Everyday Use of AI in Accounting and Finance: A Qualitative Review of Financial Analyses Prepared Using Generative AI

Like many other industries, the accounting and finance industry is seeking to incorporate the use of generative AI into daily applications and everyday tasks to become more effective and efficient. While existing literature tends to focus on theoretical concepts and high-level approaches to integrating AI, there is limited research on everyday uses and the quality of outputs related to those uses. The purpose of this study was to examine an appropriate daily application of generative AI in the accounting and finance field and assess the quality of its output. The dataset included four detailed financial analysis reports generated by AI in an upper-level accounting course. A qualitative approach was employed, using critical analysis to examine the AI outputs. Results indicated that AI struggled to satisfactorily complete the assigned tasks and significant issues were found in regards to the quality of the financial analysis reports. Overall, the results build upon existing literature by documenting a daily application of generative AI for use in the accounting and finance field.