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Innovative Applications of Artificial Intelligence in Accounting and Financial Management

Author

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  • Min Liu

    (Wuhan Hengjia Rongfeng Trading Co., Ltd., Wuhan 430010, China)

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.

Suggested Citation

  • Min Liu, 2024. "Innovative Applications of Artificial Intelligence in Accounting and Financial Management," Frontiers in Management Science, Paradigm Academic Press, vol. 3(6), pages 67-75, December.
    • Handle: RePEc:bdz:frmans:v:3:y:2024:i:6:p:67-75
    DOI: 10.56397/FMS.2024.12.10
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