Name :- Pooja Dadasaheb Kachare
Roll no:- Class :-
M.com-II {sem –IV} Div :- A
Subject Name
:-Advanced In
Accounting , Taxation &
Auditing
Teacher Name :-
Technology based Accounting
Cloud Accounting Block Chain Accounting
Role of Artificial Intelligence in Accounting
Automated Accounting process
Role of Big Data in Accounting
Introduction
Cloud accounting [or online accounting] has all
the same functionality as desktop accounting ,
but moves the whole process to the cloud and
expands upon it. There’s no deskstop
application –you log in to an always-up-to-date
online solution and all data is safely stored on a
cloud sever. Most cloud platforms will also have
an open API, which basically means third party
software can connect with your system to
provide even further value to you as a business
owner.
Meaning
cloud accounting software is similar to traditional, on-
premises , or self-install accounting software , is hosted on
remote servers , similar to SaaS [Software as a service] business
model. Data is sent into “the cloud “,where it is processed and
returned to the user. All application functions are performed
off-site, not on the users deskstop. In cloud computing , users
access software application remotely through the internet or
other network via a cloud application sevice provider. Using
cloud accounting software frees the business from having to
install and maintain software on individual deskstop
computers. Cloud accounting solutions also allow employees in
other departments, remote or branch offices to access the same
data and the same version of the sofware.
Advantages of cloud Accounting
Auto syncing of data in Real-time
Scalling and paying as the Company Grows
Multi User Access
Paperless Enviroment
Reducing Costs
Integration with ohers Cloud Accounting
Systems
Disadvantages
Internet/Broadband Speed
Data Security
Vendor locks in
Lack of Customisation
Block chain Accounting
Block chain is an accounting technology. It is concerned with the transfer
of ownership of assets, and maintaining a ledger of accurate financial
information. The accounting profession is broadly concerned with the
measurement and communication of financial information, and the
analysis of said information . Much of the profession is concerned with
ascertaining or measuring rights and obligations over property , or
planning how to best allocate financial resources. For accountants , using
block chain provides clarity over ownership of assets and existence of
obligations, and could dramatically improve efficiency. Block chain has
potential to enhance the accounting profession by reducing the costs of
maintaining and reconciling ledgers and providing absolute certainty
over the ownership and history of assets. Block chain could help
accountants gain clarity over the available resources and obligations of
their organisations ,and also free up resources to concertrate on planning
and valuation , rather than recordkeeping.
Meaning
You may have heard the term “block chain accounting”
but wondered exactly what it entails, and how it differs
from the standard , generally-accepted accounting
principles used by bookkeepers and accountants in most
businesses. According to Bloomberg Business
‘Accounting Today, Block chain is less well-know than
other technology trends that are disrupting the accounting
profession and business administration, but it is not a
trend that “accountants can afford to overlook any
longer .” This form of aacounting uses an open , distribute
ledger that takes advantages of cloud computing and
contemporary records-keeping technology. It verifies
transactions independently of a trusted central authoroty.
Advantages of Block Chain Accounting
Improved Efficiency
Reduced Errors
Easier Reconcilliation
Reduced Cost
Reduced Fraud
Disadvantages of Block chain Technology
Block chain is not a Distributed Computing
System
Scalability is an Issue
Some Block chain Solutions Consume Too Much
Energy
Block chain Cannot Go Back-Data is Immutable
Block chainare Sometimes inefficient
Cost and Implementation Struggle
Interoperability
Legacy systems
Role of Artificial intelligence in Accounting
Artificial intelligence system can be very
powerful and are improving quickly . They
provide outputs that can be extremely accurate,
replacing and, in some cases, far superseding
human efforts. However, they do not replicate
human intelligence. We need to recognise the
strengths and limits of this different form of
intelligence, and build understanding of the best
ways for humans and computers to work
together.
Meaning
Artificial intelligence (AI), the ability of a digital computer or
computer -controlled robot to perform tasks commonly associated with
intelligent beings . The term is frequently applied to the project of
developing systems endowed with the intellectual processes
characteristics of humans, such as the ability to reson, discover
meaning, generalise, or learn from past experience. Imagine waking up
someday and being served with the kind of tea you would have asked
for without having to speak a word, or the breakfast just as per your
mood. Good morning my dear friends! Welcome to the world of
Artificial intelligence.
Artificial intelligence in the simplest of words would mean to
make the machine think, react and even learn in a way humans would
do in given circumstance. And after a small span of time, it becomes
such an expert that it develops the ability to work in new
circumstances too.
Advantage of Artificial Intelligence
Automating the Tasks of Routine Nature
Reduced a turnaround Time and Costs
Better Decision Making
Segregation of Information and Quick Action
Thereupon
Audit
AI Expert Boys
Barriers to Implementation of Artificial
Intelligence
Resistance to change
The Need for Transparency
The Success of AI
Cost of Implementation
Automated Accounting Process
Accounting automation takes the most manual
elements of an accountant's work day and does
them automatically, often instantly. Also
known sometimes as compterized accounting
software, these systems do the number
crunching and transaction tracking for you.
Advantages of Automated process
Understanding the Sources of your Documents
Leads to Improvements Opportunities
Analysing Opportunities for Automation
Creates Clarity on cost Savings from your
Largest Trading Partners
Improvements in Accuracy
Automation Helps Reduce Your Suppliers &
Your Staff Workload
Create an Understanding of your Internal
Capabilities
Disadvantages of Automated Accounting
Process
Time Invested in Software Usage Training
Security Risks Involved
