Authors: Ganesh S Hosapeti, Pradeep Ritti, Nazeema banu Taskanavar, Sangeeta Belavatti
Abstract: Artificial Intelligence (AI) is bringing a game-changer to contemporary accounting and taxation, not only in terms of efficiency and accuracy but also compliance. AI is used to automate repetitive processes, like data entry, invoice processing, and financial reporting, which reduces the possibility of human error and the cost of operations in accounting. Artificial intelligence (Machine learning) algorithms will allow the identification of fraud in real time, performing predictions and advanced auditing. AI helps to automate the process of preparing income tax so that it conforms to the rules and regulations of the taxation process. Tax software using machine learning (AI) can be used to interpret complex legal taxation processes and then give specific recommendations. Data privacy, algorithm bias, and workforce adaptation are some of the issues that continue to post a challenge. This paper investigates how accounting and tax optimization are changing as a result of AI and some of the main advantages, the rising trends, and the future effects of AI on businesses and slack authorities.
