An Investigation into the Effect of Artificial Intelligence in the Accounting and Finance Practice in Oman

Abstract

This research examines the adoption of Artificial Intelligence (AI) in the fields of accounting and finance with special reference to Sultanate of the Oman in an endeavour to evaluate its advantages, disadvantages, and preparedness to adopt. AI has revolutionised the world, providing immense value in decision-making, efficiency, and accuracy. Its practicality and effects in the fields of accounting and finance in Oman, however, are under researched. This paper used mixed methods to address its research objectives. A detailed survey was conducted from handpicked experts and practitioners in the field of accounting and finance, including accountants, financial analysts, auditors, and IT professionals. To investigate further, an in-depth interview was conducted guided by open-ended questions survey. The results indicated experts’ awareness of AI usage in accounting and finance field and found its positive impact on decision-making due to accuracy in financial reporting, task efficiency and bridging gap of lack of availability of skilled employees. On the flip side, concerns were expressed in terms of high costs of implementation, security of data and resistance to change. These challenges are seen as impediment for speedy implementation of AI. The study found that even as the adoption of AI is in the formative stages, the potential of AI to revolutionise the accounting and finance functions in Oman is high.

Keywords: Accounting and Finance, Artificial Intelligence, AI Adoption, Sultanate of Oman

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