Impact of Technology Changes on the Accounting Profession

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Abstract

This study aimed to investigate how the accounting profession is being affected by emerging

technologies, clearly showing the benefits and risks of these technologies. Thematic analysis in the

context of the systematic review was used as the analysis method. The result confirms that the accounting

profession is changing due to emerging technologies, as evident by the move from manual to

computerised accounting systems and then to advanced systems such as artificial intelligence, big data,

blockchains, business analytics, and other automations that are eliminating repetitive accounting

processes while increasing efficiency and new capabilities in accounting processes. The analysis reveals

several benefits of the emerging technologies to accounting professions, including the ability to prepare

real-time reports, reduced accounting errors, increased efficiency and productivity of accountants, ability

to predict the future using massive data in almost real-time, and increased credibility of accounting

information. However, it is also evident that there are critical risks to the profession, including the

potential for loss of jobs, increased demand for advanced skill sets, and changing requirements for

accounting jobs in the future. Most importantly, it is evident that the benefits of emerging technologies in

this profession outweigh the risks, and therefore it is recommended that accounting professionals and

students should embrace emerging technologies. However, the accountant should also seek to proactively

address some of the dangers facing the profession by, for example, developing the required skill sets to be

employable in this 21st-century technology age.

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Contents
Abstract.......................................................................................................................................................2

1.0 Introduction...........................................................................................................................................4

1.1 Background.......................................................................................................................................4

1.2 Research rationale..............................................................................................................................5

1.3 Research objectives and questions.....................................................................................................6

1.3.1 Research objectives....................................................................................................................6

1.3.2 Research questions......................................................................................................................6

2.0 Literature reviews..................................................................................................................................6

3.0 Data and methods..................................................................................................................................8

4.0 Analysis and Discussion........................................................................................................................9

5.0 Conclusion...........................................................................................................................................15

References.................................................................................................................................................16

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1.0 Introduction

This study aims to investigate how the accounting profession has changed over the recent past due to

emerging technologies and the risks and benefits that these technologies present to accounting

professions. This section clarifies the background of the study, the rationale, and the research objectives

and questions.

1.1 Background

Over the recent decades, there has been exponential progress in technology development and implementation

in solving problems and challenges of modern society. From the first computer introduced in the 1980s to self-

driving vehicles and robots, from the first Web to now the internet of things (IoT), big data, and artificial

intelligence, it is no shock that almost every aspect of the human life has been impacted by the development in

technology, some of which were once viewed in the science of fiction books (Andreea et al., 2021). The

accounting profession has not been an exception as far as this technology development is concerned.

Traditionally, accounting professionals were responsible for undertaking their accounting duties using manual

accounting systems that involved trial balances and manual ledger systems.

However, today, accountants use modern technologies that minimize the effort and maximise efficiency at

levels traditionally viewed as humanly impossible (Yoon, 2020). This has been driven by the fact that most of

the accounting activities tend to be repetitive in nature Chukwuani and Egiyi, 2020) and, therefore, easy to

automate using modern technologies such as point of sale (POS) systems and ERP systems in a supermarket

store (Omotayo and Dahunsi, 2015). The emerging technologies are expected to continue to reshape the

accounting profession and business landscape in a significant way (ACCA, 2013), impact tasks and

responsibilities, and the skill set of professionals (Andreea et al., 2021). Based on this premise, this present

study sought to determine the impact that the progressing technology development has on the accounting

profession.

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1.2 Research rationale

Technology has been advancing in every sector globally as an organisation strives to increase the

efficiency of doing things and remain competitive in their industries. However, the advancement of

technology can positively and negatively impact specific professions such as accounting. For instance, it

has been argued that technologies such as artificial intelligence and robots are going to take away

people’s jobs in the future, with an estimated 85 million jobs expected to be taken by technology and

automations by 2025, according to World Economic Forum (2020), as entry-level job positions that

involve routine activities are now disappearing (Orduna, 2021). The accounting profession will be

impacted as technology evolves, which raises the need to understand the benefits and risks those

emerging technologies have on the accounting profession. This is crucial first for professional

development purposes. It was mentioned that “professional development is above all about developing

