Automation in Accounting: The Rise of Robotic Accounting and Its Implications for the Future of Financial Management

Abstract

Because of the introduction of new digital technologies such as robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML), the discipline of accounting is undergoing significant transformations. Accounting is being revolutionized by the combination of these technologies, which are together referred to as Robotic Accounting. These technologies are taking over duties like as entering data, verifying accounts, conducting audits, and creating reports. The purpose of this study is to investigate the ways in which automation is influencing accounting, along with the reasons for its occurrence, the challenges it poses, and the potential outcomes for businesses and accountants in the future. The research makes use of previous studies as well as instances from real life to investigate the ways in which automation is being utilized all over the world, including the benefits, such as work that is completed more quickly and accurately, as well as the problems, which include costs, a lack of skills, and ethical concerns. Despite the fact that the findings demonstrate that automation makes labor more efficient and contributes to smarter judgments, it also indicates that accountants will need to adapt their jobs in order to place a greater emphasis on planning and providing advise. At the end of the study, it is said that robotic accounting is not merely a new tool; rather, it is a significant evolution in the management of financial resources, which will have significant implications for education, the functioning of the industry, and the regulations that regulate it,