Exploring the Impact of Blockchain, AI, and ML on Financial Accounting Efficiency and Transformation (2401.15715v1)

Abstract: Continuous innovations profoundly impact the financial and commercial domains, reshaping conventional business practices. Among the disruptive forces, AI, Machine Learning (ML), and blockchain technology stand out prominently. This study aims to evaluate the integration of blockchain, AI, and ML within financial accounting practices. It suggests a potential revolutionary impact on financial accounting through the adoption of blockchain technology and ML, promising reduced accounting expenses, heightened precision, real-time financial reporting capabilities, and expeditious auditing processes. AI's role in automating repetitive financial accounting tasks assists organizations in circumventing the need for additional staff, thereby minimizing associated costs. Consequently, to bolster efficiency, businesses are increasingly embracing blockchain technology and AI applications in their financial accounting operations.