Hello everyone , my name is Macrei Selin.
i m sure that each of us knows that technology has a great impact
in our lives , so i d like to talk about how technology is shaping the future of accounting.
My presentation will cover the following topics ....
I d like to begin by telling you that Accounting is the system a company uses to measure its financial
performance by noting and classifying all the transactions like sales, purchases, assets, and liabilities. vânzări,
cumpărări, active și pasive
Technology advancements have enhanced the accountant’s ability to interpret data efficiently and
[Link] emergence of new technologies has dramatically transformed the entire process of accounting.
In the past, most accounting processes were performed manually or with the limited uses of computer for just
book-keeping.
Okay , now i d like to move on to Technology trends in accounting
This have changed how professionals conduct business and will continue to shape the future of every industry,
including accounting. In this presentation i’l talk about some of these, namely.
Let s start with Big Data
Big Data can be defined as extremely large sets of unstructured data coming in various forms gathered from
different sources
With the help of visualization software such as Tableau, accountants gain the ability to see large amounts of
data, which, in turn, helps users to see patterns, flows, irregularities, and exceptions more easily.
These tools have helped accountants to see data in ways that were not possible previously using traditional
methods. And have made it easier to link together data from various sources to provide new insights to the
reports. Also, they have made it possible for accountants and CPAs to perform advanced statistical analysis of
data, using more variables, real-time data, and advanced modeling.
NOW LET S MOVE ON TO THE
Increased Computing Power
All the data created by our digitalized world would be useless or at least less powerful if it weren’t for the
advances in computing power. Cloud Computing allow accounting departments and firms to store and use the
data effectively. It relies on remote servers where data is stored and can be viewed via a cloud by other
[Link] cloud services from providers such as Amazon, Google, and Microsoft can be accessed wherever
and whenever it’s needed.. Edge computing has also grown. This is where the computing happens not in the
cloud, but right where the data is collected. Edge computing brings data storage and data analysis closer to
where the data is being gathered. Sooo instead of pushing the data to the server or cloud and then
downloading to analyse, you can essentially put a chip into the device or location and grab real-time data and
analysis directly
Let turn now to Artificial Intelligence (AI)
What is AI? By the book’s definition, artificial intelligence is something made or produced by humans that
has the ability to acquire and apply knowledge and [Link] way i like to think about it is basically either a
piece of software or a robot thai is able to complete a task and replace a human. But how does this change
accounting?
There s three ways that accounting outlined that AI can [Link] first is getting rid of mundane tasks such as
jurnal entries so whenever a transaction happens within a company a journa entry needs to be recorded and AI
can learn how to make these journal entries which helps the accountant free up more time to do more
important things. Second AI can analyze payments and increase the detection of fraud ,since a lot of payments
now are made through electronic sources ai could analyze those payments and look for patterns .lastly AI can
analyze large quantities of data , some companies have massive amounts of financial data from multiple years
or even decades AI could provide additional insight taht would allow to make better decisions and help the
business to grow.
Autonomous Robots
Intelligent automation (IA) is capable of mimicking human interaction and can even understand inferred
meaning in client communication and adapt to an activity based on historical data.
Robotic accounting (rpa) is often perceived as a human replacement, but it is far from it. Rather, think of the
technology as a group of “accounting bots” that reduce the effort needed to centralize data from different
accounting systems.
What Are The Key Benefits of Robotic Accounting?
24/7 With Zero Error Robotic accounting works non-stop, around-the-clock. There are no working-hour
boundaries because there are no humans involved.
Easy Installation RPA technology can be installed in less than a week.
The ability to customize workflows means RPA is not narrowed to one part of accounting or finance. It can be
applied to multiple use cases, like:
Blockchain
The final tech trend that has significant implications for accounting and finance professionals that I wish to
cover is blockchain. is a highly secure database. Blockchain enables smart contracts, protecting and
transferring ownership of assets, verifying people's identities. “Smart contracts,” as an example, work with
blockchain technology to automate processes, such as paying invoices after confirming that the goods and
services have been received and that funds are available for [Link] will transform the way
accountants do their things.
Conclusion
The biggest impact technology has made on accounting is the ability of companies to develop and use
computerized systems to track and record financial transactions. Paper ledgers, manual spreadsheets and
hand-written financial statements have all been translated into computer systems that can quickly present
individual transactions into financial reports.
Other advantages of computerized accounting systems ...The accounting industry is now speaking a brand
new language of business. It is the language of future generations of accounting professionals. The
advancements have taken the industry to many new levels of opportunities that I have discussed throughout
this presentation. In comparing and contrasting the changes that have occurred with the use of technology in
accounting throughout the ages, enterprise productivity has created career stability and many diverse
opportunities in this successful industry of professional accountants.
