How AI Is Changing Accounting and Finance

AI is transforming accounting and finance by automating tasks and improving efficiency. It helps with automating data entry, reducing errors, and speeding up processes like invoice matching, which enhances cash flow.
AI also aids in
- financial forecasting
- predicting trends for better budgeting, and
- investment planning
- detecting fraud by spotting unusual patterns early, reducing financial losses
Chatbots powered by AI handle customer enquiries, freeing up agents for more complex tasks. In tax compliance, AI ensures accurate reports and reduces penalties by automating calculations. It also improves audit accuracy by identifying discrepancies in large datasets.