Data Wrangling

12Use and Application of Artificial Intelligence in Accounting and Finance: Benefits and Challenges

Ram Singh¹*, Rohit Bansal² and Niranjanamurthy M.³

¹Quantum School of Business, Quantum University Roorkee, India

²Department of Management, Vaish Engineering College Rohtak, India

³Department of AI and ML, BMS Institute of Technology and Management, Bangalore, India

Abstract

Background and Introduction: AI is significant in Accounting and Finance as it smoothens out and improves numerous tedious bookkeeping measures. The general result is that associations can set aside additional time and cash as AI gives significant bits of knowledge to bookkeeping and monetary investigators and helps with dissecting a lot of information quick, producing more precise, noteworthy information at lower costs. This information would then be able to be utilized to convey bits of knowledge and examination, driving key dynamic that influences the entire organization.

Purpose and Method: The main objective of the chapter is to find out the use and application of Artificial Intelligence in the sector of Accounting and Finance. The idea of the examination is engaging, which depends on auxiliary information and data. The necessary information and data have been gathered from different sites, diaries, magazines, and media reports.

Discussion and Conclusion: Finally, the segment reasons that AI machines guarantee useful capability while restricting prizes. As computerization is getting to each edge of ...