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The Role of Technology In Modern Accounting

The accounting profession has evolved significantly since its inception nearly five millennia ago. Before, accountants used manual bookkeeping methods to maintain financial records. These systems typically involved painstaking tasks like recording expenses in handwritten ledgers and filing paper receipts. 1 The age-old stereotype of accountants sorting through endless cabinets of financial information wasn't always that far from the truth.

However, recent advances in accounting technology have made it easier than ever for professionals to digitize their bookkeeping practices. What used to take weeks now takes minutes, eliminating tedious tasks and allowing accountants more freedom, responsibility and time.

Accounting apps, software and other innovative tools offer many benefits for accountants. Technology boosts efficiency, improves accuracy and saves time. 2 But it can be challenging to determine which tools you should implement into your daily routine, especially if you’re new to computerized accounting systems.

Let's explore the role of technology in modern accounting and its many applications in the workplace.

Examples of Accounting Technology

Technology in accounting has developed rapidly in the past few years, but businesses have used digital tools for decades. In 1983, for instance, Intuit released QuickBooks, a popular accounting software that tracks financial transitions and generates reports. 3 Many businesses continue to use QuickBooks today, but new technologies like robo-advisors, cloud-based systems and blockchain have altered the accounting profession in many ways.

Here are some technologies that have had a significant impact on the accounting landscape in recent years.

Cloud-Based Solutions

Traditional accounting software is installed on individual devices. In contrast, cloud-based solutions are hosted by third-party servers. Accountants use web browsers to access these applications, and all of the data is automatically backed up in the cloud. 4 This can also be referred to as cloud computing.

Cloud-based accounting tools have several advantages. First, companies can save money by paying a subscription fee for these services instead of investing in expensive IT systems and paying teams to maintain them. These resources also quickly scale up or down to accommodate businesses’ changing needs. 4

Additionally, authorized users can access cloud-based software from any device and any location, giving accountants more freedom. For instance, professionals can use this technology to collaborate with remote colleagues on mobile devices and send digital invoices to clients. 4

Accounting Software

Software vendors have developed a multitude of different accounting programs over the years. Some examples include FreshBooks, NetSuite ERP and A2X. These tools can help perform a variety of tasks, such as: 5

• Generating financial statements
• Managing inventory
• Paying taxes
• Processing payroll
• Recording financial transactions

Accounting software has many advantages over manual bookkeeping. These applications give businesses more control over their financial records, improve data accuracy and keep data secure. Additionally, many tools have analytics and financial forecasting capabilities, which help businesses better understand their past and future performance to make more informed decisions. 5

Robotic process automation (RPA) uses software to perform routine accounting tasks without requiring human intervention. For example, accountants can use RPA to automatically generate and scan invoices, detect variances in financial records and respond to vendor inquiries. This technology reduces the amount of time accountants spend on repetitive processes, such as manual data entry, and decreases the risk of human error. 2

Machine Learning

Machine learning uses algorithms to create models that automatically process and analyze enormous volumes of data. These models independently learn from experience, so they continually refine their performance as they gather information.

This technology enables accountants to collect, manage and process vast data sets that would be impossible for humans to analyze manually. For instance, machine learning models can quickly analyze millions of financial transactions and make predictions using real-time data.

Researchers have also designed machine learning models that detect fraudulent financial statements. While these tools are still in the early stages of development, accountants may use them in the future to audit individuals and organizations more efficiently. 7

Data Analytics

Software, statistical techniques and other tools help businesses interpret and identify patterns in complex data sets through analytics. Accountants and other financial professionals can gather meaningful insights from analytics to formulate new business strategies and make data-driven decisions. 8

Analytic tools have many practical applications in accounting processes, including: 8

• Advising clients: This technology allows accounting professionals to assess clients’ data and provide personalized financial advice.
• Assessing risk: Accountants draw on analytics to predict potential outcomes of business decisions and mitigate risk.
• Forecasting: Accounting firms can predict future financial trends and recommend ways to improve the organization’s performance.
• Performance monitoring: Accountants use analytics to evaluate key performance indicators and employees’ productivity.
• Problem-solving: Analytic tools reveal underlying factors contributing to complex business problems and enable accountants to develop effective solutions.

Data Visualization

Data visualization platforms like Excel and Tableau summarize large data sets in charts, graphs, maps and other visual formats. These visualizations let you quickly evaluate information, identify trends, and spot outliers in the data. They’re also more accessible to broad audiences than complex statistical analyses, so accountants can use these graphics to convey their findings to clients, managers and stakeholders. 9

Predictive Analytics

As the name suggests, predictive analytics attempt to predict the future using data. This type of analytics uses historical data and past outcomes to generate informed forecasts about future events. 10

Predictive analytics have many useful applications for accountants. For example, professionals can use this method to forecast upcoming expenditures and create an accurate budget, and accountants can estimate future sales and identify areas where the company can expand. 10

Artificial Intelligence

Artificial intelligence (AI) powers many accounting programs. This self-learning technology imitates human thought and enables accountants to aggregate and analyze vast quantities of data. Additionally, AI automates repetitive tasks, such as data entry and filing tax returns. Thus, AI saves time and lets accountants focus on responsibilities that require critical thinking and creativity. 11

AI has seen a tremendous technological revolution in just the past few years, with the release of Open AI's ChatGPT and Google's Bard tool.

