Innovative Applications of Artificial Intelligence in Accounting and Financial Management

Min Liu
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Min Liu: Wuhan Hengjia Rongfeng Trading Co., Ltd., Wuhan 430010, China

Frontiers in Management Science, 2024, vol. 3, issue 6, 67-75

Abstract: This study comprehensively explores the application, challenges, and future development trends of Artificial Intelligence (AI) in accounting and financial management. Through literature review, case analysis, and third-party data, the research finds that AI technology offers significant benefits in automating accounting processes, conducting intelligent auditing, and enhancing financial forecasting and analysis. The study also identifies challenges such as technical compatibility, management change, data security and privacy, as well as legal compliance. The research results indicate that despite the challenges, companies can effectively utilize AI technology to improve the efficiency and effectiveness of financial management by employing appropriate strategies and practices. Based on the research findings, this paper provides recommendations for accounting and financial management practices, offers policy recommendations to support the development of AI, and outlines future research directions.

Keywords: artificial intelligence; accounting; financial management; automation; intelligent auditing; financial forecasting; data analysis; risk management; technological challenges; management change; data security; legal compliance; policy support; future trends; interdisciplinary research (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bdz:frmans:v:3:y:2024:i:6:p:67-75

DOI: 10.56397/FMS.2024.12.10

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