Challenges Faced by Financial Accounting and Suggested Solutions

Benefiting from economic globalization, China has stepped up its economy, which is especially shown by the continuous development of internet technology in the 20 century. The trend of informatization has seeped into every aspect of life, including financial accounting. It has broken the limitation of traditional accounting, bringing financial accounting new opportunities and challenges. This paper analyzesthe situation of financial accounting in China, explains the challenges from economic environment, production and business operation, organizational structures, and information processing and transferring, and provided suggested solutions accordingly. Key words: Financial accounting; Informatization; Corporate management; Challenge