extraordinary talent and inspiration… by making sure that they (accounting professionals) have the finest

and most up-to-date tools to do their job” (Rourke, 2010, p.12). Understanding the benefits would be

crucial in forming the basis upon which accounting professionals can exploit them to become more

productive and more relevant in the new era of technology and interconnected systems. On the hand,

accounting professionals can learn more about the risks they face in the new era of technology and find

ways to overcome them and maintain their relevance in the accounting sector, for instance, by developing

new skills in emerging areas. For example, research shows that robots may not steal people’s jobs;

instead, they will increase demand for some jobs within a specific industry while decreasing the demand

for other jobs within the same sector (Orduna, 2021).

Other than personal development, understanding the benefits and risks to the accounting profession is also

benefit specific organisations as they get to learn areas in which they can improve their accounting

professionals to be up to date with the knowledge and skills required to exploit the new opportunities

brought up by the technologies while mitigating potential risks to gain a competitive edge in the modern

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era of high competition and remain sustainable in the long run. For instance, accounting professionals that

can use accounting automation to enter data, process it, and prepare financial reports in real-time to

inform decision making can be more productive and develop a competitive edge for a company than

accounting professionals who relies on the traditional manual systems (Ghasemi et al., 2011; Akesinro

and Adetoso, 2016). As such, understanding how technology impacts the accounting profession is helpful

for professional development and in enhancing the competitive advantages of companies in which the

accounting professionals work.

1.3 Research objectives and questions

1.3.1 Research objectives

a) To examine how the accounting profession has changed over the years with the help of emerging

technologies

b) To find out the benefits to accounting professions attached to the emerging technologies.

c) To investigate the risks to accounting professions attached to the emerging technologies.

1.3.2 Research questions

a) How has accounting changed over the years with the help of emerging technologies?

b) What are the benefits to accounting professions attached to the emerging technologies?

c) What are the risks to accounting professionals attached to the emerging technologies?

2.0 Literature reviews

There has been increasing attention from academics and practitioners on the impact of emerging

technologies on different fields. Evidence of this increasing debate around emerging technologies can be

viewed from the growing number of publications in the recent past (see Figure 1 below). The existing

literature defines emerging technology as “innovations characterized by radical novelty, fast growth,

coherence, prominent impact, with some level of uncertainty and ambiguity” (Rotolo et al., 2015, p.4).

Some of the identified emerging technologies relevant across different fields include the internet of things

(IoT), Blockchain, artificial intelligence (AI), and big data (Ahir et al., 2020; Bazel et al., 2021).

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The emerging technologies have also gained attention in the accounting field in the recent past. However,

most of the studies focus on specific technologies to demonstrate how the accounting sector has been

influenced or might be influenced by the emerging technologies, such as how the accounting profession is

influenced by AI technologies (Li and Zheng, 2018; Luo et al., 2018; Lee and Tajudeen, 2020),

blockchain technologies (ALSaga et al., 2019; Liu et al., 2019; Zhang et al., 2020), big data technologies

(Balios, 2021; Idil and Akbulut, 2018), cloud computing technologies (Mohammadi and Mohammadi,

2014; Prichici and Lonescu, 2015), virtual and augmented reality technologies (Egiyi, 2022),

cybersecurity technologies (Haapamaki and Sihvonen, 2019; Demirkan et al., 2020), digital service

delivery technologies (Gulin et al., 2019; Agostino et al., 2022), and IoT (Yilmaz and Hazar, 2019;

Karmanska, 2021). Therefore, there is growing evidence of how emerging technologies might influence

the accounting sector based on the existing body of knowledge.

Figure 1: Number of research publications on emerging technologies

Source: Roboto et al. (2015)

Unfortunately, there is a lack of consensus on how the emerging technologies are affecting the accounting

profession, with some studies like Frey and Osborne (2013) claiming that this profession could become

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extinct while others like Richins et al. (2017) argue that the accounting professions might adapt and create

value by embracing new technologies such as big data. Moreover, little research has explicitly focused on

the specific benefits and risks emerging technologies have as far as the accounting professions are

concerned, which is the gap that the present study attempted to fill. Luckily, the growing body of

knowledge on the impact that these technologies have in the accounting profession presents information

that could be used to investigate potential benefits and risks involved and document them to answer the

research questions of the present study.

