Impact of Artificial Intelligence in Accounting and Taxation Industry

Impact of Artificial Intelligence in Accounting and Taxation Industry

Dhvaj Solanki

Post-graduate student,

H.R. College of Commerce and Economics, Mumbai

Abstract - This study explores the growing impact of Artificial Intelligence (AI) on the accounting and taxation industry, examining both its opportunities and challenges. AI is increasingly automating routine tasks, improving accuracy, and enhancing operational efficiency, allowing professionals to focus on strategic analysis and client service. The study highlights the importance of upskilling, particularly in data analysis and critical thinking, to complement AI’s capabilities and maintain professional relevance. While AI can automate a significant portion of tasks, concerns regarding system vulnerabilities and achieving complete accuracy persist. The study also emphasizes that job displacement is unlikely soon; instead, those who embrace and effectively integrate AI into their work will secure their positions. Furthermore, ethical concerns such as data privacy, algorithmic bias, and the need for transparency in AI decision-making are addressed. Ultimately, the study underscores the necessity of human-AI collaboration in the accounting field, where human expertise in areas such as complex judgment and client relationships remains irreplaceable. By fostering continuous learning and adaptation, professionals can leverage AI to improve efficiency, decision-making, and overall industry progress, ensuring their long-term value and success in an AI-driven landscape.

Keywords: - Artificial Intelligence (AI), Accounting and Taxation, Automation and Efficiency, Upskilling and Professional Development, Ethical Concerns and Human-AI Collaboration