, such as data collection, form completion, and regulatory compliance checks. This ensures accuracy and timely filing, while reducing the risk of penalties. The combination of accounting and artificial intelligence significantly improves tax management efficiency.
3. Future Potential of Accounting and Artificial Intelligence
The future of accounting and artificial intelligence holds even greater promise. Further advancements in AI are expected to lead to:
Enhanced Decision Support: AI can provide real-time insights into financial data, empowering accountants and business leaders to make more informed and timely decisions.
Improved Risk Management: AI can identify and assess risks more effectively, enabling businesses to mitigate potential losses.
Personalized Financial Advice: AI-powered financial advisors can provide personalized recommendations tailored to individual needs and circumstances.
Automation of Complex Tasks: Future AI systems will be capable of automating even more complex accounting tasks, such as financial statement analysis and valuation.
Real-time Financial Reporting: AI can enable real-time financial reporting, providing businesses with up-to-the-minute insights into their financial performance.
4. Ethical Considerations in Accounting and Artificial Intelligence
The integration of accounting and artificial intelligence also raises important ethical considerations. These include:
Data Privacy and Security: AI systems require access to sensitive financial data, raising concerns about data privacy and security breaches. Robust security measures are crucial to protect this information.
Algorithmic Bias: AI algorithms can be biased if they are trained on biased data. This can lead to unfair or discriminatory outcomes. Careful attention must be paid to mitigating algorithmic bias.
Job Displacement: The automation of accounting tasks may lead to job displacement for some accountants. Retraining and upskilling initiatives are essential to address this challenge.
Accountability and Transparency: It is crucial to ensure accountability and transparency in the use of AI in accounting. Clear guidelines and regulations are needed to govern the development and deployment of AI systems.
5. The Human Element in the Age of AI in Accounting
Despite the advancements in accounting and artificial intelligence, the human element remains crucial. While AI can automate many tasks, it cannot replace the critical thinking, judgment, and ethical considerations that human accountants bring to the table. The future of accounting lies in a collaborative approach, leveraging the strengths of both humans and AI. Accountants need to develop new skills to work alongside AI systems, focusing on higher-level tasks such as strategic analysis, client interaction, and ethical decision-making.
6. Implementation Challenges of Accounting and Artificial Intelligence
Implementing AI in accounting can present several challenges, including:
High Initial Investment: The cost of acquiring and implementing AI systems can be significant.
Data Integration: Integrating AI systems with existing accounting systems can be complex and time-consuming.
Lack of Skilled Professionals: There is a shortage of professionals with the skills needed to develop, implement, and manage AI systems in accounting.
Resistance to Change: Some accountants may be resistant to adopting new technologies.
Regulatory Uncertainty: The regulatory landscape surrounding AI in accounting is still evolving.
7. Overcoming the Challenges in Accounting and Artificial Intelligence
Addressing these challenges requires a multi-pronged approach, including:
Investing in Training and Development: Organizations need to invest in training and development programs to equip accountants with the skills needed to work with AI systems.
Developing Clear Implementation Strategies: A well-defined implementation strategy is crucial to ensure the successful integration of AI systems.
Building Strong Partnerships: Collaboration between accounting firms, technology providers, and regulatory bodies is essential to drive innovation and address challenges.
8. Conclusion
The integration of accounting and artificial intelligence is transforming the accounting profession, offering significant opportunities for increased efficiency, accuracy, and insight. While challenges exist, the potential benefits are undeniable. By embracing AI responsibly and strategically, the accounting profession can leverage this transformative technology to enhance its services and remain competitive in a rapidly evolving digital world. The future of accounting is intelligent, efficient, and driven by the powerful combination of human expertise and artificial intelligence.
FAQs
1. What are the biggest benefits of using AI in accounting? AI in accounting offers increased efficiency, reduced errors, improved accuracy, enhanced fraud detection, better risk management, and more sophisticated financial forecasting.
2. What are the potential risks associated with AI in accounting? Risks include data breaches, algorithmic bias, job displacement, and the need for robust regulatory frameworks.
3. How much does it cost to implement AI in accounting? The cost varies greatly depending on the specific AI solutions implemented, the size of the organization, and the complexity of the integration process.
4. What skills will accountants need in the age of AI? Accountants will need strong analytical skills, data literacy, knowledge of AI technologies, and the ability to interpret and communicate complex data insights.
5. Will AI replace accountants? No, AI will automate many routine tasks, but the need for human judgment, critical thinking, and ethical decision-making remains crucial.