3.0 Data and methods

The present study used the method suggested by Thomas and Harden (2008) for qualitative analysis of

multiple qualitative studies to answer the research questions and answer the research questions. The

method involves the use of Thematic analysis of qualitative research in the context of systematic review,

which according to Thomas and Harden (2008), is designed to “bring together and integrate the findings

of multiple qualitative studies” (p.1). Thematic analysis (TA) generally involves identifying the common

themes, patterns, and ideas from qualitative data either from transcripts or interviews, to answer the

research question (Braun and Charke, 2021). In this present study, the thematic analysis is employed in

the context of a systematic review. By using thematic analysis, an inductive research approach is assumed

in which the researcher’s objective is to come up with a theory of the benefits and risks that the

accounting profession faces due to emerging technologies.

A systematic review is considered “a review of a clearly formulated question that uses systematic and

explicit methods to identify, select, and critically appraise relevant research, and to collect and analyse

data from the studies that are included in the review” (The Cochrane Collaboration, 2005). It usually

involves predefined criteria with inclusion and exclusion measures and protocol (Jahan et al., 2016). In

this research, the inclusion criteria were any article published from 2021 to 2022 and is available from the

Google Scholar database. The search criteria involved words such as “impact of technology” AND

“accounting profession.” By using this, a total of 78 articles were identified. The exclusion criteria were

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any articles published earlier than 2021 and those not available from Google Scholar. Articles available

from Google Scholar but cannot be fully downloaded or accessed were also excluded from the study.

Also, articles not in English were excluded from this present study. Moreover, by analysing the titles and

abstracts of the articles selected, articles that were not relevant to answering the current study’s questions

were also excluded from the sample. For example, Somitca and Somitca (2021) focused on how

technology will affect the profession of economists. By applying the exclusion criteria above, a sample of

10 articles was identified out of the 78 articles, which were then subjected to thematic analysis.

The thematic analysis involved using an inductive research approach in which line-by-line analysis of the

selected articles was applied as suggested by Thomas and Harden (2008), with the identified themes

grouped broadly into the benefits and the risks the technology presents to the accounting profession.

4.0 Analysis and Discussion

As mentioned in the previous section, 10 articles were subjected to thematic analysis to answer the

research questions of the present study. The result from these articles shows that 6 out 10 of the articles

used a qualitative data approach to examine how emerging technology influences the accounting

profession. The qualitative research involved either literature review, systematic literature review, or

interviews as data collection methods. This made it difficult to carry out statistical analysis to test the

hypotheses. However, the information was adequate to answer the research questions of the present study.

The rest of the studies employed quantitative data analysis methods in which a structured questionnaire

was the primary data collection instrument. The results are summarized in Table 1 below.

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Table 1: Results of thematic analysis

Author Year Objective of Methodology Results Technologies Benefits Risks

the study discussed
Alles et al. 2021 Examined the Qualitative Emphasises mass - Blockchain - Going digital – - Some technologies
impact of research that customisation of - IoT paperless like ERP emphasize
technology on follows a business financial - Big data - More efficient than on one-size-fits-all
accounting literature reporting to meet the the previous mentality
reporting review method. needs and wants of accounting system
different stakeholders - Real-time abnormal
Demonstrates how transaction and
accounting reporting irregularity detection
has changed from using predictive
1494 trial balances to auditing models.
standardised and - Automation of
audited financial repetitive tasks
statements of the - Timely reporting of
Great depression, transactions
then ERP-based
technology-enabled
reporting, and now
the 21st-century
reporting named
“app-based
reporting system for
mass customization.”
Desplebin 2021 Examined the Qualitative Emphasizes that - Blockchain - Separation of duties - Lack of legal
et al. future of research using Blockchain will – it defines who can framework for
accounting and the systematic transform accounting add transaction transactions on
auditing in the review method. and increase the blocks to Blockchain Blockchain
world of It involved 30 demand for new - Enhance - Irreversibility of
Blockchain professional skills and education confidentiality – who transaction
articles and for auditors and can access - Blockchain cannot
229 academic accountants. information on assess the legality

