MODERN ACCOUNTING AND CONTROL TOOLS AS DRIVERS OF EFFICIENCY IN INNOVATION AND INVESTMENT ACTIVITIES OF ENTERPRISES

Abstract

The article explores the pivotal role of modern accounting and control tools in driving the efficiency of innovation and investment activities within enterprises. These tools, including ERP systems, BI platforms, automated accounting software, cloud technologies, artificial intelligence (AI), and machine learning (ML), have transformed financial management by ensuring transparency, accuracy, and timeliness of financial data. They enable enterprises to optimize resource allocation, enhance decision-making processes, and achieve strategic goals in a highly competitive and dynamic economic environment.
Special emphasis is placed on the integration of these technologies in innovation management, highlighting their potential to streamline forecasting, monitoring, and implementation of investment projects. ERP systems, for instance, allow for seamless integration of data across various departments, fostering centralized processing and real-time financial reporting. BI platforms enable data visualization and predictive analytics, facilitating proactive decision-making and risk mitigation. AI and ML technologies contribute to the automation of routine operations, anomaly detection, and enhanced precision in financial forecasting, while cloud technologies provide scalable solutions for real-time access to data, irrespective of geographical constraints.
The study underscores the challenges enterprises face when adopting these advanced tools, such as high implementation costs, the necessity of personnel training, and the need to adapt existing business processes. Nevertheless, the findings demonstrate that the integration of modern accounting and control tools significantly enhances an enterprise's competitiveness by minimizing risks, optimizing costs, and improving the efficiency of innovation and investment strategies.
The article concludes that leveraging these tools not only ensures financial transparency but also acts as a catalyst for sustainable development and long-term growth. The insights presented are valuable for enterprises aiming to enhance their innovation and investment activities through the adoption of cutting-edge digital technologies.