Cybersecurity

New cybersecurity advances help accountants keep sensitive financial data safe and secure from cybercriminals. For instance, password management protection and stealth log-ins prevent unauthorized users from accessing credentials and accounts. Also, cloud storage and intrusion detection systems help protect client information from data breaches. 12

Harness Accounting Technology With an MS in Accounting

Exciting new technological developments are reshaping the accounting industry. Learn how you can leverage the latest tools by earning an Online Master of Accounting from William & Mary . You’ll receive mentorship from world-class faculty with years of leadership experience and extensive networks in the accounting industry. Additionally, you’ll prepare for the CPA exam by taking rigorous courses on essential topics, including accounting analytics and information systems, advanced corporate finance and financial reporting.

Contact an admissions outreach advisor today to learn about our application process.

• Retrieved on August 8, 2023, from smallbusiness.chron.com/set-up-accounting-software-16414.html
• Retrieved on August 8, 2023, from ncbi.nlm.nih.gov/pmc/articles/PMC10072017
• Retrieved on August 8, 2023, from thetechedvocate.org/what-is-quickbooks
• Retrieved on August 8, 2023, from sciencedirect.com/science/article/pii/S1467089521000154
• Retrieved on August 8, 2023, from semanticscholar.org/1f16/b6bf70e0da0b94fb5596877e6dce03866663.pdf
• Retrieved on August 8, 2023, from papers.ssrn.com/sol3/papers.cfm?abstract_id=3879634
• Retrieved on August 8, 2023, from scholarspace.manoa.hawaii.edu/items/3b759ec1-b60a-4530-800b-f61bfd0a211a
• Retrieved on August 8, 2023, from njcpa.org/article/2023/05/18/data-analytics-in-financial-reporting-enhancing-decision-making-in-accounting
• Retrieved on August 8, 2023, from tx.cpa/docs/default-source/communications/2020-today's-cpa/july-august-2020/tech-issues-guide-to-data-visualization.pdf
• Retrieved on August 8, 2023, from inaa.org/how-can-accountants-use-predictive-analytics/
• Retrieved on August 8, 2023, from njcpa.org/stayinformed/news/blog/post/njcpa-focus/2022/11/28/artificial-intelligence-the-death-knell-of-accountants
• Retrieved on August 8, 2023, from ncacpa.org/blog/7-tips-for-accountants-on-how-to-manage-cybersecurity-threats-2

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How technology is changing accounting practices

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Advances in technology have led to a reduced demand for traditional accountancy services and created new opportunities and challenges. ICAEW's Tech Faculty outlined how digital technologies, are changing accountancy practices and their work in its report "Providing leadership in a digital world".

Audit firms are investing in big data and analytics to support new approaches to audit , as well as their other services. The shift to full dataset analysis means less reliance on data sampling, which allows for greater emphasis on spotting patterns, outliers and exceptions. The result is that audit activities can be more focused on the areas of greatest risk.

At the same time the auditing processes are increasingly standardised and automated, leading to greater consistency in quality, and additional data sources and predictive models provide opportunities to identify business risks and better plan audit activities. 

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Pacific Accounting Review

ISSN : 0114-0582

Article publication date: 26 May 2022

Issue publication date: 2 August 2022

The study aims to explore the changing landscape of accounting and the role of emerging technologies in the accounting environment. The author presents viewpoints on the influence of artificial intelligence (AI), machine learning (ML) and other subsets in accounting, emphasising the increasing need for and significance of these applications. The viewpoints could provide researchers and practitioners with a meaningful overview of knowledge and research agenda.

The role of emerging technologies in accounting and various opportunities and challenges in implementation are discussed. In addition, possible future research directions are identified.

Research limitations/implications

The paper does not contain empirical findings.

Originality/value

This paper expresses the author’s viewpoints regarding the impact of AI and ML on the changing accounting environment.

• Artificial intelligence
• Machine learning
• Robotic process automation

Kommunuri, J. (2022), "Artificial intelligence and the changing landscape of accounting: a viewpoint", Pacific Accounting Review , Vol. 34 No. 4, pp. 585-594. https://doi.org/10.1108/PAR-06-2021-0107

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The Evolution of an Accounting Practice: The Impact of Technology

The journey to digital business is the key theme of Gartner, Inc.'s report, " Hype Cycle for Emerging Technologies, 2014 ." As its Hype Cycle report celebrates its 20th year, Gartner argues that as enterprises set out on the journey to becoming digital businesses, identifying and employing the right technologies at the right time will be critical. If they get it right, accounting practices and their clients stand to leverage the opportunities and meet the challenges presented by the pace and pervasiveness of technological change. To help practices get it right, Giancarlo Attolini , Chair of the IFAC Small and Medium Practices (SMP) Committee asked five distinguished practitioners from the SMP Committee and IFAC Board—Raymond Cheng (Hong Kong), Monica Foerster (Brazil), Alex Hilman (Israel), Gail McEvoy (Ireland), Mats Olsson (Sweden), and Florin Toma (Romania)—what technologies have and will most impact them. Below is a summary of their responses.

