Emerging Technologies Revolutionizing the Accounting Profession–Practical Applications

Abstract

Digital transformation is reshaping all sectors with the rapid emergence of new technologies that have garnered significant attention in recent years, and the accounting profession is no exception to this paradigm shift. The profession, however, has been slower in adopting emerging technologies due to practitioners' lack of awareness of the latest advancements, a shortage of technology-accounting experts, and concerns about the quality of financial reports generated using these technologies. Emphasizing the benefits and applications of these technologies is crucial for helping accountants and auditors understand better their potential to improve daily tasks and workflows. Therefore, this study aims to explore the evolution of digital usage in the accounting profession while investigating various technological advancements and their advantages and practical applications. The findings revealed the progression of digital usage in the accounting profession, tracing key milestones from the Pre-Computer Era to the introduction of computers, the emergence of the internet and ultimately to IR 4.0, which has driven the advancement of emerging technologies such as big data, AI, RPA, blockchain, XBRL and cloud-based software. The researcher also highlights the practical uses of these technologies, which include estimation and valuation, analysis and management, automation, integration and accessibility, control and updates and authentication. The results are hoped to inspire industry players to embrace new technologies and provide top management with valuable insights for making well-informed decisions about technology selection and investment