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Technology's Impact On The Accounting Profession

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Impacts of Technology on the Accounting Profession Accountants have been one of the most in-demand jobs in the world. It is because accounting information generated by the accountants is needed in the global market to operate. In addition, users of accounting information need it to make wise informed decisions. (Donwa & Garuba 2011) The need for accountants to make faster and reliable financial statements influenced accountants into incorporate technology in the accounting process. In result, technology improved accountants’ effectiveness and efficiency. There is no doubt that the impacts of technology helped the accounting profession in several ways. However, according to Richins, Stapleton, Stratopoulos, and Wong (2017), “Frey and Osborne’s …show more content…

“Blockchain consists of a distributed ledger system that operates on a consensus basis, empowering peer-to-peer networks with a more secure and efficient way to transact, record, and analyze transactions in real time.” (Alarcon & Ng, 2018) Some benefits of Blockchain includes “authentication of transactions or exchanges of information, peer-to-peer transactions or exchanges of information without an intermediary or clearinghouse, automated and highly secure record keeping, smart contracts: automated contract execution and processing when conditions are met, based on algorithms, real-time audit capabilities, and registry and tracking of the ownership of assets.” CPAs knew that technology is going to affect their profession sooner or later, but blockchain is moving faster than they anticipated it. Some still believed that the technology seems too good to be true. The technology still needs to do a lot of proving that it will not generate complications such as programming errors. No matter what, CPAs should still keep an eye on the emerging technology since major developments are expected to come out in the near future. No one can predict the future. However, as technology continually influences accounting profession, accountants should keep in touch with developments in technology. In addition, accountants should keep on learning in order to keep up and deliver the highest quality of service to accounting information users. Since accounting users expect accountants to generate up-to-date and accurate information, which will help them to make wise informed

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