Impact of Artificial Intelligence (AI) on Automated Financial Reporting and Analysis
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Abstract
The present global market is running around AI technologies. AI is becoming an integral part of the day-to-day activities of human beings. AI influences significantly in all the sectors, which start from agriculture, industry, service as well as research and development. The people are living in the age of Fast Moving Artificial Intelligence (FMAI). Through the concept of AI, the unknown, unsolved and complex problems are easily resolved without wasting much time and energy. However, when there is a growth of AI, simultaneously there is a negative impact on working human beings, where they are losing their jobs and reducing the standard of living. By considering AI in automated financial reporting, the companies are significantly using various AI technologies to prepare the financial statement, identifying the mistakes, rectifying the errors, as well as eliminating the financial frauds. AI significantly improves automated financial reporting and analysis by automating data extraction, reconciliation, and validation, reducing errors by up to 32% and speeding up closures by 48% compared to manual methods.
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