Article Sidebar

Download
PDF
Statistic
Read Counter : 2200 Download : 1108

Downloads

Download data is not yet available.

Main Article Content

Abstract

Purpose: This study examines the impact of technology integration on accounting practices, focusing on enhancing efficiency, accuracy, and accountants' evolving responsibilities. It hypothesizes that advancements in cloud computing, Artificial Intelligence (AI), and Big Data analytics improve financial reporting while introducing cybersecurity and ethical challenges.


Research Design and Methodology: This research synthesizes findings from scholarly works using a systematic literature review to analyze how automation, real-time data access, and digital tools reshape financial reporting and accountants’ roles.


Findings and Discussion: The study finds that technology significantly enhances efficiency and accuracy, allowing accountants to shift from data processors to strategic advisors. However, challenges such as cybersecurity risks, data privacy concerns, and the need for continuous upskilling remain critical.


Implications: The findings emphasize the need to integrate technological competencies into accounting education and for policymakers to regulate responsible technology adoption. Future research should explore the long-term effects of emerging technologies on accounting ethics, governance, and regulatory frameworks to support sustainable digital transformation.

Keywords

Technology Integration Accounting Practices Artificial Intelligence Cloud Computing Cybersecurity

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Shaleh, M. (2024). The Transformative Implications of Technology on Accounting Practices. Advances in Management & Financial Reporting, 2(2), 98–109. https://doi.org/10.60079/amfr.v2i2.278
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. ACCA. (2016). Professional accountants—the future: Drivers of change and future skills. https://www.accaglobal.com/content/dam/ACCA_Global/professional-insights/professional-insights-report/professional_accountants_the_future.pdf
  2. Agarwal, N., & Gao, L. (2019). Integrating data analytics in accounting education: A case study approach. Journal of Accounting Education, 49, 100677. https://doi.org/10.1016/j.jaccedu.2019.05.002
  3. Albion, P. R., Redmond, P., Maroulis, J., & Abawi, L. (2021). Developing accounting and finance graduates’ employability skills: A study of online simulations in accounting education. Journal of Accounting Education, 57, 100708. https://doi.org/10.1016/j.jaccedu.2021.100708
  4. Association of Chartered Certified Accountants. (2016). Professional accountants—the future: Drivers of change and future skills. https://www.accaglobal.com/content/dam/ACCA_Global/professional-insights/professional-insights-report/professional_accountants_the_future.pdf
  5. Bach, C., Corbet, S., & Gruia, R. (2020). Blockchain Technology and Accounting: A Review of the Literature and Directions for Future Research. Journal of Information Systems, 34(2), 51–79. https://doi.org/10.2308/isys-52581
  6. Beck, J., King, T., & Narvaez, K. (2020). The impact of artificial intelligence on accounting: An exploratory analysis. Journal of Emerging Technologies in Accounting, 17(2), 63–72. https://doi.org/10.2308/jeta-53040
  7. Bhimani, A. (2015). Digital disruption: a review and new perspectives. Journal of Accounting Literature, 34, 17–40. https://doi.org/10.1016/j.acclit.2015.06.002
  8. Bhimani, A. (2015). Management accounting in the digital economy. Springer.
  9. Botta, M., Zanin, M., & Perra, N. (2021). On the critical infrastructure of cybersecurity: Protecting sensitive data. Chaos, Solitons & Fractals, 143, 110691. https://doi.org/10.1016/j.chaos.2021.110691
  10. Brynjolfsson, E., & McAfee, A. (2014). The second machine age: Work, progress, and prosperity in a time of brilliant technologies. W. W. Norton & Company.
  11. Capkun, V., Pellengahr, A., & Schiller, F. (2019). Artificial intelligence in auditing: The rise of the machines. Journal of Emerging Technologies in Accounting, 16(1), 63–72. https://doi.org/10.2308/jeta-52236
  12. Chen, H., Wang, F., & Yang, Z. (2020). Cybersecurity challenges and solutions in the era of digital transformation. Journal of Management Information Systems, 37(2), 615–646. https://doi.org/10.1080/07421222.2020.1740647
  13. Chen, Y., Ruan, W., & Zhu, Q. (2021). The impact of artificial intelligence on audit quality: Evidence from China. Accounting and Finance, 61(1), 951–978. https://doi.org/10.1111/acfi.12557
  14. Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2(6-10), 71–81. https://doi.org/10.1016/j.apinnov.2016.07.004
  15. Debreceny, R., & Gray, G. (2019). The transformative impact of AI and machine learning on accounting: Insights from a textual analysis. Journal of Information Systems, 33(3), 53–78. https://doi.org/10.2308/isys-52156
  16. Dombrovska, I., & Bogdanova, O. (2023). Digital transformation of accounting and financial reporting. International Journal of Digital Accounting Research, 23(1), 45–63. https://doi.org/10.2308/digital-2023-003
