Artificial intelligence in finance and accounting of small and medium-sized and family-owned companies - use cases, opportunities and risks

At the latest since the introduction of ChatGPT at the end of 2022, artificial intelligence has become a real fashionable topic, also in the field of finance and accounting. In fact, the approach fulfills all the criteria of a management fashion according to Kieser (1996). The current discussion is therefore characterized by its breadth rather than its depth. While many people talk about AI in business practice, the actual use of AI still lags far behind. Even in the academic debate, the presentation of AI use cases in business practice often remains abstract and vague. Especially in small and medium-sized enterprises and family businesses, which are often characterized by rather scarce resources, the use of AI could leverage considerable potential. This paper picks up on this by identifying specific use cases of AI in finance and accounting and evaluating their opportunities and risks. The most promising use cases for AI in finance and accounting are identified on the basis of existing literature, current studies, explorative expert interviews and the use of the best-known generative AI models. A structured survey of experts is used to further validate the findings and assess their specific potential applications, opportunities and risks. As a result, those responsible in the finance and accounting departments of SMEs and family businesses will be shown which specific options for action in the field of AI exist for their areas in the near future.