Abstract:
The rapid advancement of digital technology is becoming more and more evident in the financial accounting operations of both major corporations and businesses that specia...Show MoreMetadata
Abstract:
The rapid advancement of digital technology is becoming more and more evident in the financial accounting operations of both major corporations and businesses that specialize in offering accounting and auditing services. This results from both cutting expenses and processing times as well as the substantial volume of data needed for processing. Objective. Analyzing the experiences of using various digital technologies in accounting throughout the world and weighing the benefits and drawbacks is fascinating. supplies and techniques. Two methodologies were utilized in this study: analysis and synthesis. This involved examining various digital technologies-such as blockchain, artificial intelligence, machine learning, and robotic process automation-and combining them in accounting to assess their benefits and drawbacks. Findings and a summary. By adjusting to and becoming proficient in the needs of new developing technologies, the accounting profession may play an even more significant role in the future. In addition to conventional expertise, future generations of effective professional accountants will require extra understanding in fields like information technology, robotic automation, and artificial intelligence. They will also need to improve social skills. The study's findings demonstrated how the accounting department might automate up to 95% of its normal processes by combining robotic process automation and artificial intelligence. Accounting departments are less inclined to employ cloud-based systems because of data security concerns, even if these systems process information more quickly. Blockchain technology exhibits a high degree of dependability and fast information interchange, making it ideal for use in the accounting industry. The high expense of technology and the requirement for sophisticated expert training are linked to integration challenges with these systems.
Date of Conference: 20-20 June 2024
Date Added to IEEE Xplore: 12 July 2024
ISBN Information: