Generative AI for Financial Excellence: Enhancing Accounting, FP&A, and Compliance across Business Functions
DOI:
https://doi.org/10.63282/3050-9262.IJAIDSML-V7I3P105Keywords:
Generative AI, Accounting, Financial Planning & Analysis (FP&A), Compliance, Automation, Decision-MakingAbstract
It is self-generated that the new AI, also known as generative AI, is disrupting industries through new productivity and possibilities. In the field of finance, it is very influential in enhancing efficiency in the undertaking of activities, and it also plays a big role in making decisions and ensuring compliance is adhered to. This paper explores the application of generative AI in three critical financial domains, including accounting, FP&A, and compliance. Therefore, there are specific benefits businesses and organizations can derive from integrating AI into their accounting strategy, and they include: The approach used in the methodology entails the use of AI algorithms in live applications with the intention of evaluating their performance. From the outcomes presented, the degrees of efficiency increase, accuracy enhancement and compliance with the relevant regulation are apparent. Finally, this paper presents a research agenda or direction for the existing advancements of these technologies, as well as their ramifications on the business world and its environment.
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