Artificial Intelligence Applications in Accounting and Finance

The world of Industry 4.0 embraces the transformation that calls for strategic investments, cooperative partnerships, and a proactive approach to overcome obstacles to successfully transition to smarter, more connected, and more efficient in- dustrial ecosystems. The accounting and finance industry has benefited greatly from process modernization, which has resulted in a significant decrease in the use of the traditional system through the integration of digital technologies. The use of various artificial intelligence technologies such as expert systems for audit and taxation, intelligent agents for customer service, Natural Language Processing (NLP), Robotic Process Automation (RPA), Blockchain, data analytics, and machine learning for decision- making has been proposed to automate, streamline, and improve the efficiency of various tasks and processes in accounting and finance operations. The study specifically investigates how the incorporation of AI technologies affects the reliability & timeliness of financial & accounting processes. The paper also presents some use cases and AI applications relevant to this field.