Digital transformation of the accounting field in the era of Industry 4.0

Abstract

The Fourth Industrial Revolution (Industry 4.0) and its advances, such as the Internet of Things (IoT), artificial intelligence (AI), big data, and other digital technologies, have significantly impacted many different business sectors, including accounting. It is necessary for the accounting field to adapt to changes during digital transformation to maintain its efficiency in an increasingly complex and volatile business environment. This study analyzed how digital transformation in the era of Industry 4.0 has affected the accounting field. The study's findings showed that digital technologies, such as the IoT, AI, and Big Data, improve the quality of accounting. These technologies have made accountants more proactive and enabled them to better analyze data and serve customers.
Keywords
digital transformation accounting digital transformation in accounting Big Data artificial intelligence cloud computing

References

1.
Berman, S. J. (2012). Digital transformation: Opportunities to create new business models. Strategy & Leadership, 40(2), 16-24. https://doi.org/10.1108/10878571211209314
2.
Cecchini, M., Aytug, H., Koehler, G. J., & Pathak, P. (2010). Detecting management fraud in public companies. Management Science, 56(7), 1146-1160.
3.
Ding, K., Lev, B., Peng, X., Sun, T., & Vasarhelyi, M. A. (2020). Machine learning improves accounting estimates: Evidence from insurance payments. Review of Accounting Studies, 25(3), 1098-1134.
4.
Hoffman, C. (2017). Accounting and Auditing in the Digital Age. Available at: http://xbrlsite.azurewebsites.net/2017/Library/AccountingAndAuditingInTheDigitalAge.pdf
5.
Khin, S., & Ho, T. C. F. (2019). Digital technology, digital capability and organizational performance: A mediating role of digital innovation. International Journal of Innovation Science, 11(2), 177-195. https://doi.org/10.1108/IJIS-08-2018-0083
6.
Liang, P. J., Wang, A., Akoglu, L., & Faloutsos, C. (2020). Pattern Recognition and Anomaly Detection in Bookkeeping Data. Carnegie Mellon University.
7.
Phillips, B. A. (2012). How Cloud Computing Will Change Accounting Forever. Available online: https://docplayer.net/2537016-How-the-cloud-will-change-accounting-forever.html (accessed on 16 February 2020).
8.
Shan, Y. G., & Troshani, I. (2021). Digital corporate reporting and value relevance: Evidence from the US and Japan. International Journal of Managerial Finance, 17(2), 256-281.
9.
Shuraki, M. G., Pourheidari, O., & Azizkhani, M. (2021). Accounting comparability, financial reporting quality, and audit opinions: Evidence from Iran. Asian Review of Accounting, 29(1), 42-60. https://doi.org/10.1108/ARA-06-2020-0087