1.  Which technology has impacted you most during your career?

Cheng: The use of emails for communication and Excel for accounting and financial reporting purposes have impacted the profession most. In terms of systems, the use of remote access to an office server is particularly helpful to auditors, especially when they are carrying out overseas audits.

Foerster: I felt the most impact during the initial adoption of electronic tools, in particular, Lotus and, more recently, Excel. The ability to have information linked, together with a permanently maintained database, improved our ability to test and facilitated analysis based on more consistent information.

Hilman: No doubt computers in general! When I started my career, computers were big metal creatures; I guess that gives my age away. But above all, the Internet and emailing have made the biggest impact. It’s hard to imagine computers without these.

McEvoy: The biggest impact has been from accounts software, client relationship management (CRM), and email/internet. All have proven to be a huge learning curve but the result has been smarter and leaner practice management and practice promotion.

Olsson: First email, and second smartphones.

Toma: I would say email and the Internet, in general. However, presently we are feeling the biggest impact from cloud computing, which is greatly influencing our work with clients.

2.  Do emerging technologies present a threat or an opportunity for you and your practice?

Cheng: There is opportunity in the ability to carry out audits in a more effective and efficient manner, for instance, conducting multiple audits simultaneously. When auditing more sophisticated financial products, it is virtually impossible to carry out the audit without technology. On the other hand, there are threats—cyber security, confidentiality of clients’ information and our audit working papers, and the risk of accidental loss of data or leak of information by staff and hackers.

Foerster: They represent both a threat and an opportunity to accounting practices. A threat because it´s always challenging to learn and adopt new routines and tools but an opportunity because improvements in technology usually enhance the efficiency of processes.

Hilman: I believe it’s an opportunity. Emerging technologies enable small- and medium-sized accountancy firms to enter into new and different markets, and to learn more about clients, both current and potential.

McEvoy: An opportunity most definitely. It will change what services we offer and how we deliver them over the next ten years. Apps and smartphones will be the new delivery mechanism for our reports.

Olsson: An opportunity, 100%. However, I think the pace of change sometimes creates an unhealthy pressure.

Toma: Emerging technologies represent an opportunity rather than a threat. At my firm, we realized that we had to change our mindset and thoroughly evaluate all options in order to be ready to adopt and adapt to new technologies, and to do it successfully across all generations of staff.

3.  What emerging technologies will most impact your work in the next decade?

Cheng: Given the fast-paced development of technology in financial markets, the development of computer-assisted audit techniques (CAATs) for carrying out computer and system auditing will have significant implications for the work of auditors.

Foerster: First, cloud computing, which will allow us to perform accounting and auditing procedures irrespective of the location; and second, the emerging enterprise resource planning (ERP) software which will enable access to complete databases for audit procedures. This will help modify our focus as accounting professionals toward consistent analysis instead of narrow mechanical procedures.

Hilman: First, the internet and email will continue to grow as the leading way of communication and data exchange over the next decade, albeit increasingly accessed on smartphones. Second, remote technologies for accessing data and cloud computing. These will both be leaders in the accountant’s daily and routine use.

McEvoy: I think the biggest changes will be that we will receive information, such as the books of prime entry, from clients via the cloud. Similarly we will deliver our reports and financial information via the cloud. This will allow us to spend more time advising clients and helping them develop strategy. I also see attracting new clients via digital marketing becoming more streamlined.

Olsson: Skype and other VOIP (voice over internet protocol) conference calls, followed by smartphone apps and greater use of smartphones.

Toma: Everything that is linked to secure mobile communications and data analysis stands to have the most impact. Our teams will need to be as mobile as possible, while being able to respond to clients’ requests as quickly as possible based on sound, highly efficient data analysis tools.

4. What technology skills will accountants in practice need to be successful over the next decade?

Cheng: An understanding of new accounting software and other business and financial models will be necessary if practicing accountants are to effectively conduct audits and discharge their responsibilities. Continuing professional development and education in this area will be necessary for auditors.

Foerster: Accountants in practice will need to improve their understanding of and practical ability to use and leverage technology. For example, integrated enterprise resource planning (ERP) with virtual access using mobile devices, communication through social media, and customizable user-friendly websites with up-to-date content will be fundamental aspects of practice.

Hilman: No special new skills; they don’t necessarily need a better understanding of how to use new technology. They will certainly need to stay up-to-date with any new technology trends that are relevant to their business environment and be open to adopting rapidly changing technologies.

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.

Olsson: We need to be more open-minded about emerging technologies as our work will likely become even more computer-based. Ultimately what will differentiate one accountant from another is not their ability to manage IT but rather their ability to better communicate with clients, to use the time saved by technology to develop client relationships and become a successful trusted business advisor.

Toma: Data communication and analysis, as well as cloud computing, will be critical areas. Use of social media will continue to be important, especially as platforms evolve and improve.

5. What technology improvements would you most like to see?

Cheng: Further development in technology that enables auditors to carry out their audits in a paperless environment, enabling auditors to achieve a paperless trail of audit evidence for external audit purposes.

Foerster: I’d like to see improvements related to virtual and cloud computing and to detailed data analysis tools.