6. What are the ethical considerations of using AI in accounting? Key ethical considerations include data privacy, algorithmic bias, transparency, and accountability.
7. What are some examples of AI-powered accounting software? Several vendors offer AI-powered solutions, including those focused on automation, analytics, and audit support. Specific examples vary and are constantly evolving.
8. How can accounting firms prepare for the AI revolution? Firms should invest in training, explore AI-powered tools, and develop clear strategies for integrating AI into their workflows.
9. What regulations govern the use of AI in accounting? Regulations are still evolving, but existing data privacy laws and financial reporting standards have implications for the use of AI in accounting.
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2. "Robotic Process Automation (RPA) in Accounting: A Practical Guide": This guide provides a step-by-step approach to implementing RPA in accounting, covering various use cases and potential benefits.
3. "Machine Learning for Fraud Detection in Accounting": This article focuses on the application of machine learning algorithms to identify and prevent financial fraud.
4. "The Ethical Implications of AI in Accounting: A Framework for Responsible Implementation": This article addresses the ethical considerations surrounding the use of AI in accounting, proposing a framework for responsible development and deployment.
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| accounting and artificial intelligence: Artificial Intelligence in Accounting Cory Ng, John Alarcon, 2020-12-08 Artificial Intelligence in Accounting: Practical Applications was written with a simple goal: to provide accountants with a foundational understanding of AI and its many business and accounting applications. It is meant to serve as a guide for identifying opportunities to implement AI initiatives to increase productivity and profitability. This book will help you answer questions about what AI is and how it is used in the accounting profession today. Offering practical guidance that you can leverage for your organization, this book provides an overview of essential AI concepts and technologies that accountants should know, such as machine learning, deep learning, and natural language processing. It also describes accounting-specific applications of robotic process automation and text mining. Illustrated with case studies and interviews with representatives from global professional services firms, this concise volume makes a significant contribution to examining the intersection of AI and the accounting profession. This innovative book also explores the challenges and ethical considerations of AI. It will be of great interest to accounting practitioners, researchers, educators, and students. |
| accounting and artificial intelligence: Artificial Intelligence for Audit, Forensic Accounting, and Valuation Al Naqvi, 2020-08-25 Strategically integrate AI into your organization to compete in the tech era The rise of artificial intelligence is nothing short of a technological revolution. AI is poised to completely transform accounting and auditing professions, yet its current application within these areas is limited and fragmented. Existing AI implementations tend to solve very narrow business issues, rather than serving as a powerful tech framework for next-generation accounting. Artificial Intelligence for Audit, Forensic Accounting, and Valuation provides a strategic viewpoint on how AI can be comprehensively integrated within audit management, leading to better automated models, forensic accounting, and beyond. No other book on the market takes such a wide-ranging approach to using AI in audit and accounting. With this guide, you’ll be able to build an innovative, automated accounting strategy, using artificial intelligence as the cornerstone and foundation. This is a must, because AI is quickly growing to be the single competitive factor for audit and accounting firms. With better AI comes better results. If you aren’t integrating AI and automation in the strategic DNA of your business, you’re at risk of being left behind. See how artificial intelligence can form the cornerstone of integrated, automated audit and accounting services Learn how to build AI into your organization to remain competitive in the era of automation Go beyond siloed AI implementations to modernize and deliver results across the organization Understand and overcome the governance and leadership challenges inherent in AI strategy Accounting and auditing firms need a comprehensive framework for intelligent, automation-centric modernization. Artificial Intelligence for Audit, Forensic Accounting, and Valuation delivers just that—a plan to evolve legacy firms by building firmwide AI capabilities. |
| accounting and artificial intelligence: Artificial Intelligence in Accounting and Auditing Mariarita Pierotti, Anna Monreale, Federica De Santis, 2024-10-22 This book investigates the phenomenon of artificial intelligence (AI) in the accounting world. It integrates accounting competencies with specific competencies in AI and other digital technologies and offers an interdisciplinary perspective. First, the authors review and discuss the literature to summarize and systematize extant research on digitalization in accounting. Second, case studies are included to illustrate the potential impact of AI in business contexts in terms of opportunities and challenges. Based on these, the book explores how digitalization is influencing the accounting practice and what the most important avenues are for future research on digitalization in accounting, and will be of interest to researchers, students, and practitioners of financial technology, accounting, and risk management. |
