Impact of IoT, AI and Blockchain on Accounting Profession

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Impact of the IoT, AI
and Block chain

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The Impact of IoT, AI, and blockchain on the accounting profession
IoT is an advanced communication technology that has the potential to
perform data transmission over the networks without using human to
human interaction. In the context of the accounting profession, AI and IoT
both help to the management of improving the performance of the
businesses and reduce complexity from the systems. It is argued that the
utilization of IoT, AI, and blockchain technology helps the accounting
professionals to manage the data of consumers effectively (Barnett, and
Treleaven, 2017). The major significance of this research is to examine the
impacts of IoT, AI and blockchain technologies on the accounting
profession. The thesis statement of this research is that IoT, AI, and
blockchain technologies are able to reduce maintenance costs and improve
organizational performance of accounting professions. The major focus of
this research is to identify the importance of AI and IoT networks in the big
4 accounting firms. This research will include various arguments in the
context of the research topic and help the readers for enhancing skills in
the area of information technology.
The utilization of IoT, AI, and blockchain helps accounting firms for
improving the performance of the business
It is argued that AI and IoT both are advance information technology that
provides a platform for controlling and managing business activities
effectively. Using IoT enabled networks the accounting professing such as
KPMG, EY, PwC, and Deloitte can perform data communication in an
effective way and reduce the barriers occurred in the systems. Blockchain
technology has the ability to manage the sensitive data of the consumers
and in the accounting profession, it helps the management for collecting
and recording the financial data of the consumers (CGMA, 2018). The
management teams of big 4 accounting firms reported that the utilization of
AI, IoT and blockchain technology can reduce data integration related

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problems and positively impacts on the business that may lead the
performance of business activities. A recent study examined that IoT and
artificial intelligence are capable to reduce complexity from the systems and
manage the personal data of the consumers in an effective manner.
Therefore, it is suggested that companies should use AI and IoT enabled
devices in order to enhance their performance and reduce the complexity of
the systems. Dai and Vasarhelyi, (2017) observed that blockchain and IoT
both are essential technologies that help the companies for developing new
business models and innovative systems that reduce problems that occurred
in the data integration. In the big 4 accounting firms, the IoT and
blockchain are effective technologies that lead to business performance in
an appropriate manner.
Blockchain, AI and IoT enable accounting professions for improving
finance processes
It is true that the utilization of IoT and other communication technologies
may help the big 4 accounting firms for enhancing finance processes
including procure to pay, intercompany transactions and order to cash.
Drew, (2017) reported that blockchain technology has impacts on broader
business procedures that intersect with finance, for example, supply chain
management. Recently, EY changed its IT infrastructure and adopted
blockchain technology for growing their business and reducing the
problems occurred in the data management. With the help of such
technologies, the accounting professions are able to develop effective
strategies and enhancing the privacy of the user’s data. It is identified that
accounting firm’s blockchains integrated as a personal network that
delivers permission partners with visibility into point of organization data
(Gromovs, and Lammi, 2017). All the blockchain partners’ uses by the big 4
accounting firms are able to identify the risk factors from the systems and
record every transaction of the consumers. Once these transactions are
recorded to the blockchain, the management team can easily reduce