INTEGRATING ARTIFICIAL INTELLIGENCE IN ACCOUNTING: A QUANTITATIVE ECONOMIC PERSPECTIVE FOR THE FUTURE OF U.S. FINANCIAL MARKETS

Authors

  • Beryl Odonkor McKinsey and Company, Texas, USA
  • Simon Kaggwa Department of Finance, Hult International Business School, Boston, USA
  • Prisca Ugomma Uwaoma Department of Finance, Hult International Business School, Boston, USA
  • Azeez Olanipekun Hassan Focal Point Associates and Company, Lagos, Nigeria
  • Oluwatoyin Ajoke Farayola Financial Technology and Analytics Department, Naveen Jindal School of Management. Dallas, Texas, USA

DOI:

https://doi.org/10.51594/farj.v6i1.723

Abstract

In an era marked by rapid technological advancements, this study meticulously explores the transformative integration of Artificial Intelligence (AI) in accounting, focusing on its implications for the future of U.S. financial markets. The advent of AI in accounting signifies a paradigm shift, transcending traditional methodologies and introducing a new era of efficiency and strategic analysis. This evolution is pivotal in reshaping accounting practices and influencing the broader economic fabric of the U.S. financial markets.

The primary aim of this paper is to dissect and understand the multifaceted integration of AI in accounting, assessing its impact, challenges, and future prospects. The study offers a detailed analysis that bridges the gap between technological innovation and practical accounting applications. It thoroughly examines AI's role in revolutionizing accounting practices, its economic significance in the U.S. financial markets, and the dual nature of opportunities and challenges it presents. The study extends to propose strategic recommendations for effectively harnessing AI in accounting. The study concludes that AI's integration in accounting is a significant evolutionary step, enhancing efficiency, accuracy, and decision-making capabilities. However, it also brings forth challenges such as skill adaptation and ethical considerations. Recommendations include a proactive approach in educational reform, policy development, and fostering interdisciplinary collaboration to effectively navigate AI's complexities in accounting. This paper serves as a seminal work, providing a classical yet engaging narrative on AI's role in reshaping accounting practices and its broader economic implications, setting a foundation for future explorations and strategic implementations

Keywords:  Artificial Intelligence, Accounting Practices, U.S. Financial Markets, Technological Innovation, Economic Significance, Strategic Analysis.

Published

2024-01-15

Issue

Section

Articles