The Impact of Emerging FinTechs on Accountancy: Challenges and Opportunities

Abstract

With the rapid development of financial technology, the accounting industry has also ushered in unprecedented challenges and opportunities. Firstly, the application status of financial technology in the accounting industry was sorted out in detail, including automated accounting, big data analysis and forecasting, blockchain accounting, and the application of artificial intelligence in accounting decision-making. Then, the challenges brought by the emerging financial technology to the accounting industry are analyzed, including the learning pressure caused by rapid technological updates, data security and privacy protection issues, and the conflict between financial technology and traditional accounting rules. Aiming at these challenges, corresponding countermeasures are proposed. It is expected that through these strategies, the accounting industry can better adapt to and utilize emerging financial technologies, and promote the innovation and development of the accounting industry.