| accounting and artificial intelligence: Artificial Intelligence in Accounting Othmar M. Lehner, Carina Knoll, 2022-08-05 Artificial intelligence (AI) and Big Data based applications in accounting and auditing have become pervasive in recent years. However, research on the societal implications of the widespread and partly unregulated use of AI and Big Data in several industries remains scarce despite salient and competing utopian and dystopian narratives. This book focuses on the transformation of accounting and auditing based on AI and Big Data. It not only provides a thorough and critical overview of the status-quo and the reports surrounding these technologies, but it also presents a future outlook on the ethical and normative implications concerning opportunities, risks, and limits. The book discusses topics such as future, human-machine collaboration, cybernetic approaches to decision-making, and ethical guidelines for good corporate governance of AI-based algorithms and Big Data in accounting and auditing. It clarifies the issues surrounding the digital transformation in this arena, delineates its boundaries, and highlights the essential issues and debates within and concerning this rapidly developing field. The authors develop a range of analytic approaches to the subject, both appreciative and sceptical, and synthesise new theoretical constructs that make better sense of human-machine collaborations in accounting and auditing. This book offers academics a variety of new research and theory building on digital accounting and auditing from and for accounting and auditing scholars, economists, organisations, and management academics and political and philosophical thinkers. Also, as a landmark work in a new area of current policy interest, it will engage regulators and policy makers, reflective practitioners, and media commentators through its authoritative contributions, editorial framing and discussion, and sector studies and cases. |
| accounting and artificial intelligence: Blockchain, Artificial Intelligence and Financial Services Sean Stein Smith, 2019-11-15 Blockchain technology and artificial intelligence (AI) have the potential to transform how the accounting and financial services industries engage with the business, stakeholder and consumer communities. Presenting a blend of technical analysis with current and future applications, this book provides professionals with an action plan to embrace and move forward with these new technologies in financial and accounting organizations. It is written in a conversational style that is unbiased and objective, replacing jargon and technical details with real world case examples. |
| accounting and artificial intelligence: The Essentials of Machine Learning in Finance and Accounting Mohammad Zoynul Abedin, M. Kabir Hassan, Petr Hajek, Mohammed Mohi Uddin, 2021-06-20 This book introduces machine learning in finance and illustrates how we can use computational tools in numerical finance in real-world context. These computational techniques are particularly useful in financial risk management, corporate bankruptcy prediction, stock price prediction, and portfolio management. The book also offers practical and managerial implications of financial and managerial decision support systems and how these systems capture vast amount of financial data. Business risk and uncertainty are two of the toughest challenges in the financial industry. This book will be a useful guide to the use of machine learning in forecasting, modeling, trading, risk management, economics, credit risk, and portfolio management. |
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| accounting and artificial intelligence: AiCCOUNTANTS Accountants Augmented by Artificial Intelligence (AI) Hitendra R. Patil, 2023-02-06 Aiccountants™ Accountants Augmented by Artificial Intelligence (AI) The What, Why, and How of Artificial Intelligence for Accountants No previous knowledge about AI required This book is intended to be the go-to guide for any accountant looking to stay ahead in the rapidly changing world of Artificial Intelligence (AI) technology - from an accountant's point of view. This essential guidebook aims to provide accountants with a solid understanding of Artificial Intelligence (AI), including its implications for the accounting profession. The book contains: Nearly 100 examples specific to how AI works/can work in the accounting profession Actionable intelligence through practically implementable checklists Templates of suggested emails for interacting with clients when you deliver AI-powered services 30+ analogies to help easy understanding of the content And much more..... What you'll learn from this easy read book: How AI technology works, including machine learning and natural language processing How AI can be applied to accounting tasks such as financial analysis, fraud detection, and more The pros and cons of implementing AI in accounting - the potential for increased efficiency and accuracy, as well as the potential ethical and legal considerations. The potential future impact of AI on the accounting profession How AI may change how accountants work, and The future skills accountants will need to succeed And much more..... Aiccountants™: Accountants Augmented by Artificial Intelligence is a must-read for any accountant looking to stay competitive and relevant in the AI age. It provides a thorough understanding of AI technology, its potential in the accounting profession, and practical advice on leveraging it to improve your practice. DON'T WAIT FOR THE AI-FUTURE TO ARRIVE. TAKE CONTROL. BUY NOW. |
