THE IMPACT OF ARTIFICIAL INTELLIGENCE ON ACCOUNTING AND FINANCE IN AVADI CHENNAI

Abstract

Artificial intelligence (AI) is revolutionizing industries with its superpower to help unlock business value through stimulating creativity and innovation, optimizing efficiency, and driving the achievement of outcomes. It creates both opportunities and challenges that have significant implications for the future of work. In the field of accounting and finance, AI is emerging as a transformative force that is reshaping the profession, influencing everything from data analysis to decision-making processes. As automation and predictive analytics are expected to become the new norm, traditional roles are undergoing profound modifications, prompting the need for adaptability, up skilling, and strategic alignment. AI is defined as “the capability of computer systems or algorithms to imitate intelligent human behaviour.” It is also defined as a scientific field focusing on developing intelligent machines that “combines computer science and robust datasets, to enable problem-solving.” The integration of AI technology in accounting and finance offers significant opportunities for innovation and productivity. It is anticipated that AI will automate numerous accounting processes, including accounts payable and receivable, monthly/quarterly closing, expense processing, procurement, and supplier management. Many accounting professionals and financial institutions in Avadi are still adapting to these technological changes. There is limited awareness regarding the practical impact of AI on accounting practices, financial management, employee performance, and organizational productivity. Therefore, this study aims to examine the impact of Artificial Intelligence on accounting and finance in Avadi, Chennai, and to understand both the benefits and challenges associated with AI adoption in this sector.

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