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How Technology Affects the Future of Accounting

Jun 26, 2020 TECH NEWS

Industrial Revolution 4.0 is opening a new era – the era of digital technology, connecting with the globe, bringing development opportunities for all industries and fields; in which accounting is most affected. When applying digital technology, accounting is not limited by geographical distance. Accountants can perform work anywhere in the world if they meet the requirements of accounting.

Artificial intelligence can replace the manual jobs of accounting such as collecting, processing, calculating data, but stages such as analysis, finding the cause to provide solutions for each specific situation, even unprecedented situations … there is always a need for human involvement. Although artificial intelligence does not replace people, it is changing the environment and working circumstances of accounting.

According to a survey by the Association of Certified Public Accountants of the UK (ACCA) on future professional accounting taking place in 22 countries across the globe, including Vietnam shows that 55% of the survey respondents responded to That, the development of the automated accounting system is assessed the highest impact in the trends, besides the trend such as harmonizing accounting standards (42%), the penetration of cloud computing in business. turnover (41%), economic volatility (42%) …

Stages such as collecting, processing, analyzing, and providing information can all be replaced by machines, but require accountants to understand the technology and use technology for their work.

Thus, the explosion of technology, along with the ongoing globalization of the network, has and will have significant impacts on the accounting field, creating new development trends, specifically:

Accountants will use increasingly intelligent, sophisticated technology to improve efficiency compared to traditional ways of working and these technologies can replace traditional approaches. The smart software system (including cloud computing) will support the trend of outsourcing and using more social media through smart technology to improve the way people work, disclosure, commitment to stakeholders, and the community.

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Social media (including Facebook, Twitter, Google) will publish more data (including replacement reports) than any Guaranteed Report, and stakeholders will use tools to explain “big data”.

Globalization will create many opportunities and challenges for the field of accounting. While globalization encourages the free movement of cash flows in capital markets, it increases the use of foreign outsourcing services and transfers of skills, while continuing to pose threats in addressing address local issues (with cultural, financial, and tax differences). This makes a change in human resources in the accounting industry for Vietnam as well as other countries.

The new rules, along with the relevant disclosure rules, will have the greatest impact on the industry in the coming years. Accordingly, professional accountants will be affected by the intergovernmental tax regulation to limit the profit-shifting campaign to avoid taxes.

The digital revolution, along with the strong integration trend, has brought many opportunities in the field of accounting. The achievements of the Industrial Revolution 4.0 with wireless networks have shortened the geographical distance in accounting practice.

That is, the accountant can perform the accounting work anywhere if the individual organization conducting the accounting job satisfies all practice conditions. This is a great opportunity for accounting practitioners, as well as accounting organizations in Vietnam.

Advances from Industrial Revolution 4.0 is a driving force to help individuals, businesses and organizations operating in the field of Vietnamese accounting to develop, capture and change in time to adapt to new technologies, improve labor productivity and quality of work.

Industrial Revolution 4.0 affects perceptions and actions of each accountant in the field of accounting, encourages individuals to make efforts to study, improve science and technology, and apply for advances technical departments in professional work.

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The development of the artificial intelligence system, all connected things around the world will open up opportunities for the accounting industry to access utility accounting software at an affordable cost. Since then, effective use of resources, saving time, human resources, approaching the international accounting system. This is an opportunity for accounting businesses to improve service quality, expand market segments.

InApps Technology
Offshore Development Center
A leading software development outsourcing company in Vietnam and a trusted technology partner of every customer.

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