Accountants are expecting integrated reporting to slowly become mandatory worldwide. Cloud-driven changes, such as the following, also impact the CFO organization. Lastly, continuous globalization will cause both opportunities and challenges to those that are associated with the profession. Accountants were pushed towards acquiring new skills due to advancements that information technology had made in the accounting industry. Leveraging The Cloud, Automation, AI And More. The concept of the continuous, real-time audit will come into play, and well be assisted in our judgments although the human element wont entirely disappear. The pandemic has accelerated the adoption of technologies with an increased demand for remote working and flexible procedures that champion collaboration from any location. The impact of technology in accounting is also seen in how accountants can more easily reduce errors and provide companies with more useful financial information. Its hard to imagine computers without these. We work to prepare a future-ready accounting profession. Olsson: Skype and other VOIP (voice over internet protocol) conference calls, followed by smartphone apps and greater use of smartphones. Artificial Intelligence (AI), cognitive computing/machine learning, natural language processing and blockchain are the hot topics today of course, converging with big data. McEvoy: As the most trusted business advisors [who] will be the first point of contact regarding digital queries, we will need to develop our own skills regarding the digital options available to clients so that we can point them in the right direction. Workforce: The workforce portfolio is expanding to include employees, contingent workers, crowds, and gig workers. While some pundits say accounting has a dim future in the digital world of tomorrow, technologies such as cloud-based data management, process automation and advanced analytics are actually poised to further elevate accountants in new and empowering ways. This improved accessibility has made it possible for accounting and finance professionals to work efficiently and remotely. This gives the software access to real-time information from numerous sources, so accounting records can automatically update as transactions happen. 7 Examples Of The Impact Of Technology In Accounting 1. Both accountants and auditors will need to become proactive instead of reactive. The original Technology Acceptance Model (TAM), which has been modified numerous times, is . Technological advancements have improved the accountants ability to interpret the language of business with so much ease. The journey to digital business is the key theme of Gartner, Inc.'s report, "Hype Cycle for Emerging Technologies, 2014." //
