RECENT ADVANCES AND APPLICATIONS OF DEEP LEARNING (DL) IN THE ACCOUNTING PROFESSION

Abstract

In recent years, the accounting profession has undergone a transformative revolution with the help of rapid advancement in Deep Learning (DL) technologies. Deep Learning, a subset of Artificial Intelligence (AI) has emerged as a powerful tool in the world of finance and accounting, offering unprecedented opportunities for automating tasks, improving accuracy and uncovering valuable insights. This groundbreaking technology has found a multitude of applications in accounting, ranging from automating repetitive data entry tasks to enhancing fraud detection, financial forecasting and risk management. Deep Learning driven by Artificial Intelligence Neural Networks (AI-NN), Recurrent Neural Networks (RNN), Convolutional Neural Networks (CNN) and more is reshaping the landscape of financial analysis, auditing, prevention of frauds, risk management and much more. Through these advancements, we gain not only efficiency but also a new perspective on the role of accountants in an increasingly data-driven and digitally interconnected world.