Contemporary Business Accounting Practices and Technology Impact

This report examines the impact of new and developing information systems, such as cloud computing, artificial intelligence (AI), and big data, on business accounting practices. It highlights how these technologies are changing the roles and responsibilities of accountants, making their jobs easier and more efficient. The report discusses the essential skills and knowledge accountants need to effectively utilize these technologies, including data analysis, data mining, and IT program integration. It emphasizes the importance of staying current with emerging technologies to remain competitive. The report further explores how AI is enabling computers to perform decision-making tasks, offering accountants opportunities to move into advisory and consulting roles. It also mentions the role of blockchain technology in maintaining privacy and security in accounting practices.

Running Head: CONTEMPORARY ACCOUNTING PRACTICE
CONTEMPORARY ACCOUNTING PRACTICE
Name of the Student
Name of the University
Author Note

1CONTEMPORARY ACCOUNTING PRACTICE
Table of Contents
Question 1..................................................................................................................................2
Question 2..................................................................................................................................2
Reference....................................................................................................................................4

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Question 1
In the recent years, the evolution of the technology has changed the professions of the
accounting or rather, it can be said that access to the new software has resulted in making the
job of the accountant easier. The days are gone when the accountant use paper, pen and the
calculators for balancing the books as well as verifying the accuracy of the ledgers. In this
particular area, the three most powerful technologies, which are cloud computing, artificial
intelligence and block chain has the great impact on the accounting.
The accountants have embraced waves of the automation for improving the
effectiveness as well as efficiency of their work. In addition to the business skills, the
professional accountant requires to apply the learned processes as well as integrate these
processes with the programs of IT. Technologies day-by-day are advancing and the
accountant needs to keep pace with the emerging technologies (Bhimani & Willcocks, 2014).
Question 2
The technology of artificial intelligence has enabled the computers for performing the
decisions based tasks, which was previously left for the humans. It helps in showing up in the
various forms that includes machine based learning. It can become better progressively at the
analysis as well as decisions, when more it is being used. Moreover, the speech based
technology helps in understanding the different voices as well as languages. Artificial
intelligence has increased the scope for the accountants, who are expected for moving their
role into advising as well as consulting for ensuring that they takes full advantages of the
automation for the growth of business (Park & Lee, 2014).
Artificial intelligence can be largely used for digesting as well as analyzing the large
volumes of the data at high speed that is beyond what the person or the group of the person
would do. Further, artificial intelligence has the great future as it enables for extending the

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capabilities of computing to the completely new level, which helps to replace the human
capabilities for better (Ovaska-Few, 2017).

4CONTEMPORARY ACCOUNTING PRACTICE
Reference
Bhimani, A., & Willcocks, L. (2014). Digitisation,‘Big Data’and the transformation of
accounting information. Accounting and Business Research, 44(4), 469-490.
Ovaska-Few, S. (2017). How artificial intelligence is changing accounting. Retrieved from
https://www.journalofaccountancy.com/newsletters/2017/oct/artificial-intelligence-
changing-accounting.html
Park, J. G., & Lee, J. (2014). Knowledge sharing in information systems development
projects: Explicating the role of dependence and trust. International Journal of
Project Management, 32(1), 153-165.