Emerging Issues in Accounting and Finance

EMERGING ISSUES
IN ACCOUNTING
AND FINANCE

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Accounting is a systematic process that is related to the recording and storing the
financial transactions. It is an important tool in the context of the preparing the financial reports
like balance sheet, income statement, P&L . In the initial time, accounting was done by the
human resources. As time passed, the importance of human beings reduced and technology took
place. Now these days, companies prefer mostly technological software for their accounting
purpose. It is done with the help of many software like tally, ERP . On the other hand some
organisations still preferring the accounting system by human beings like accountant. So it is the
mix up of both human resources and technology in the context of accounting and contribution of
human can't be ignore. This project report contains detailed information about the role of human
intelligence and technology in the accounting.
MAIN BODY
Accounting plays a significant role in the aspect of all kind of organisations whether it is
small or large sized organisation (Pellegrino and Lodhia, 2012). In the absence of accounting
companies can't manage the financial records and internal management. It provides a framework
for the preparation of many financial statements and records which are useful for both to the
internal and external parties. Accounting reflects the financial position of companies with the
help of financial statements like balance sheet, income statement and profit & loss (Berry,
Broadbent and Otley, 2016).
With the use of accounting, companies can check their previous year's financial
transaction. Organisation can make effective strategies and plans for future (Elijido-Ten and
Kloot, 2015). Accounting is needed to be done with the help of proper accounting rules and
regulation.
Eventually, accounting was proposed and evolved by the human beings. They developed
different rules and regulation of it. Now in this era of technology, the role of human in the
accounting is getting crucial in terms of managing the records and transactions on regular basis.
This is happening due to role of artificial intelligence and technology in the accounting. Human
intelligence make the accounting formation more easy and stable compare to technical
accounting process. Manual accounting takes too much time in comparison to another automated
accounting. As well as some traditional companies which are existing in the market from many
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