Hilman: Further development of mobile devices like phones, tablets, and data storage devices would enable us to work remotely more effectively anytime, anywhere—provided, of course, it does not ruin our work-life balance!

McEvoy: Further improvements to data management and storage allowing us to operate in a paperless environment. I’d also like to see the integration of all software such that it “talks to each other” so avoiding duplication.

Olsson: Apart from continuous development, perhaps fine-tuned software handling language like Google Translate for accountants. More and more often our clients go international and, as a result, we increasingly have to deal with other languages. While I much prefer physical meetings, VOIP such as Skype can help save a lot of time, energy, and environmental impact without eroding our client relationships. These technologies are not difficult to use but I suspect many small business clients avoid them for fear of the costs and the fact they are used to face to face contact. Old habits die hard.

Toma: Collaborative platforms to support our accounting teams with full monitoring and communication capability are crucial if we are to have a single, integrated tool to support efficient response and analysis.

Learn More & Join Us at the World Congress

To help practices leverage new technologies, IFAC and its member organizations provide a wealth of Practice Management resources on the Global Knowledge Gateway (especially the subcategory IT) and a Practice Management Guide (in particular, Module 4).

IFAC and Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) invite you to join us at the World Congress of Accountants 2014 in Rome, for “SMPs 2020” (Parallel Session 2.2) in which technology and other issues impacting SMPs in the coming decade will be discussed. Learn more at www.wcoa2014rome.com .

Join the Conversation below and take the IFAC SMP Quick Poll 2014 (due to open November 3 at www.ifac.org/SMP ). What technology improvements would you most like to see?

Giancarlo Attolini

Giancarlo Attolini is the past chair of the IFAC Small and Medium Practices Advisory Group and founding partner of Attolini Spaggiari & Associati Studio Legale e Tributario, an accounting, tax, and law firm in Reggio Emilia, Italy.

Paul Thompson

Technical Director, European Federation of Accountants and Auditors for SMEs

Paul Thompson is EFAA Technical Director and a consultant dedicated to thought leadership and development of the global accountancy profession.  Mr. Thompson also serves on the International Accounting Standard Board's SME Implementation Group and is a member of Nottingham University Business School Malaysia’s Industry Advisory Board, an advisory group providing strategic advice to the Business School. He  also advises developing professional accountancy organizations in Europe and Asia.

From 2004 to 2016 Mr. Thompson worked for IFAC, latterly as a director, overseeing support of small- and medium-sized practices and professional accountants in business, research and innovation, and the Knowledge Gateway.

Prior to his work with IFAC, Mr. Thompson worked for Touche Ross & Co., London before going on to lecture on corporate reporting and analysis at universities in the UK, Singapore, and Malaysia. He has a number of publications in academic journals and the professional press in the areas of ethical finance, corporate reporting, corporate governance, integrated reporting, practice management and the future of the profession.

Mr. Thompson graduated from the University of Warwick with a bachelor of science in accounting and financial analysis and is a fellow of the Institute of Chartered Accountants in England and Wales.

Technology's growing impact on accounting

Technology and accounting are two of my favorite things. Both have changed dramatically in recent years, but nothing has changed the profession quite like the cloud, automation and all its related technologies. We do have COVID-19 to partially thank for the rapid industry-wide adoption of cloud technology, but there’s so much more to it than that.

Recently, I had the opportunity to speak with two industry leaders who are pioneering a technology revolution: Joris Van der Gucht, co-founder and CEO of Silverfin, and Enrico Palmerino, founder and CEO of Botkeeper. Each deals with opposite ends of the accounting spectrum, pre- and post-accounting. They have unique perspectives on everything — from the cloud as the great enabler, to changes they see coming to the accounting industry in the next five years, to how data can transform and repower accounting.

The cloud is the great enabler

Van der Gucht and Palmerino’s respective journeys to technology transformation began with some of the same frustrations those in the accounting industry have faced for years — delays in processing, human errors, duplicate tasks and the lack of a streamlined process to get from Point A to Point B in client service. As technology advanced, so have the opportunities to solve those age-old frustrations to revolutionize accounting.

Digitizing in the area of pre-accounting means connecting, streamlining and automating unstructured financial data into meaningful reports on risks and opportunities.

It’s like “management reporting for clients at the click of a button,” Van der Gucht said.

On the other end of the spectrum is post-accounting automation and streamlining the bookkeeping process. Both platforms enable humans to do their jobs faster, better and more accurately.

In general, the cloud is the enabler that gives access to these different technologies to automate and speed up the accounting process, which is really cool. The tricky part is that it’s not about adopting new technology; it’s about change management, and we know that’s where many firms really struggle.

Technology adoption is change management

Most accountants have a conservative risk perspective built into their DNA. Talk about the impact of these technologies ultimately comes down to change. If your firm is on the fence about adopting a new cloud-based technology platform, start with one small project so you can see the impact step by step.

“Step out of [your] comfort zone and have a look,” said Van der Gucht.

See what could be different, and understand that change management is crucial to adopting new technologies.

The benefit for accountants here is that they’re always so busy with what they have been doing that they sometimes don’t quite know exactly what they’ve been doing! If there’s an easier, more efficient way to do things, it’s sometimes an easier sell for partners who are still on the fence about digital transformation.

