Artificial Intelligence in Accounting and Finance: Challenges and Opportunities

Abstract

The rapid expansion of artificial intelligence (AI) technologies presents novel technical solutions to traditional accounting and finance problems. Despite this, scholars in accounting and finance frequently encounter difficulties navigating the extensive and intricate domain knowledge of AI and its continuously evolving literature. To address this gap, this paper conducts a qualitative survey of the implementation of AI methods in accounting and finance. The paper is structured into four sections. Firstly, we examine the conventional accounting and finance issues and their requirement for AI techniques. Secondly, to inform accounting and finance researchers about the potential of AI, we present broad categories of AI applications. Thirdly, we explore recent research on AI solutions to conventional problems. Finally, we highlight emerging trends and possible research directions.