THE USE OF ARTIFICIAL INTELLIGENCE TO IMPROVE PUBLIC FINANCE ACCOUNTING

Abstract

The financial sector, as we know, is the driving force of the global economy. Along with the digital boom in the 21st century, this sector has also undergone drastic changes. What we had to work with in the last century is now becoming impossible for the digital generation. Artificial intelligence (AI) has revolutionized all industries, and the field of finance and accounting is no exception. Thanks to advances in machine learning, data analysis and automation, artificial intelligence is ready to change the way financial transactions are conducted. From optimizing decision-making processes to rationalizing everyday tasks, the future of AI in finance and accounting is both promising and transformational. Contemporary digital technologies leveraging artificial intelligence and big data exert a substantial influence across various facets of socio-economic life. Despite this, the realm of public finance management remains relatively untouched by digitalization. Nevertheless, this domain holds immense potential for the integration of big data and artificial intelligence, given its reliance on vast quantities of data, including unstructured information. Surprisingly, there exists scant exploration within scientific literature regarding the processes, mechanisms, and ramifications of digital technologies on public finance management. The primary objective of this article is to anticipate the potential shifts within the public finance management system over the medium and long term, precipitated by the adoption of digital technologies. Keywords: accounting, public finance, artificial intelligence, digital technologies, budget process, budget execution, public procurement.