Automation of Accounting and Management Accounting Using Digital Platforms, AI, and Blockchain Technology (African Journal Of Applied Research)

Summary

• The study conducts a qualitative review of financial and management accounting automation based on a sample of 27 publications.p.1
• AI-enabled tools automate routine functions like invoice processing and data reconciliation, lowering operational error rates.p.3
• Blockchain creates decentralised and immutable transaction ledgers, strengthening audit efficiency and fraud prevention.p.4
• Cloud digital platforms combine AI analytics with blockchain verification to deliver real-time operational insights.p.13
• High setup costs, skill deficits, and data security concerns continue to hamper adoption among small and medium-sized enterprises.p.1

Key insights

1. Integrating artificial intelligence and blockchain within digital platforms delivers higher data precision and administrative control than using either technology individually.p.13
2. AI applications transform traditional accounting tasks by enabling real-time financial forecasting and automated anomaly detection.p.7
3. Blockchain ledgers prevent record manipulation and enhance stakeholder confidence through decentralised transaction verification.p.12
4. Smart contracts code conditions directly onto the blockchain to automate complex financial agreements and support regulatory compliance.p.4
5. High capital costs and technical hurdles slow down technology adoption, particularly for small and medium-sized businesses.p.13
6. Automation redefines the accounting profession by transitioning accountants from manual data entry to strategic analysis and advising.p.3