And when it comes to change management, the biggest thing firms can do to set themselves up for success is reevaluating their processes. You can’t just put a shiny new technology on an old, outdated process.

The best-of-breed technology platforms are no longer vendors who sell a platform and leave. Digital transformation is a partnership. That’s how you get the change you desire. Assistance with change management can take different forms. Botkeeper has growth partners working alongside the firm, coaching partners, advising on new processes and workflows, and answering questions. This value-based model is similar to Silverfin’s focus on collaboration and partnership where the firm and the technology provider help each other — like a symbiotic relationship.

With those partnerships, firms can better understand what needs to change in traditional processes. The result is added value, more data, new services and, ultimately, a fundamental shift in the business model. Palmerino and Van der Gucht both emphasized a “we’re all in this together” mindset, which is reassuring because the technology space changes so quickly, and institutional change needs to be lasting and meaningful.

What can we do with all this new data?

When you bring accountants together with all kinds of new data, it’s like a kid in a candy shop. You are totally in your zone, but that zone can quickly become overwhelming. What do you choose?

It can be challenging because accounting firms traditionally have only ever looked at one client at a time. It’s a new change in perspective to look at what they can do across the entire client portfolio to enhance automation.

Another shift is in hiring people to service the entire client portfolio, not just one client or one industry. These people sometimes don’t have accounting degrees at all but have skills more suited to data engineering. (Side note: If you are a more seasoned CPA and haven’t taken any courses in data science or data engineering, do it!)

Is data really all that different from accounting, though? They’re in the same relationship, but they’re two different entities. It’s the language; it’s taking a set of numbers and normalizing them into compliance standards. What happens next is that you start to look at the data from a quantitative mindset.

Great accountants ask themselves, “Now that I’ve got everything ticked and tied out, what does this mean for the business,” Palmerino said. “A balance sheet and cash flow statement can tell you a lot about a company. But it only matters if you can connect the dots and understand why the numbers matter.”

Data helps you understand the context of the business. Find the patterns and insights, risks and opportunities. It's like a managerial accounting versus public accounting mindset. Technology connects the data to accounting.

When data is checked continuously using automated technology, the accountant gets an alert when something happens or needs to be reviewed. Or maybe they get reminders to talk to a client. Data enables client relations and advisory.

The next five years

These days, accounting is more about after the fact. In the future, accounting will be more connected. That means using technology to connect all the different tools in an ecosystem, which will spur a change in fundamental accountant skills and then the entire business model shifts. Digital transformation doesn’t happen overnight, but technology helps you get there faster.

Five years from now, technology will repower the accounting industry. Technology doesn't deliver value to the client unless it’s plugged in somewhere. Palmerino likened this to electricity. Technology will become the standard middle layer between the firm and the client, automating a lot of the processing and core bookkeeping along the way.

Some accountant best practices will change; for example, waiting to reconcile a bank statement until it’s posted. Processing speeds will become faster. It will be more commonplace to close out month-ends instantly.

Van der Gucht anticipates that technology in the next five years will help accountants interpret risks and opportunities and advise clients proactively. On a balance sheet, he gave the example of seeing legislation changes play out in terms of their impact and potential opportunities. He’s already testing tools to find potential cash flow problems based on unstructured data that he’s seen in other clients. Imagine a world in the not-so-distant future where you can advise clients about cash flow issues before they occur.

Technology and automation aren’t here to take anyone’s jobs. These are tools to help accountants do their jobs more effectively, faster and with fewer errors. Maybe you spend that extra time on advisory, or developing your people, or heck, even going home early. Digital transformation is already here. Consider how you can use it to your advantage and what that could mean for your firm.

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• Innovation and Technology
• How has Technology Impacted the Finance and Accounting Industry
• Enquire Now

How has Technology Impacted the Finance and Accounting Industry?

• 11th January 2024

There has been a tremendous technological revolution in the past few years that has impacted various aspects of business operations. Accounting has also been affected by this change and has experienced a dynamic shift in terms of productivity. 

Stacks of papers have now been replaced by apps, analytics and accounting technology , helping accountants make the giant leap from task-oriented projects, to becoming business advisers. 

Access to smart software programs that can perform tedious tasks quickly, along with automated tools, has made financial accounting operations efficient, organised and more productive. 

Read on to learn just how much technology has impacted this industry.

How has Technology Revolutionised Finance and Accounting?

While there have been new technical developments over the years, recent advances have entirely restructured accounting processes. 

In today's fast-paced digital world, technology has not only changed the way we communicate and conduct business but has also completely transformed the finance and accounting industry. 

This technological revolution has brought about significant advancements in the field, making it more efficient, accurate, and accessible than ever before. 

Cloud-based systems are a popular technology in accounting that are used by various firms to streamline information and facilitate easy access. This way, accountants can access important data from anywhere, unrestricted by time and space through the web. 

This also facilitates the analysis of data in real-time as storing large files is now possible through cloud computing which offers unlimited storage space.

Apps and analytics are amongst the new accounting technology that has surfaced in the past few years. These apps allow accountants to conduct operations such as accessing financial data and tools on mobile devices.