| accounting and artificial intelligence: Handbook of Research on Applied AI for International Business and Marketing Applications Christiansen, Bryan, Škrinjari?, Tihana, 2020-09-25 Artificial intelligence (AI) describes machines/computers that mimic cognitive functions that humans associate with other human minds, such as learning and problem solving. As businesses have evolved to include more automation of processes, it has become more vital to understand AI and its various applications. Additionally, it is important for workers in the marketing industry to understand how to coincide with and utilize these techniques to enhance and make their work more efficient. The Handbook of Research on Applied AI for International Business and Marketing Applications is a critical scholarly publication that provides comprehensive research on artificial intelligence applications within the context of international business. Highlighting a wide range of topics such as diversification, risk management, and artificial intelligence, this book is ideal for marketers, business professionals, academicians, practitioners, researchers, and students. |
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| accounting and artificial intelligence: AI for Accountants: Artificial Intelligence for Financial Management and Control DIZZY DAVIDSON, 2024-09-02 Are you struggling to fully understand how AI can revolutionize your accounting practice? Are you looking to harness the power of artificial intelligence but don’t know where to start? “AI for Accountants: Artificial Intelligence for Financial Management and Control” is your definitive guide to navigating the complexities of AI in the accounting world. This book demystifies AI, providing clear, actionable insights into how AI can transform your financial management processes. From automating data entry to enhancing fraud detection, this comprehensive guide covers it all. Benefits of Reading This Book: Efficiency: Learn how AI can automate repetitive tasks, freeing up your time for strategic decision-making. Accuracy: Discover AI tools that reduce errors and improve the accuracy of financial data. Compliance: Stay ahead of regulatory changes with AI-driven compliance solutions. Insight: Gain deeper insights into financial trends and customer behavior through advanced analytics. Why This Book is Essential: Comprehensive Coverage: Covers all aspects of AI in accounting, from basic concepts to advanced applications. Practical Examples: Real-world case studies and examples to illustrate AI applications. Expert Insights: Written by industry experts with deep knowledge of both AI and accounting. Future-Proofing: Prepare your practice for the future by understanding the latest AI trends and technologies. Key Topics Covered: Automating Data Entry Fraud Detection Financial Forecasting Expense Management Tax Compliance Continuous Auditing Invoice Processing Customer Insights Risk Management Financial Reporting Budgeting Personalized Financial Advice Call to Action: Don’t get left behind in the AI revolution. Get your copy of “AI for Accountants: Artificial Intelligence for Financial Management and Control” today and unlock the full potential of AI in your accounting practice. Equip yourself with the knowledge and tools to stay ahead in the rapidly evolving world of finance. |
| accounting and artificial intelligence: Artificial Intelligence and COVID Effect on Accounting Bahaaeddin Alareeni, Allam Hamdan, 2022-06-09 This book considers the effects of COVID-19 on accounting, particularly with regard to the role of artificial intelligence in accounting in the post-pandemic business environment. The contributions in the book consider a variety of sectors that have been affected by the pandemic, such as the stock market, forensic accounting, Bitcoin, as well as the economic and educational responses to the pandemic and the aftermath felt by both developing and developed countries. This book will be a valuable read for academics, students and practitioners of accounting who are keen to explore the future of the field in light of the pandemic. |
| accounting and artificial intelligence: Machine Learning Applications for Accounting Disclosure and Fraud Detection Papadakis, Stylianos, Garefalakis, Alexandros, Lemonakis, Christos, Chimonaki, Christiana, Zopounidis, Constantin, 2020-10-02 The prediction of the valuation of the “quality” of firm accounting disclosure is an emerging economic problem that has not been adequately analyzed in the relevant economic literature. While there are a plethora of machine learning methods and algorithms that have been implemented in recent years in the field of economics that aim at creating predictive models for detecting business failure, only a small amount of literature is provided towards the prediction of the “actual” financial performance of the business activity. Machine Learning Applications for Accounting Disclosure and Fraud Detection is a crucial reference work that uses machine learning techniques in accounting disclosure and identifies methodological aspects revealing the deployment of fraudulent behavior and fraud detection in the corporate environment. The book applies machine learning models to identify “quality” characteristics in corporate accounting disclosure, proposing specific tools for detecting core business fraud characteristics. Covering topics that include data mining; fraud governance, detection, and prevention; and internal auditing, this book is essential for accountants, auditors, managers, fraud detection experts, forensic accountants, financial accountants, IT specialists, corporate finance experts, business analysts, academicians, researchers, and students. |
