The Future of Jobs in Accounting: Technological Advancements and Career Opportunities

Future of Jobs in Accounting
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Table of Contents
Introduction......................................................................................................................................3
The Impact of Technological Innovation on Accounting Skills......................................................4
Artificial Intelligence...................................................................................................................4
Accounting Software Automation...............................................................................................5
The Impact of Technological Innovation on Ethics in Accounting.................................................7
The Impact of Technological Innovation on Career Opportunities in Future.................................9
Positive Impact..........................................................................................................................10
Negative Impact.........................................................................................................................11
Conclusion.....................................................................................................................................12
References......................................................................................................................................13
Appendix........................................................................................................................................15
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Introduction
The accounting sector of Australia is one of the most rapidly growing and evolving sector of the
economy. The industry has observed several development and advancements which have
increased the scope and areas of operations for the industry. To analyse the impact of these
developments on the technological aspect of accounting the report has been drafted. It will
provide with information and evidence based information for understanding the impact of growth
in software and technology. The report will depict the analysis of these advancements in terms of
ethics in accounting, impact on the future career opportunities and the implications on the
accounting skills for the individuals.
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The Impact of Technological Innovation on Accounting Skills
The technological innovations are contemporary developments in the business and economics
that has enabled to perform with increased efficiency and effectiveness in various sectors of the
business. Technological innovations are referred to as the need of the hour. These have provided
with greater and multiplied benefits for various types of industry sector. The technological
innovations are developments in the information technology in order to improvise the
productivity and profitability levels of the businesses (Bryce, et. al., 2015). Technological
Advancements includes developments such as Artificial Intelligence, Accounting Software
Automation, cloud computing, digital Service Delivery, Big Data and Payment Systems etc. have
impacted on the accounting skills, ethics and career opportunities.
In context to Australia, the technological innovations have provided with varied benefits and
advantages for several industry sectors and business organisations. As per the discussions of
Deloitte Financial Services leader Australia Rick Porter the Australian economy is in critical
need of adopting and innovating accounting technologies and standards (Guthrie and Parker,
2016). The reports provided with evidence of providing 16% increase in the profits and
productivity of the employees by applying various technological advancements in accounting.
Artificial Intelligence
Artificial Intelligence is referred to the intelligence displayed by machines and software. It is
developed in contrast to the human intelligence to develop immediate and extremely accurate
details and decisions. It is not capable to replicate the human intelligence. They are designed in a
manner that superseding the human intelligence and efforts. Artificial intelligence as per ICAEW
is recognised to provide with numerous benefits and advantages to the profession and
capabilities of the accounting industry (Hassan, et. al., 2017). There is a positive relationship
between the developments in artificial intelligence and the accounting profession. The
developments in artificial intelligence will enable to provide with more radical and different
approaches to resolve the issues and problems in accounts. The intelligence systems will enable
to provide with a decision which will be aimed at the objective to resolve the fundamental
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