IMPROVEMENT OF THE USE OF MODERN INNOVATIVE TECHNOLOGIES AND DATA ANALYTICS FOR ACCOUNTING PRACTICES IN FINANCIAL SECTOR

Abstract

Modern technological innovations and the use of data analytics are significantly changing accounting. Therefore, the issue of adapting to new technologies and tools remains crucial for organizations to maintain their competitiveness in this digital age. This article examines the issue of improving the use of data analytics and new technologies in conducting accounting operations and preparing financial statements in the financial system, the problems that enterprises and organizations may encounter in adapting to new technologies, and the benefits of digitization for accounting practice. By understanding these issues, businesses can prepare themselves for the future and ensure that modern technologies are relevant to accounting practices. This scientific article will also be enriched with recent research and arguments on various accounting standards and their practical application, along with a critical analysis. The necessary advice will also be given in order to delve deeper into the topic and develop the field. By following these suggestions, each business and organization can improve their creative accounting and financial reporting activities and maintain their competitiveness in the rapidly changing landscape of the digital economy.