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| accounting and artificial intelligence: Handbook of Research on IT Applications for Strategic Competitive Advantage and Decision Making Idemudia, Efosa Carroll, 2020-06-05 To date, a plethora of companies and organizations are investing vast amounts of money on the latest technologies. Information technology can be used to improve market share, profits, sales, competitive advantage, and customer/employee satisfaction. Unfortunately, the individuals meant to use these technologies are not well equipped on how to effectively and efficiently use these tools for competitive advantage and decision making. The Handbook of Research on IT Applications for Strategic Competitive Advantage and Decision Making is a collection of innovative research relevant to the methodologies, theoretical frameworks, and latest empirical research findings in information technology applications, strategic competitive advantage, and decision making. While highlighting topics including agility, knowledge management, and business intelligence, this book is ideally designed for information technology professionals, academics, researchers, managers, executives, and government officials interested in using information technology for strategic competitive advantage and better decision making. |
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| accounting and artificial intelligence: Artificial Intelligence in Economics and Finance Theories Tankiso Moloi, Tshilidzi Marwala, 2020-05-07 As Artificial Intelligence (AI) seizes all aspects of human life, there is a fundamental shift in the way in which humans are thinking of and doing things. Ordinarily, humans have relied on economics and finance theories to make sense of, and predict concepts such as comparative advantage, long run economic growth, lack or distortion of information and failures, role of labour as a factor of production and the decision making process for the purpose of allocating resources among other theories. Of interest though is that literature has not attempted to utilize these advances in technology in order to modernize economic and finance theories that are fundamental in the decision making process for the purpose of allocating scarce resources among other things. With the simulated intelligence in machines, which allows machines to act like humans and to some extent even anticipate events better than humans, thanks to their ability to handle massive data sets, this book will use artificial intelligence to explain what these economic and finance theories mean in the context of the agent wanting to make a decision. The main feature of finance and economic theories is that they try to eliminate the effects of uncertainties by attempting to bring the future to the present. The fundamentals of this statement is deeply rooted in risk and risk management. In behavioural sciences, economics as a discipline has always provided a well-established foundation for understanding uncertainties and what this means for decision making. Finance and economics have done this through different models which attempt to predict the future. On its part, risk management attempts to hedge or mitigate these uncertainties in order for “the planner” to reach the favourable outcome. This book focuses on how AI is to redefine certain important economic and financial theories that are specifically used for the purpose of eliminating uncertainties so as to allow agents to make informed decisions. In effect, certain aspects of finance and economic theories cannot be understood in their entirety without the incorporation of AI. |
| accounting and artificial intelligence: Artificial Intelligence and Cognitive Computing Miltiadis D. Lytras, Anna Visvizi, 2021-09-10 Artificial intelligence (AI) is a subject garnering increasing attention in both academia and the industry today. The understanding is that AI-enhanced methods and techniques create a variety of opportunities related to improving basic and advanced business functions, including production processes, logistics, financial management and others. As this collection demonstrates, AI-enhanced tools and methods tend to offer more precise results in the fields of engineering, financial accounting, tourism, air-pollution management and many more. The objective of this collection is to bring these topics together to offer the reader a useful primer on how AI-enhanced tools and applications can be of use in today’s world. In the context of the frequently fearful, skeptical and emotion-laden debates on AI and its value added, this volume promotes a positive perspective on AI and its impact on society. AI is a part of a broader ecosystem of sophisticated tools, techniques and technologies, and therefore, it is not immune to developments in that ecosystem. It is thus imperative that inter- and multidisciplinary research on AI and its ecosystem is encouraged. This collection contributes to that. |
| accounting and artificial intelligence: Artificial Intelligence for Sustainable Finance and Sustainable Technology Abdalmuttaleb M. A. Musleh Al-Sartawi, 2022-01-01 This book shows latest research on artificial intelligence for sustainable technology. ICGER 2021 was organized by the Accounting, Finance and Banking Department at Ahlia University, Bahrain, and was conducted on the 15th and 16th of September. The strategic partners included the University of Jordan, the Bahrain Economists Society, the Association of Chartered Certified Accountants: ACCA, Al-Barka Banking Group and the International Computer Auditing Education Association: ICAEA . The theme of the ICGER 2021 centered around artificial intelligence for sustainable finance and sustainable technology. Accordingly, the papers presented at the conference provided a holistic view of sustainable finance, sustainability, AI, financial technology, cybersecurity, blockchain, CSR, and governance. This book, unlike ever before, brings together intelligence applications of new technologies and the sustainability requirements in the era of the digital economy, with special attention given to the opportunities, challenges, for education, business growth, and economic progression of nations which will help societies (economists, financial managers, engineers, ICT specialists, digital managers, data managers, policymakers, regulators, researchers, academics, and students) to better understand, use, and control AI applications and financial technologies to develop future strategies and to achieve sustainable development goals. |
