Development of Sustainable digital systems and Financial Management

Abstract

This paperanalyses the prerequisites for developing and promoting Sustainable digital systems to manage public finance. This paper begins from the reality that finance plays an essential part in every economy. Nowadays, finance has to manage and adapt to Digital Era. The article focuses on the usage of cash and non-cash forms of money. The author provides comprehensive descriptions for each of the listed states of digital funds and determines the place of digital transactions in the modern financial system as a means of payment. The research presents a detailed analysis of the advantages and disadvantages of new technologies like eXtensible Business Reporting Language (XBRL), Blockchain, Artificial Intelligence, and Sustainable fintech. The authors determine the main obstacles hindering the development of the digital economy and assess the risks and prospects associated with it. The main benefits of these innovative tools include reducing the risk of error (especially human error), low risk of fraud, system automation, extensive data analysis, substantial cost savings (by increasing the efficiency and decreasing errors), increased reliability in financial reports, and reduced workflow. The research paper presents how artificial intelligence combines
financial information with tech capabilities, accelerates the digital transformation of finance and accounting, and may create a more safe business and economic environment, reducing human error. We have to manage our work and time differently. We live in a digital and intelligent era, where machines take over repetitive, time-consuming, and redundant tasks, giving finance professionals more time to approach higher levels and more lucrative analysis and research. In conclusion, it is noted that weak integration into the financial system is the main obstacle towards further developing digital modes of payments and the digital
economy. However, the rate of adoption of digital methods is very encouraging