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 articles. Blockchain of the transaction
- Smart contracts and the association
- Real-time data between parties
updating involved.
- Secure payments on
Blockchain
- Real-time
information sharing
- Eliminates human
errors
Andreea et 2021 Examined the A quantitative The results claim that - RPA - Reduced accounting - Additional
al. perceived method that in the next five years, - Data errors responsibilities
impact of involved 70 the accounting analytics - Reduced effort - - Lost jobs to
technology on questionnaires profession will look - AI work to accountants automations
the accounting was slightly different, and - ERP systems - Accuracy of - Limited digital
profession. distributed, but the accounting accounting skills
only 44 valid profession must adapt information
responses were and embrace the - Eliminate time-
received. technology consuming,
repetitive work
- Automation
- Improved
communication
Aguiar et 2021 Investigated how Qualitative The findings claim - AI - Efficiency - Replacement of
al. technology is research using a that accountants are - IoT - Automation accountants by
affecting systematic still not aware of or - Blockchain - Optimization of automation
accounting. literature review have limited - Big data quality, speed, and - Risk of Lack of
understanding of the - Cloud productivity digital maturity
emerging technologies systems - Ease of detecting - Changes in basic
- Robotic patterns and requirements for
process anomalies accounting
automation - Making predictions professions
(RPA) and decision making - 30% to 50% of
- Business - Extracting meaning initial RPA failed
analytics from speech and during their
images implementation.
- Transparent and - Eliminates

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 reliable data via accountants as data
Blockchain custodians
- Real-time financial
reporting
- Ease of data access
from multiple devices
- Improved data
protection
Curic 2022 Examined new Quantitative The result of this - Big data - Store massive - Eliminates manual,
trends on the research study shows that - Cloud information repetitive
influence of through a accountants are not computing - Real-time data accounting tasks
automation and research familiar with trends - AI update - Replace accountants
digitalization on questionnaire in the accounting - Remote access to - Reshaping
accounting with 30 technologies such as data accounting skills
participants. big data - Forecasting and
decision making
- Speed up data
processing from
complex systems
Busulwa 2021 Investigated Qualitative Emphasizes the - AI - Transaction - Some accounting
and Evans how the data through importance of - Blockchain automation roles and
accounting is literature digitalization of - IoT - Customizable responsibilities are
being influenced review accounting processes - Cloud financial reports rendered obsolete,
by digital to enhance the computing - Interactive financial e.g., data entry
transformation organization’s reports - Increased exposure
competitive - Smart contracts to cyber security
advantage. issues
Van Hoa 2022 Investigated Quantitative The findings show - Blockchain - Decentralization
et al. how the data using that accounting and - RPA - Increased
adoption of questionnaires auditing activities in - Big data transparency
technologies is were the agricultural - Cloud - Store of massive data
improving administered to sectors have computing - Reduces accounting
accounting and 522 improved with the - AI errors
auditing respondents, growing adoption of - Data science - Increases credibility
activities but only 293 technology. of accounts
were returned.
Seow et al. 2021 Examined how Qualitative The results - AI - Enhance - Lack of skill sets

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 the accountants data analysis demonstrate that - Robots communication for digital
can prepare for using the Case academics and - Smart - Enhance data technology
the future study method. practitioners should sensors transparency -
accounting rethink the future of - Cloud - Enhance data
needs the accounting computing accuracy
profession and - IoT - Support real-time
implement the financial advice
necessary measures - Automation
to achieve digital - Real-time reporting
transformation. - Predictive capability
- Smart contracts
- Enhanced integrity
of data processes
Suarta et 2022 Investigated the Quantitative The study revealed - Robots - Remote access to - Demand for skill
al. IT skills data analysis that accountants - AI data upgrade
required by using thematic require skills in data - ERP systems - Accurate and timely
professional and semantic presentation, Tax - Blockchains preparation of
accountants in content software, financial - Business reports
the modern era analysis. technology & analytics - Enhanced
of technology software, ERP effectiveness and
from job software, and MS efficiency
advertisements. Office, among others.
Bakshi 2021 Investigated Qualitative The findings claim - Blockchain - Real-time data and - High energy costs
how blockchain data based on that Blockchain updates - Diverse skill set
technologies are 30 interviews technology will be - Transparent - Complexity
influencing the disruptive in the - Secure - Underdeveloped
accounting accounting profession - Smart contracts ecosystem
profession due to its benefits, - High efficiency - Social consensus
even though this - Reduced inaccurate - Lost jobs
technology is figures and fraud - Trust deficit among
considered to be professions
expensive and - Security risks and
immature. - Expensive