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| accounting and artificial intelligence: Artificial Intelligence: A New Synthesis Nils J. Nilsson, 1998-04-17 Intelligent agents are employed as the central characters in this introductory text. Beginning with elementary reactive agents, Nilsson gradually increases their cognitive horsepower to illustrate the most important and lasting ideas in AI. Neural networks, genetic programming, computer vision, heuristic search, knowledge representation and reasoning, Bayes networks, planning, and language understanding are each revealed through the growing capabilities of these agents. A distinguishing feature of this text is in its evolutionary approach to the study of AI. This book provides a refreshing and motivating synthesis of the field by one of AI's master expositors and leading researches. - An evolutionary approach provides a unifying theme - Thorough coverage of important AI ideas, old and new - Frequent use of examples and illustrative diagrams - Extensive coverage of machine learning methods throughout the text - Citations to over 500 references - Comprehensive index |
| accounting and artificial intelligence: Applications of Artificial Intelligence in Business and Finance 5.0 Richa Goel, Vikas Garg, Michela Floris, 2024-12-06 This new book provides a valuable overview of how artificial intelligence (AI) applications are transforming global businesses and financial organizations, looking at the newest artificial intelligence-based solutions for e-commerce, corporate management, finance, banking and trading, and more. Chapters look at using AI and machine learning techniques to forecast and assess financial risks such as liquidity risk, volatility risk, and credit risk. The book also describes the use of natural language processing and text mining paired with machine learning models to assist in guiding sophisticated investors and corporate managers in financial decision making. Other topics include cryptocurrency in emerging markets; the role of artificial intelligence in making a positive impact on sustainable development; the use of fintech for micro, small and medium enterprises; the role of AI i financial education; the application of artificial intelligence in cyber security; and more. |
| accounting and artificial intelligence: Applications of Artificial Intelligence in Business and Finance Vikas Garg, Shalini Aggarwal, Pooja Tiwari, Prasenjit Chatterjee, 2021-12-23 As transactions and other business functions move online and grow more popular every year, the finance and banking industries face increasingly complex data management and identity theft and fraud issues. AI can bring many financial and business functions to the next level, as systems using deep learning technologies are able to analyze patterns and spot suspicious behavior and potential fraud. In this volume, the focus is on the application of artificial intelligence in finance, business, and related areas. The book presents a selection of chapters presenting cutting-edge research on current business practices in finance and management. Topics cover the use of AI in e-commerce systems, financial services, fraud prevention, identifying loan-eligible customers, online business, Facebook social commerce, insurance industry, online marketing, and more. |
| accounting and artificial intelligence: Artificial Intelligence in Accounting Cory Ng, John Alarcon, 2020-12-08 Artificial Intelligence in Accounting: Practical Applications was written with a simple goal: to provide accountants with a foundational understanding of AI and its many business and accounting applications. It is meant to serve as a guide for identifying opportunities to implement AI initiatives to increase productivity and profitability. This book will help you answer questions about what AI is and how it is used in the accounting profession today. Offering practical guidance that you can leverage for your organization, this book provides an overview of essential AI concepts and technologies that accountants should know, such as machine learning, deep learning, and natural language processing. It also describes accounting-specific applications of robotic process automation and text mining. Illustrated with case studies and interviews with representatives from global professional services firms, this concise volume makes a significant contribution to examining the intersection of AI and the accounting profession. This innovative book also explores the challenges and ethical considerations of AI. It will be of great interest to accounting practitioners, researchers, educators, and students. |
| accounting and artificial intelligence: Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance El Bachir Boukherouaa, Mr. Ghiath Shabsigh, Khaled AlAjmi, Jose Deodoro, Aquiles Farias, Ebru S Iskender, Mr. Alin T Mirestean, Rangachary Ravikumar, 2021-10-22 This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight. |
| accounting and artificial intelligence: The Big Data-Driven Digital Economy: Artificial and Computational Intelligence Abdalmuttaleb M. A. Musleh Al-Sartawi, 2021-05-28 This book shows digital economy has become one of the most sought out solutions to sustainable development and economic growth of nations. This book discusses the implications of both artificial intelligence and computational intelligence in the digital economy providing a holistic view on AI education, economics, finance, sustainability, ethics, governance, cybersecurity, blockchain, and knowledge management. Unlike other books, this book brings together two important areas, intelligence systems and big data in the digital economy, with special attention given to the opportunities, challenges, for education, business growth, and economic progression of nations. The chapters hereby focus on how societies can take advantage and manage data, as well as the limitations they face due to the complexity of resources in the form of digital data and the intelligence which will support economists, financial managers, engineers, ICT specialists, digital managers, data managers, policymakers, regulators, researchers, academics, students, economic development strategies, and the efforts made by the UN towards achieving their sustainability goals. |
