artificial intelligence and accounting research paper

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The Impact of Artificial Intelligence on Accounting and Finance

January 29, 2024

By: Qi "Susie" Duong , Ph.D., CMA, CPA, CIA, EA

From data analysis to decision-making processes, AI is reshaping the accounting and finance profession. To gain a deeper understanding of AI’s impact on the profession, IMA engaged global experts in the field and accounting and finance leaders to study the applications of AI, as well as the challenges of integrating it with management accounting work.

Although AI cannot fully substitute human expertise, it will profoundly influence the professional trajectory of those in accounting and finance. This transformation spans from the CFO to entry-level staff, emphasizing technology proficiency, data analytics, critical thinking, and cross-functional collaboration. To navigate this evolving landscape, organizations must proactively embrace AI-induced changes by fostering human-machine collaboration, focusing on upskilling and reskilling team members, and creating a culture of ongoing learning to understand AI’s strengths and weaknesses, steering toward its responsible and fruitful implementation.

Prerequisites for successful AI integration involve overcoming challenges in human, technological, operational, and ethical dimensions. This includes:

Aligning AI strategies with organizational goals and ensuring adequate executive support, addressing the skills gap of the existing workforce through training and development.
Fostering cross-functional collaboration, process reengineering, and scalability.
Focusing on data quality and the digital preparedness of teams.
Navigating AI-related risks and embracing ethical AI practices.

Findings from this research are valuable to any individual or organization navigating the evolving landscape of AI.