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The first research question for the present study was to investigate how the accounting profession has

altered with the changing technologies. There was consensus from the selected studies that the accounting

profession has significantly changed due to emerging technologies. For example, Alles et al. (2021)

demonstrated how accounting reporting has changed from 1494 to date in four main stages. The first

stage involved trial balances in reporting accounting information, which Alles et al. (2021) referred to as

the Reporting 1.0 or simply the first accounting reporting era. This era was followed by the Reporting 2.0,

which occurred after the Great Depression of the 1930s. This reporting system involved the

implementation of standardised and audited financial reporting systems. However, the introduction of

computers in the 1970s and the subsequent improvements led to a third reporting named Reporting 3.0.

This reporting involved systems such as Enterprise Resource Planning (ERP) systems and the use of

computers to store, process, and prepare standardized reports. However, ERP-based systems were

criticised for their one-size-fits-all mentality in which every organization follows the same method of

reporting accounting information. Lastly, yet crucial is the Reporting 4.0, which Alles et al. (2021)

referred to as the 21st-century technology for reporting in which emerging technologies will help the

organization create mass customisation reports to meet the wants and needs of the various heterogeneous

stakeholder community.

Indeed, Andreea et al. (2021) support the above claim arguing that within the last 20 years, technological

advancement has been significantly impacting every aspect of life, with things that were previously

considered science fiction becoming a reality and the accounting was not excepted. The study

demonstrates how new technologies like RPA, Data Analytics, AI, and ERP systems have transformed

the accounting profession, eliminating repetitive jobs through automation, which were traditionally

undertaken by accountants and auditors. This is confirmed by studies such as Seow et al. (2021), Alles et

al. (2021), and Aguiar et al. (2021)

The present study also investigated the accounting profession's benefits due to emerging technologies.

Indeed, Table 1 reveals that there are several ways in which the accounting profession benefits from new

technology, including the ability to analyse massive information and report such information on real-time

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to facilitate faster and more informed decision-making. Accountants are also benefiting from reduced

accounting errors, increased accurate information, and more credible accounting data, which is crucial for

better decision-making. Moreover, abnormal transactions and errors are now easily detectable through

monitoring and the predictive capability of business analytics, which benefits accountants and auditors.

Thus, there is evidence of several benefits to the accounting profession.

Lastly, the present study also examined the risks emerging technologies present to the accounting

profession. Indeed, the comprehensive analysis of the selected articles shows several ways the accounting

profession is being threatened by these technologies (Table 1). For instance, most of the studies reviewed

show that emerging technologies lead to increased automation, causing repetitive jobs to disappear

(Andreea et al., 2021). Also, it is noted that these technologies are also reducing the efforts required to

undertake accounting activities, which leads to reduced demand for accountants and potential loss of jobs.

Most importantly, the lack of the basic skill sets required to implement these technologies is still lacking

in most accountants. Worse of it, some accountants are not even aware of such technologies as big data.

Thus, there is some evidence of risks to the accounting profession.

However, comparing the benefits and risks of the emerging technologies in the accounting profession, the

benefits are far more than the risks involved.

5.0 Conclusion

Overall, there is no doubt that the accounting profession is changing due to emerging technologies.

Luckily, it is evident that the benefits of emerging technologies in this profession outweigh the risks, and

therefore it is recommended that accounting professionals and students should embrace emerging

technologies. However, the risks identified cannot be underestimated. Accountants and policymakers

should proactively seek to address these risks by implementing necessary measures such as developing

the necessary skill set required to work in the modern era of technologies to remain relevant.

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