These tools remove human error and provide businesses with timely financial information and cash flows, which can be produced by simply filling in a form or at the click of a button, streamlining operations and reducing administration costs.

One of the main aspects of accounting - client and accountant interaction - has also changed as on-site consultations are no longer required and both parties can access real-time data simultaneously online. 

What is the Relationship Between Accounting and Technology?

The relationship between accounting and technology is symbiotic, each driving the other's progress. Technology has become an integral part of modern accounting, enabling professionals to perform their tasks more effectively. 

The impact of technology on accounting has become so noticeable that it has now redefined and diversified the role of an accountant. 

Major time-consuming tasks can now be done at the click of a button, and accountants can now successfully analyse data to make better business decisions or strategic plans for their clients. 

Industry analysis is now a smooth process as everyone is able to view and interpret data remotely. Enhancements in accounting software and applications have made the work of accountants specialised.

Here are some key areas where technology has reshaped the accounting landscape:

Automation in accounting

One of the most significant changes brought about by technology is automation in accounting processes. Tasks that were once manual and time-consuming, such as data entry and reconciliation, are now automated. 

This not only saves time but also reduces the risk of errors, making financial data more reliable.

According to a study by Deloitte, 94% of finance professionals believe that automation in accounting has improved the accuracy of financial data. (Source: Deloitte )

Accessibility of accounting data has improved

Cloud computing technology has revolutionised the accessibility of accounting data. With cloud-based systems, accountants can access financial information from anywhere, at any time, using any device with an internet connection. 

This accessibility streamlines collaboration and allows for real-time data analysis.

In a study conducted in the United States, it was seen that 92% of accountants believe in the value that new technology brings to their company. The report states that the cloud will be the location of 82% of the accounting data in the near future. (Source: Sage )

Automated data entry

The introduction of accounting apps and analytics has simplified data entry and financial record-keeping. Popular accounting software, like QuickBooks, Xero, and FreshBooks, have made it easier for businesses to manage their finances. 

These tools not only reduce human error but also provide businesses with timely financial information.

Research by Statista shows that 64% of small businesses use accounting software to manage their financial records. (Source: Statista )

Accounting data is more accurate

With automation and advanced software, accounting data has become more accurate and reliable. This accuracy is essential for businesses to make informed decisions and comply with regulatory requirements. Technology has also made it easier to organise audits efficiently.

A survey conducted by EY found that 78% of organisations believe that technology has improved the accuracy of their financial reporting. (Source: EY )

Better decision making

Technology has shifted the role of accountants from data entry to data analysis. With automation handling routine tasks, accountants can focus on analysing financial data and providing valuable insights to businesses. This leads to better decision-making and strategic planning.

A report by Sage indicated that  58% of senior finance executives desire to increase their operational efficiency with data-driven insights and decisions. (Source: Sage )

Social media is also among one of the most prevalent technologies in accounting and is reshaping many functions. 

As a global platform of engagement, this technology is favoured by big names in the industry like Gary Boomer, CEO of Boomer Consulting Inc. who is using social media to connect with current and potential clients. 

Firms are constantly seeking new ways to market themselves and adding social media to their business development strategy has helped many target their goals.

The role of technology in accounting is gigantic, as it transforms the old way of accounting into a more accurate and efficient model.

Furthermore, it’s now much easier to organise audits in a highly efficient manner. 

In summary, technology in accounting has revolutionised the finance and accounting marketplace by automating processes, improving data accuracy, enhancing accessibility, and enabling better decision-making. 

Aspiring accountants and finance professionals can benefit from embracing these technological advancements by staying updated through professional courses in accounting and finance. 

Accountants must embrace all new changes that technology brings to ensure that their industry knowledge remains relevant. Gaining new knowledge is achievable through professional courses in accounting and finance provided by the London School of Business and Finance Singapore (LSBF). Become an asset to global employers by signing up today !

Q: What are some important accounting terms I should know?

A: Here are a few important accounting terms you should know:

• Assets : The sum total of all resources owned by a business such as cash, inventory, and property.
• Liabilities : All the obligations or debts that a business owes to external parties.
• Revenue : The total income generated from the sale of goods or services.
• Expenses : Costs incurred by a business in its day-to-day operations.
• Balance sheet : A financial statement that shows a company's financial position at a specific point in time.

Q: What are the different types of accounting?

• Financial accounting : Involves preparing financial statements for external stakeholders.
• Managerial accounting : This type of accounting provides internal management with financial information for business decision-making.
• Tax accounting : This is the branch of accounting that deals with all tax-related matters. Tax accounting also ensures compliance with tax laws.
• Auditing : Involves examining financial records for accuracy and compliance.
• Forensic accounting : Investigates financial discrepancies and potential fraud.
• Cost accounting : Analyses costs associated with production and operations.

Q: How do I maintain accounting accuracy?

A: Maintaining accounting accuracy is crucial to ensure reliable financial data. Here are some tips:

• Implement robust accounting software
• Regularly reconcile accounts and verify transactions
• Keep detailed records of all financial transactions
• Perform regular audits to identify and rectify errors
• Train and educate accounting staff on best practices

Q: What is the difference between accounts payable and accounts receivable?