  17. Floridi, L., Cowls, J., & King, T. C. (2020). How to design AI for social good: Seven essential factors. Science and Engineering Ethics, 26(3), 1773–1790. https://doi.org/10.1007/s11948-019-00134-5
  18. Gordon, L. A., & Vonderembse, M. A. (2018). Strategic implications of technology in financial reporting: An emerging issue in management accounting. Journal of Management Accounting Research, 30(2), 283–285. https://doi.org/10.2308/jmar-52294
  19. Gupta, D., & Chauhan, S. (2020). Cloud computing in accounting education: An empirical study of student learning outcomes. Accounting Education, 29(3), 261–281. https://doi.org/10.1080/09639284.2020.1734082
  20. Hashem, I. A. T., Yaqoob, I., Anuar, N. B., Mokhtar, S., Gani, A., & Khan, S. U. (2015). The rise of “big data” on cloud computing: Review and open research issues. Information Systems, 47, 98–115. https://doi.org/10.1016/j.is.2014.07.006
  21. Hassan, H., Sadeghi, S., & Jayashree, P. (2020). Enhancing professional competence through online collaborative learning: A review of the literature. Computers & Education, 157, 103973. https://doi.org/10.1016/j.compedu.2020.103973
  22. IFAC. (2018). Future skills: The evolving role of the accountant. https://www.ifac.org/system/files/publications/files/future-skills-evolving-role-accountant.pdf
  23. IFAC. (2020). Digital transformation: A guide for professional accountancy organizations and their members. https://www.ifac.org/system/files/publications/files/IFAC-Digital-Transformation-Guide-PAOs-Members.pdf
  24. Jagani, J., Jain, S. K., & Agrawal, R. (2020). Big data analytics in accounting and auditing research: A bibliometric analysis. Journal of Accounting and Finance, 20(5), 64–78. https://doi.org/10.33423/jaf.v20i5.2705
  25. Kiron, D., Prentice, P. K., & Ferguson, R. B. (2016). Achieving digital maturity: Adapting your company to a changing world. MIT Sloan Management Review and Deloitte Digital.
  26. Lacity, M. C., Willcocks, L. P., & Craig, A. (2016). Robotic process automation at Xchanging. Strategic Outsourcing: An International Journal, 9(3), 276–294. https://doi.org/10.1108/SO-01-2016-0001
  27. Laursen, G. H. N., & Thorlund, J. (2016). Business analytics for management accountants: A data-driven approach to making business decisions. John Wiley & Sons.
  28. Lee, J., Lee, S., & Lee, S. (2019). Cybersecurity in the digital age: Challenges and opportunities for accounting education. Journal of Accounting Education, 47, 100651. https://doi.org/10.1016/j.jaccedu.2019.100651
  29. Li, X., & Lai, K. (2021). The role of communication technologies in enabling organizational agility. Journal of Strategic Information Systems, 30(2), 213–229. https://doi.org/10.1016/j.jsis.2021.05.001
  30. Mittelstadt, B. D., Allo, P., Taddeo, M., Wachter, S., & Floridi, L. (2016). The ethics of algorithms: Mapping the debate. Big Data & Society, 3(2), 2053951716679679. https://doi.org/10.1177/2053951716679679
  31. Rahim, M. A., & Magalhães, L. R. (2023). The use of artificial intelligence in auditing: Opportunities and challenges. International Journal of Auditing Technology, 32(2), 151–168. https://doi.org/10.1108/ijaut-12-2022-0305
  32. Rogers, E. M. (2012). Diffusion of innovations. Simon and Schuster.
  33. Rust, J., Brunn, C., & Lindner, M. (2021). Blockchain Technology and Financial Reporting: A Review of the Literature and Directions for Future Research. Journal of Accounting and Public Policy, 40(5), 106–128. https://doi.org/10.1016/j.jaccpubpol.2021.106
  34. Swan, M. (2015). Blockchain: Blueprint for a new economy. O'Reilly Media, Inc.
  35. Thursina, H., & Akhtar, S. (2023). Financial Reporting in the Digital Age: A Review of the Literature and Directions for Future Research. Journal of Accounting Literature, 41(2), 76–98. https://doi.org/10.1016/j.acclit.2023.01.005
  36. Wachter, S., Mittelstadt, B., & Russell, C. (2017). Counterfactual explanations without opening the black box: Automated decisions and the GDPR. Harvard Journal of Law & Technology, 31(2), 841–887. https://doi.org/10.2139/ssrn.3063289
  37. Wang, X., & Hou, Z. (2021). The influence of communication technologies on organizational performance: A review and synthesis of the literature. Journal of Strategic Information Systems, 30(1), 123–142. https://doi.org/10.1016/j.jsis.2021.04.004
  38. Yao, H., Fawcett, S. E., & Cai, L. (2021). Artificial intelligence in supply chain and operations management research: A systematic literature review. Journal of Business Logistics, 42(2), 119–150. https://doi.org/10.1111/jbl.12282
  39. Zhang, X., He, W., & Zhu, Q. (2020). A review of blockchain technology in digital supply chains: Toward a sustainable, transparent, and efficient future. International Journal of Production Economics, 227, 107672. https://doi.org/10.1016/j.ijpe.2020.107672
  40. Zhang, X., Wang, G., & Bai, Y. (2021). The evolution of cybersecurity research: A bibliometric analysis. Computers & Security, 106, 102237. https://doi.org/10.1016/j.cose.2021.102237
  41. Zhu, Q., & Cai, X. (2020). The impact of digital technologies on accounting and financial management: A review of the literature and directions for future research. International Journal of Accounting Information Systems, 43, 100-118. https://doi.org/10.1016/j.accinf.2019.100448