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Game Changing Technologies in Accounting Firms

   

Added on  2019-11-08

5 Pages1155 Words285 Views
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Game Changing Technologies 1GAME CHANGING TECHNOLOGIESStudent’s Name:CourseProfessor’s NameInstitutionLocation of InstitutionDate
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Game Changing Technologies 2TOPIC 1 Game Changing TechnologiesExecutive summaryThere have been evidences of the game changing technologies that have affected the trends of the accounting and consultancy firms. Big financial companies are the first to embrace these technologies and therefore, change is a dairy aspect in these firms. The trends are approximated to influence the provision of accounting services in the near future. Expansion of cloud chamber, optical character recognition and job automation in artificial intelligence are some of the technologies that companies have embraced in offering accounting services1. The report will, therefore, seek to research how these technologies are going to enable the changes in PWC, KPMG, Deloittes, and EY accounting firms.IntroductionEmbracing the game changing technologies for the PWC, KPMG, Deloittes and EY accounting firms has been gradual and based on offering better services for the clients. The endeavour has been accompanied by both positive and negative consequences. For the accountants, the experience has been quite different because some have lost their jobs. The company has however been able to advance in outsourcing and offshoring based on job automation and mobilized knowledge in accounting. Optical Character recognition (OCR) for the case of PWC, KPMG, Deloittes, and EYThe four companies use OCR for a variety of functions. For instance, PriceWaterCoopers (PWC) is the biggest firm that serves worldwide. Since the beginning of the 21st century the company has been running big data both in legal systems, in account details and also receipts. The company uses Optical word recognition system in capturing these character. Other companies such as KPMG, Deloittes, and EY operates in English, 1 Frey, C.B., Osborne, M.A., Holmes, C., Rahbari, E., Garlick, R., Friedlander, G., McDonald, G., Curmi, E., Chua, J., Chalif, P. and Wilkie, M., 2016. Technology at work v2. 0: the future is not what it used to be. CityGroup and University of Oxford.
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