| accounting and artificial intelligence: The AI Book Ivana Bartoletti, Anne Leslie, Shân M. Millie, 2020-06-29 Written by prominent thought leaders in the global fintech space, The AI Book aggregates diverse expertise into a single, informative volume and explains what artifical intelligence really means and how it can be used across financial services today. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes: · Understanding the AI Portfolio: from machine learning to chatbots, to natural language processing (NLP); a deep dive into the Machine Intelligence Landscape; essentials on core technologies, rethinking enterprise, rethinking industries, rethinking humans; quantum computing and next-generation AI · AI experimentation and embedded usage, and the change in business model, value proposition, organisation, customer and co-worker experiences in today’s Financial Services Industry · The future state of financial services and capital markets – what’s next for the real-world implementation of AITech? · The innovating customer – users are not waiting for the financial services industry to work out how AI can re-shape their sector, profitability and competitiveness · Boardroom issues created and magnified by AI trends, including conduct, regulation & oversight in an algo-driven world, cybersecurity, diversity & inclusion, data privacy, the ‘unbundled corporation’ & the future of work, social responsibility, sustainability, and the new leadership imperatives · Ethical considerations of deploying Al solutions and why explainable Al is so important |
| accounting and artificial intelligence: Artificial Intelligence and the Changing Nature of Corporations Tankiso Moloi, Tshilidzi Marwala, 2021 This book explains how various forms of artificial intelligence, namely machine learning, natural language processing, and robotic process automation, could provide a source of competitive advantage to firms deploying them compared to those firms that would not have deployed these technologies. The advantages of machine learning, natural language processing, and robotic process automation in strategy formulation and strategy implementation are explored. The book illustrates the potential sources of advantage for the strategy formulation and strategy implementation processes, which can be derived from the deployment of each form of artificial intelligence. |
| accounting and artificial intelligence: Accounting and Corporate Reporting Soner Gokten, 2017-09-20 We have spent a great deal of time on the continued development of accounting and auditing standards, which are used as a primary component of corporate reporting, to reach today's financial reporting framework. However, is it possible to say that, currently, financial statements provide full and prompt disclosure? Or will they still be useful as a primary element with their current structures in corporate reporting? Undoubtedly, we are deeply concerned about these issues in recent times. This volume contains chapters to discuss the today's and tomorrow's accounting and corporate reporting phenomena in a comprehensive and multidimensional way. Therefore, this book is organized into six sections: Achieving Sustainability through Corporate Reporting, International Standardization, Financial Reporting Quality, Accounting Profession and Behavioral Aspects, Public Sector Accounting and Reporting, and Managerial Accounting. |
| accounting and artificial intelligence: Artificial Intelligence Harvard Business Review, 2019 Companies that don't use AI to their advantage will soon be left behind. Artificial intelligence and machine learning will drive a massive reshaping of the economy and society. What should you and your company be doing right now to ensure that your business is poised for success? These articles by AI experts and consultants will help you understand today's essential thinking on what AI is capable of now, how to adopt it in your organization, and how the technology is likely to evolve in the near future. Artificial Intelligence: The Insights You Need from Harvard Business Review will help you spearhead important conversations, get going on the right AI initiatives for your company, and capitalize on the opportunity of the machine intelligence revolution. Catch up on current topics and deepen your understanding of them with the Insights You Need series from Harvard Business Review. Featuring some of HBR's best and most recent thinking, Insights You Need titles are both a primer on today's most pressing issues and an extension of the conversation, with interesting research, interviews, case studies, and practical ideas to help you explore how a particular issue will impact your company and what it will mean for you and your business. |
| accounting and artificial intelligence: The Artificial Intelligence Handbook Joel G. Siegel, 2003 The purpose of this book is to help business professionals understand artificial intelligence software and how to make practical use of it. The authors provide a complete overview of expert systems and neural networks. Applications in a variety of discipline are included such as: banking, insurance, investments, accounting, law, marketing, and manufacturing. |
