Next-Gen Accounting and the Disruptive Power of AI in Financial Forecasting and Efficiency

Ivona Velkova
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Ivona Velkova: University of National and World Economy, Sofia, Bulgaria

Innovative Information Technologies for Economy Digitalization (IITED), 2024, issue 1, 205-213

Abstract: This paper explores the transformative impact of artificial intelligence (AI) in accounting, focusing on financial forecasting and operational efficiency. The primary objective is to assess the comparative performance of AI models relative to traditional accounting methods. Through a structured methodology, the study evaluates key metrics, including accuracy, speed, and efficiency, across AI-driven and conventional techniques. The findings demonstrate that AI significantly reduces the time and effort required in accounting tasks, thereby optimizing decision-making processes, enabling more precise resource allocation, and facilitating real-time forecasting. Such advancements are critical for organizations striving to maintain a competitive edge in increasingly dynamic markets. The study concludes that integrating AI into accounting practices is not merely advantageous but essential for ensuring future growth and operational resilience.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iitfed:y:2024:i:1:p:205-213

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