Journal of Accounting and Management Vision

Journal of Accounting and Management Vision

Investigating the impact of blockchain and artificial intelligence on the efficiency and transformation of financial accounting

Document Type : -

Authors
1 Assistant Professor, Finance and Accounting Department, Iranian Electronic Higher Education Institute, Tehran, Iran.
2 iranian electronic highre education institute thran iran
Abstract
Continuous innovations are having a profound impact on the financial and business domains and are transforming traditional business practices. Among the disruptive forces, artificial intelligence (AI), machine learning (ML), and blockchain technology have been prominently featured. This study examines the integration of blockchain, AI, and machine learning into financial accounting practices. The paper suggests that the adoption of blockchain and machine learning technology can revolutionize financial accounting; it is associated with reduced accounting costs, increased accuracy, real-time financial reporting capabilities, and accelerated audit processes. The role of AI in automating repetitive financial accounting tasks helps organizations reduce the need to hire additional staff, thereby minimizing associated costs. Hence, in order to increase efficiency, businesses are increasingly adopting blockchain technology and AI applications in their financial accounting operations.
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