| accounting and artificial intelligence: Artificial Intelligence in Accounting and Auditing: International perspectives Miklos A. Vasarhelyi, 2005 The aim of this volume is to provide an international perspective of the types of artificial intelligence research being undertaken in accounting and finance. It contains a collection of papers which were presented at the 2nd and 3rd International Meetings on Artificial Intelligence in Accounting, Finance and Tax, held in Punta Umbria, Spain, in 1996 and 1997, as mid-year international conferences of the AI/ES Section of the American Accounting Association. Most of the above paradigms, as well as fuzzy logic, intelligent agents, and natural language understanding applications, are represented here. The book is divided into four parts: 1. Introduction 2. Accounting Applications 3. Finance Applications 4. Case-Based Reasoning |
| accounting and artificial intelligence: Artificial Intelligence in Accounting and Auditing Miklos A. Vasarhelyi, |
| accounting and artificial intelligence: Artificial Intelligence In Accounting Dr. Shubham Saxena , 2024-04-01 The accounting profession is at the cusp of significant change, driven by AI and data analytics. While some routine tasks may be automated, the core values and skills of accountants remain vital. The ability to exercise judgment, uphold ethical standards, and provide strategic financial guidance will continue to define the role of accountants in the age of AI. Moreover, embracing AI and data analytics opens up exciting opportunities for accountants to leverage technology in their work, providing even greater value to organizations. Aspiring accountants and finance professionals should take note of these trends and consider how they can prepare for a future where AI is a valuable tool in their toolkit. |
| accounting and artificial intelligence: Artificial Intelligence in Accounting and Auditing Miklos A. Vasarhelyi, 1988 A study of artificial intelligence in accounting and auditing. Topics addressed include: expert systems for audit tasks; REA accounting database evolution; fuzzy logic - treating the uncertainty in expert systems; bankruptcy prediction via a recursive partitioning model; and more. |
| accounting and artificial intelligence: Big Data Analytics for Cyber-Physical System in Smart City Mohammed Atiquzzaman, Neil Yen, Zheng Xu, 2020-12-17 This book gathers a selection of peer-reviewed papers presented at the second Big Data Analytics for Cyber-Physical System in Smart City (BDCPS 2020) conference, held in Shanghai, China, on 28–29 December 2020. The contributions, prepared by an international team of scientists and engineers, cover the latest advances made in the field of machine learning, and big data analytics methods and approaches for the data-driven co-design of communication, computing, and control for smart cities. Given its scope, it offers a valuable resource for all researchers and professionals interested in big data, smart cities, and cyber-physical systems. |
| accounting and artificial intelligence: Robotic Process Automation Christian Czarnecki, Peter Fettke, 2021-05-10 This book brings together experts from research and practice. It includes the design of innovative Robot Process Automation (RPA) concepts, the discussion of related research fields (e.g., Artificial Intelligence, AI), the evaluation of existing software products, and findings from real-life implementation projects. Similar to the substitution of physical work in manufacturing (blue collar automation), Robotic Process Automation tries to substitute intellectual work in office and administration processes with software robots (white-collar automation). The starting point for the development of RPA was the observation that – despite the use of process-oriented enterprise systems (such as ERP, CRM and BPM systems) – additional manual activities are still indispensable today. In the RPA approach, these manual activities are learned and automated by software robots, either by defining rules or by observing manual activities. RPA is related to business process management, machine learning, and artificial intelligence. Tools for RPA originated from dedicated stand-alone software. Today, RPA functionalities are also integrated into elaborated process management suites. From a conceptual perspective, RPA can be structured into input components (sensors in the wide sense), an intelligence center, and output components (actuators in the wide sense). From a strategic perspective, the impact of RPA can be related to the support of existing tasks, the complete substitution of human activities, and the innovation of processes as well as business models. At present, high expectations are related to the use of RPA in the improvement of software-supported business processes. Manual activities are learned and automated by software robots that interact with existing applications via the presentation layer. In combination with artificial intelligence (AI) as well as innovative interfaces (e. g., voice recognition) RPA creates a novel level of automation for office and administration processes. Its benefit potential reaches a return on investment (ROI) up-to 800% that is documented in various case studies. |
| accounting and artificial intelligence: Innovative Computing Jason C. Hung, Jia-Wei Chang, Yan Pei, Wei-Chen Wu, 2022-01-04 This book comprises select proceedings of the 4th International Conference on Innovative Computing (IC 2021) focusing on cutting-edge research carried out in the areas of information technology, science, and engineering. Some of the themes covered in this book are cloud communications and networking, high performance computing, architecture for secure and interactive IoT, satellite communication, wearable network and system, infrastructure management, etc. The essays are written by leading international experts, making it a valuable resource for researchers and practicing engineers alike. |
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Why study accounting in the age of AI? - University of Greenwich
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Artificial Intelligence in Accounting: A Complete Guide
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