A: Accounts payable (AP) and accounts receivable (AR) are two fundamental aspects of accounting:

• Accounts payable : Represents money a business owes to its creditors or suppliers for goods or services received but not yet paid for.
• Accounts receivable : Refers to money that is owed to a business by its customers or clients for goods or services provided but not yet received.  

This article was originally written by Nandita Kaushal and edited by Anisa C.

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Embracing technology in the audit

Firms and practitioners are using digital tools to provide more value to clients..

• Audit & Assurance
• Information & Data Management

Use of sophisticated technology and data analytics in the audit is fast becoming a standard operating practice at Aronson LLC as firm leaders are embracing the digital - first approach to engagements that is becoming more prevalent at firms across the country.

Alan Langelli, CPA, the lead partner in the Technology Services Group at the assurance, tax, and consulting firm with 35 partners headquartered in Rockville, Md., said technology is efficient and effective at helping auditors organize their data and enables more informed and timely decisions. He said the pandemic has shown that the benefits of technology are accelerating, and firms that don't embrace the digital revolution will be left behind.

These factors have caused firm leaders and professionals to take a completely different approach to their audit work.

"A digital mindset refers to a new way of thinking regarding how our work is completed and accomplished," Langelli said. "It's more than just digitizing a manual task. It really forces us to think about how technology can help us plan and execute our audits."

The discussion about technology, digital platforms, and data analytics in audits refers to use of software that gives practitioners the ability to analyze complete datasets in ways that were not possible in the past. Armed with information generated by the software, auditors can more effectively perform risk assessments, design more appropriate procedures, and investigate anomalies that might have gone undetected if the audit relied on sampling rather than a full analysis.

It's important to state that for all of technology's benefits, it is not intended to replace humans in the audit. The human qualities of evaluation, analysis, and judgment remain an irreplaceable part of the audit process, and the use of technology can give the people on an audit the ability to focus on those higher - level skills rather than getting bogged down by mundane, rote processes. In the same way that a calculator enables math students to solve more complex problems by allowing them to forgo long division or multiplication computations, technology helps auditors focus their time where it's needed the most.

One of the biggest benefits of using technology and data analytics in the audit is the elimination of constraints that sampling places on an engagement. Data analytics gives practitioners the ability to analyze an entire population of data for anomalies, trends, and areas of risk.

Auditors are also using analytics to gain an understanding of the flow of data through a client's system, enabling more effective and precise audit planning.

"Everybody knows that the best audits are the ones that are planned well," said Carolyn Newman, CPA, founder of data analytics firm Audimation Services in Houston, which is now part of CaseWare International. "And so if you can focus on what you want to look at because you've used audit data analytics to risk - assess and identify things to focus on, the auditors can be the most effective."

GETTING STARTED

Jon Cardiello, CPA, an audit manager who manages the internal data analytics process team at 48 - shareholder firm Schneider Downs in Pittsburgh, gets started on technology - driven methods by looking for problems to solve.

"We're asking ourselves questions like, 'What problems do we have? What takes the most time on our audits? What's highly repetitive or what requires a lot of data entry? Where's the risk on these audits?'" he said.

Schneider Downs leaders use these questions to discover areas of opportunity where value - added solutions can be developed for the audit process. That's one of the big advantages of technology - driven audits.

These processes enable the firm to analyze full datasets and identify and target test risk, providing more complete and detailed insights. Because the technology is performing the routine tasks of the audit, the auditor is freed from those duties and has more time to consider and deliver meaningful information to the client.

"A real benefit of audit data analytics is the better insights that you can get and more time to be able to offer those better suggestions," Newman said. "And that will increase the relevance of every auditor."

Use of data analytics also can improve the effectiveness of an audit, as testing an entire population can expose problems that could be missed with an approach that uses sampling. In risk assessment, as well, properly planned audit data analytics can help identify previously unidentified risks and provide information to help the auditor better design or tailor audit procedures to address risks of material misstatement.

But adopting new technology in the audit is not an overnight process, according to Samantha Bowling, CPA, CGMA, a partner at Garbelman Winslow CPAs in Upper Marlboro, Md. Her firm's integration of artificial intelligence (AI) into its audit processes was a three - year journey. It began with testing the technology with one client, then adding more clients the following year, and then overhauling the audit processes for the entire firm the third year.

"People think that you adopt a technology and within three months you're running with it and you've changed all your processes and you're changing everything dramatically, and that's not the case," Bowling said.

THINKING DIFFERENTLY

For successful implementation of technology and analytics, it's important also to have staff prepared to think differently about the audit than they did in the past. To that end, Aronson embarked on its transformation by having the assurance partners and other audit team members undergo training on establishing a digital mindset.

Within each of the firm's assurance and tax business units, Aronson also has established innovation business optimization committees. Team members' ideas for specific improvements are presented to these committees, which evaluate and assess the best opportunities for the firm to pursue.

Aronson team members look for static tasks, processes, and deliverables that don't have a lot of nuance or don't change much. Often, robotic process automation (RPA) or even basic automation tools allow the firm to perform these tasks more efficiently and effectively.

