This paper examines how Artificial Intelligence (AI) has transformed financial reporting, auditing, and decision-making in accounting. Amidst rapid technological advancement, the article investigates the shift from manual, labour-intensive accounting systems to AI-driven ones. AI integration is changing accounting, and the goal is to objectively assess its potential and drawbacks. A thorough literature review and bibliometric analysis evaluate peer-reviewed articles, case studies, and industry reports over the past decade. This method ensures a complete understanding of AI's use in accounting, its impact on precision and effectiveness, and its strategic implications for accounting professionals and enterprises. Results show that AI improves financial reporting by automating repetitive tasks and enabling statistical analysis for strategic decision-making. Problems include the need for AI-savvy people, data security concerns, and high AI integration costs. The research shows that unwillingness to change is a key barrier to AI in accounting. For a measured AI integration into accounting, the study emphasises continuing education, adaptation, and strategic foresight. It prioritises ethical and regulatory compliance and encourages AI training and development. The analysis found that AI may alter accounting techniques, creating new potential for development and innovation in the digital era, despite its challenges.