OPPORTUNITIES AND CHALLENGES OF ARTIFICIAL INTELLIGENCE IN FINANCIAL, COST, AND MANAGEMENT ACCOUNTING

Abstract

Artificial Intelligence (AI) has emerged as one of the most transformative technologies reshaping the accounting profession. By automating routine tasks, enhancing decision-making, and enabling predictive insights, AI is redefining traditional practices across financial, cost, and management accounting. This article examines how AI tools are integrated into these accounting domains, highlighting the key opportunities like improved accuracy, efficiency, and strategic advisory roles with the challenges related to data privacy, algorithmic transparency, workforce displacement, and organizational readiness. The study is based on a qualitative research design and relies entirely on an extensive literature survey to summarise findings from contemporary academic and professional sources. It concludes that while AI offers significant benefits for organizations and accounting professionals, its successful adoption requires continuous upskilling, ethical safeguards, and thoughtful alignment with existing computerized and digital systems.