They automated some of the standard engagement letters and post - audit letters that they send to their clients. They are developing processes to use machine learning to scan contracts and summarize some of the key terms in those contracts to make the analysis easier. In general, automation is useful for auditors (and preparers) when dealing with large volumes of contracts that contain data needed to perform accounting under FASB's new revenue recognition and lease accounting standards.

The firm also is working on automating its billing process to make invoicing more seamless and effective for clients. But the work is not finished, and Langelli considers it to be a journey that will take time to complete. The evolution of technological innovations as well as professional standards will enable more digital processes over time.

For example, the AICPA Auditing Standards Board's new risk assessment standard includes extensive guidance regarding the use of technology.

"Part of what's next is always being on top of where things are in the evolution of our professional standards, in the evolution of technologies, but clearly incorporating on a much deeper level, AI machine learning, data analytics, into our audit process," Langelli said.

EVALUATING OPPORTUNITIES

Schneider Downs, meanwhile, has a dedicated Automation and Data Analytics Process Team that goes by the acronym ADAPT and evaluates automation opportunities.

"We have a dedicated group of people who are focused and who are specialists with different pieces of technology or different software that looks to implement technology - driven solutions to the audit process," Cardiello said.

An internal I - ADAPT group focuses specifically on the audit process. One of the biggest challenges in this area is evaluating what data is available and how reliable that data is.

Reliability of data is an area that regulators as well as firms are still wrestling with, as it provides tremendous opportunity for greater insights if only the data can be relied upon. For example, the PCAOB staff recently issued guidance for auditors to consider regarding the relevance and reliability of information from external sources that the auditor plans to use as audit evidence.

For example, finance departments in the hospitality industry and their auditors may use interactive applications to provide real - time industry data such as occupancy rates and trend reports to inform their work. Product reviews, weather patterns, and customer web traffic and preferences also may inform businesses and financial reporting decisions.

"What are the controls around this data, what's the flow of data, who touches each piece of the data through this process?" Cardiello said. "... In more instances than not, this type of data is available. It's just a matter of finding it and working together with our clients to do so."

The process is easier, Cardiello said, when auditors can interface their systems with the clients' systems and data.

"One of the best uses and benefits of audit analytics is helping you understand the client system," Newman said. "Because once you get your hands on the transactional data and gain an understanding of the flow of data — the profile, if you will, of that data — you can plan your audit more effectively and more precisely."

At a time when firms are struggling to handle workloads and dealing with a shortage of skilled people, finding the time to implement technology is one of the biggest obstacles to adoption. At firms where compensation is based strictly on billable hours, the challenge is greater because there's no reward for spending time trying to innovate in a way that will make the whole firm more effective and efficient. Bowling's firm found a way around that by awarding bonus compensation for successful innovation.

She suggests the following tips for adopting technology in the audit:

• Find automation opportunities by asking staff what frustrates them at work. "Once they tell you what drives them crazy, you say, 'OK, well, how about we compensate you for finding a solution for that?'"
• Understand that technology is constantly improving. Don't be discouraged if you've been burned by expensive, ineffective software in the past. Bowling said the technology is much better and less expensive now, and the software is constantly improved through regular updates.
• Make sure the software will protect data. The software provider should provide a nondisclosure agreement related to clients' data and should be able to provide a SOC report stating that it has strong internal controls over data.
• Test the technology with one of your less complicated audits. It's better to start with something easy and work your way up to more challenging audits.
• Be patient. When Bowling started using her current AI auditing platform, it took three weeks to migrate the data needed to successfully perform the processes. Three years later, that migration activity took five minutes.

Perhaps most importantly, Bowling said that firms should think differently about everything — risk assessment, processes, and procedures — as they implement technology. The ensuing improvements in quality and effectiveness can be substantial.

"When CPAs adopt a new technology, they always want to use it for the same thing they did before, just faster," she said. "But they really need to be saying, let's use this technology to see how it can transform what we do, and do it better."

For more insights from Cardiello, Newman, and Langelli, listen to Part 2 and Part 3 of the JofA podcast series Audit Evolution in Action .

To comment on this article or to suggest an idea for another article, contact Ken Tysiac at Kenneth.Tysiac@ aicpa - cima .com or 919-402-2112. 

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ETTIS 2023: Proceedings of Third Emerging Trends and Technologies on Intelligent Systems pp 1–9 Cite as

Blockchain Technology and Its Impact on the Accounting

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Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 730))

Blockchain technology was initially developed for use as a public ledger for bitcoin and other cryptocurrency transactions. However, since then, many other uses have been found for this technology, especially in the fields of finance. Our objective in this paper is to present the blockchain technology and how it works, and we question the potential transformations in accounting brought about by this technology and identify the potential impacts on the professions of corporate accountants linked to the diffusion of this technology.

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Daidai, F. (2023). Blockchain Technology and Its Impact on the Accounting. In: Noor, A., Saroha, K., Pricop, E., Sen, A., Trivedi, G. (eds) Proceedings of Third Emerging Trends and Technologies on Intelligent Systems. ETTIS 2023. Lecture Notes in Networks and Systems, vol 730. Springer, Singapore. https://doi.org/10.1007/978-981-99-3963-3_1

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