Innovations in accounting technologies: use of artificial intelligence for automation of financial processes
Year: 2024
Type: article
Abstract: This article is dedicated to the exploration of innovative approaches to automating financial processes through artificial intelligence (AI). Today, accounting technologies are undergoing transformative changes, significantly enhancing the efficiency and speed of data processing. The use of AI in accounting and finance enables the automation of routine tasks, reduces the risk of human error, and frees up time for more strategic work. Special attention is given to analyzing advanced accounting tools powered by AI, which are revolutionizing financial management approaches within companies. These tools not only streamline operations but also provide enhanced decision-making support, enabling businesses to remain competitive in an increasingly complex financial environment. The article highlights key examples of AI-driven systems that are widely adopted in the industry, including predictive analytics, intelligent bookkeeping, and automated reporting. These technologies are not only improving accuracy and reliability but are also paving the way for deeper integration with enterprise resource planning (ERP) systems and other business applications. Moreover, the study examines the broader implications of AI on the future of accounting, suggesting that the continued evolution of these technologies will lead to even greater levels of automation and innovation. The authors emphasize the importance of adopting and mastering these cutting-edge technologies, as they will undoubtedly become a crucial advantage for future professionals in finance and accounting. Finally, the article explores the challenges and ethical considerations associated with implementing AI in financial processes. Topics such as data security, transparency, and ensuring that AI systems align with organizational values are discussed. These aspects are critical for building trust in automated systems and ensuring their sustainable adoption in the business world.
Authors: Elizaveta Shubenko, Olena Rudenko
Institution: State University of Economics and Technology
Language: English
Subfield: Industrial and Manufacturing Engineering
Field: Engineering
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4408502855