INTEGRATION OF AI IN ACCOUNTING: PERCEPTIONS OF ACCOUNTANTS IN BULGARIA
INTEGRATION OF AI IN ACCOUNTING: PERCEPTIONS OF ACCOUNTANTS IN BULGARIA

Author(s): Nadezhda Hristova
Subject(s): Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
Published by: Икономически университет - Варна
Keywords: Artificial intelligence; Accounting; Optimization; Efficiency; Machine learning; Automation; Accounting processes
Summary/Abstract: This paper explores the disruptive impact of Artificial Intelligence (AI) on accounting practices in Bulgaria, emphasizing on the perceptions of accounting practitioners and future accountants towards AI integration into this field. Examples of the usage of AI and its supporting technologies in accounting are detailed, highlighting their importance in processes such as analysis of large data sets, identifying patterns and uncovering discrepancies, sorting information with great precision and extracting insights from structured and unstructured data. Machine learning (ML) tools were mentioned for their role in optimizations of manual processes such as data entry, successfully decreasing the error rates and improving accuracy. Furthermore, ML algorithms excel in identifying patterns and predicting financial trends, reducing the risk of fraudulent activities and supporting decision-making processes. This aim of this research is to reveal the readiness of the accountants in Bulgaria to introduce AI into their practices. Challenges that come with the implementation of any technology were indicated by collected quantitative data, including workforce readiness and ethical considerations, risk of exposure of private data, and the risk of reduced demand for entry-level positions. Opportunities arising from AI integration were related to increasing workforce productivity and process efficiency, allowing accountants to focus on more strategic and value-added activities. This could lead to inevitable changes in the accounting profession in the next decades. The conclusion recaps key areas that businesses should focus on, emphasizing the role of accountants, their attitude and future preferences.

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