Digital systems and new challenges of financial management – fintech, XBRL, blockchain and cryptocurrencies

Management of public finance and economic development is the art by which a nation improves the economic, political and social well-being of its people. The research paper starts from the reality that finance plays an important role in each economy. Nowadays, finance has to manage and adapt to Digital Era. The purpose of this paper is an attempt to identify and encourage managing financial statements through artificial intelligence using XBRL and Blockchain. In many countries, financial and tax authorities encourage the adoption of eXtensible Business Reporting Language (XBRL) and Blockchain. XBRL enable business to generate their required reporting information directly from their financial data. Blockchain technology continues to grow and it is being used in more and more business sectors. Finance, accounting and auditing has been identified as areas that could greatly benefit the distributed registry and other features of Blockchain. The main benefits generated by these innovative tools include reducing the risk of error (especially human error); low risk of fraud; system automation, big data analysis, huge cost savings (by increasing the efficiency and decreasing in errors), increased reliability in financial reports, and reduced workflow. The research paper comes to present how artificial intelligence combine financial information with tech capabilities, accelerate digital transformation of finance and accounting, and may create a more safety business and economic environment, reducing human error. We have to manage our work and time differently. We are living in a digital and intelligent era, where machines take over repetitive, time-consuming and redundant tasks, giving finance professionals more time to approach higher level and more lucrative analysis and research.