Emerging technologies in accounting: a threat or an opportunity for the accounting profession?

Abstract

Technological advancements have always existed in civilization. They are a component of human culture and growth. We are now presently in the fourth industrial revolution, which is characterised by growing automation, smart equipment, and smart manufacturing. Accurate data allows for more efficient and productive manufacturing throughout the value chain. Automation, artificial intelligence, big data, blockchain, and cloud computing have all dramatically increased as a result of the fourth industrial revolution. This revolution has altered the way we live, communicate, and work. It has transformed accountants' day-to-day jobs in the accounting profession. RPA (robot process automation), for example, is now widely used to perform repetitive and rule-based procedures, replacing manual labour more quickly and precisely while simultaneously providing a competitive edge to businesses. Much has been stated about how these technologies would replace and eliminate some professions, but they will also change and create new ones. Considering that, the research’s objective is to analyse the benefits of these technologies in accounting and the professionals’ expectations about the future. The interpretivist method was most effective in gathering information because it utilises an inductive approach through mixed methods. Thus, three interviews were carried out with professionals of the accounting area in addition to the online survey, where there were 52 voluntary participants. The purpose of the research was to determine if the increase use of technology in the accounting sector is a threat or an opportunity for accountants by demonstrating its advantages and disadvantages, challenges and how to adapt to the new requirements. So, it can conclude that accounting professionals are confidents and with high expectations regarding to the new technological trends. Most people realize that benefits such as accuracy and time savings are factors that contribute to increasing the value of the profession and to the important analytical and strategic role that the accountant comes to play within an organization.