TRANSFORMING INDIAN ACCOUNTING: THE ROLE OF ARTIFICIAL INTELLIGENCE IN MODERNIZING PRACTICES

Authors

  • Dr. Prakashkumar Bhursing Pargi Associate Professor, Shree Sahajanand Arts & Commerce College, Gujarat University, Ahmedabad, Gujarat

Keywords:

Artificial Intelligence (AI), Accounting Practices, Machine Learning (ML), Natural Language Processing (NLP), Financial Efficiency, Data Security

Abstract

The integration of Artificial Intelligence (AI) into accounting practices is reshaping the financial landscape in India, driving significant improvements in efficiency, accuracy, and decision-making. AI technologies, including Machine Learning, Natural Language Processing, and Robotic Process Automation, are transforming traditional accounting methods by automating routine tasks, enhancing data analysis, and improving fraud detection. This paper explores the current state of accounting in India, the emergence of AI technologies, and their impact on accounting practices. It highlights the benefits of AI, such as reduced manual errors, cost savings, and advanced financial insights, while also addressing the challenges, including integration issues, data security concerns, and skill gaps. The study provides a comprehensive overview of how AI is modernizing accounting practices and outlines the future prospects and considerations for successful AI adoption in the accounting sector.

References

I. Moudud-Ul-Huq, S. (2014). The Role of Artificial Intelligence in the Development of Accounting Systems: A Review. IUP Journal of Accounting Research & Audit Practices, 13(2).

II. Eziefule, A. O., Adelakun, B. O., Okoye, I. N., & Attieku, J. S. (2022). The role of AI in automating routine accounting tasks: efficiency gains and workforce implications. European Journal of Accounting, Auditing and Finance Research, 10(12), 109-134.

III. Hasan, A. R. (2021). Artificial Intelligence (AI) in accounting & auditing: A Literature review. Open Journal of Business and Management, 10(1), 440-465.

IV. Gusai, O. P. (2019). Robot human interaction: role of artificial intelligence in accounting and auditing. Indian Journal of Accounting, 51(1), 59-62.

V. Khaled AlKoheji, A., & Al-Sartawi, A. (2022, May). Artificial intelligence and its impact on accounting systems. In European, Asian, Middle Eastern, North African Conference on Management & Information Systems (pp. 647-655). Cham: Springer International Publishing.

Additional Files

Published

15-11-2023

How to Cite

Dr. Prakashkumar Bhursing Pargi. (2023). TRANSFORMING INDIAN ACCOUNTING: THE ROLE OF ARTIFICIAL INTELLIGENCE IN MODERNIZING PRACTICES. International Educational Journal of Science and Engineering, 6(6). Retrieved from https://iejse.com/journals/index.php/iejse/article/view/140

Issue

Vol. 6 No. 6 (2023): NOV-DEC ISSUE, INTERNATIONAL EDUCATIONAL JOURNAL OF SCIENCE AND ENGINEERING

Section

Articles

License

Copyright (c) 2023 International Educational Journal of Science and Engineering

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.