For correspondence:-
Received: December 28, 2021 Accepted: March 3, 2022 Published: March 31, 2022
Citation: Artificial Intelligence in Accounting for Revenue Generation in Nigeria: A Post-Covid-19 Impact Analysis. Account Tax Rev 2007; 6(1):1-9 doi:
© 2007 The authors.
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Abstract
Contemporary developments in the wake of lockdown as a result of a covid-19 pandemic have birthed fresh discoveries in the application of information technology to the production and delivery of services and products globally. Artificial intelligence (AI) and other robotic technology are now commonly used in both industry and government for the generation and collection of revenues and payment for input costs. It is in this light that governments at all levels are now exploring new technological advancements for raising revenue and reducing the cost of governance. In accounting, the evolution of software used for accounting and the more recent inclusion of artificial intelligence has led to a complete transformation of accounting systems. The use of the traditional accounting system has greatly faded and through investments in robotic and other information technology, there have been groundbreaking stories in the application of leading-edge approaches to digitally transform the means of generating revenue, issues of incomplete taxpayer data and multiple taxation can easily be resolved through technology and this will boosts taxpayer’s confidence in paying their taxes. Unfortunately, the Nigerian revenue generation is still not embracing technology in totality regardless of the enormous potential and advancements in the digital world. This has been impactful on revenue and added value. The objective of this paper is to examine the impact of technology in accounting for revenue generation in Nigeria after the covid-19 lockdown and how the use of AI can be deployed to improve revenue and block leakages in the system. The study concludes that effective utilization of artificial intelligence and other information technology in accounting for revenue generation in Nigeria will become ready tools for government, therefore, increasing revenue generation. The study, therefore, recommends that technology, particularly AI, is an important opportunity for Nigeria and if the government can successfully navigate the challenges, it can be a driver for economic growth and development
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