The Impact of Digital Disruption on Accounting and Data Analysis

This report examines the significant impact of digital disruption on the accounting industry, highlighting the critical role of data in this transformation. The analysis shows how cloud-based accounting services and the use of big data are changing traditional accounting practices. The report emphasizes the need for accountants to develop data analytical skills to manage large datasets and derive meaningful insights for business decision-making. It also discusses the shift from record-keeping to providing expert advisory services, and the use of tools like Microsoft Excel for data analysis. The report references several sources to support its claims, including books and journal articles, that explore these changes and the evolving landscape of the accounting profession. The overall conclusion underscores the inevitable digital disruption and how it is reshaping the accounting sector, demanding new approaches to deliver value to clients.

How will impact digital
disruption accounting sector with
emphasis on the role of data as a
business tool

Table of Contents
MAIN BODY...................................................................................................................................3
Impact of digital disruption on accounting industry with emphasis on role of data ...................3
REFERENCES................................................................................................................................4

MAIN BODY
Impact of digital disruption on accounting industry with emphasis on role of data
The accounting industry is largely affected by digital disruption. These days more and
more managers and business owners are using the cloud based accounting services to handle
compliance and routine administration services. So the accounting sector is going through a
conversion that is turning traditional roles. Due to digital disruption the accountants have to think
about data in advance of traditional form (Birt and et.al., 2019). For businesses, verified, secured
and formatted big data is managed to reveal trends and patterns in relation to human behaviour.
With analytical tools and skills the accountants can efficiently evaluate this data and collect
insights that shifts the way through which business decisions are taken.
(Source: Asatiani and et.al., 2019)
So in accounting sector, the accountants now require data analytical skills so that they
can manage big data and can solve major issues or problems (Hoffman., 2019). However, this
big data provides business leaders unique information and the analytical skills for taking efficient
decisions. And in return the professionals and accountants will use the same tools to shift from
record keeping, data entry and easy analysis to planned business consultancy. These days the
accountants use the Microsoft Excel as primary analytics program (Kokina., Mancha and
Pachamanova., 2017). So now the accountants use unstructured data, structured data and
predictive evaluation or analytics to approach financial trends, industry information and
customer information so that clients can make insightful forecasts from such data.

(Source: Kokina, Mancha and Pachamanova, 2017)
So digital disruption in accounting industry is inevitable as shifting consumer trends and
massive technological changes demand a new access to how the industry adds value for clients
(Thomson, 2017). Due to digital disruption the professional accountants now concentrates on
providing expert advice and strengthening customer bond or relationship in the process (Digital
Disruption: What does it mean for accounting, 2018).

REFERENCES
Books and Journals
Birt, J. and et.al., 2019. Accounting: Business reporting for decision making. John Wiley & Sons.
Hoffman, C., 2019. Accounting and Auditing in the Digital Age.
Kokina, J., Mancha, R. and Pachamanova, D., 2017. Blockchain: Emergent industry adoption
and implications for accounting. Journal of Emerging Technologies in
Accounting. 14(2). pp.91-100.
Thomson, J., 2017. Is the Accounting Profession Committed to Closing the Skills Gap?. The
CPA Journal. 87(9). pp.16-17.
Asatiani, A. and et.al., 2019. Impact of accounting process characteristics on accounting
outsourcing-Comparison of users and non-users of cloud-based accounting information
systems. International Journal of Accounting Information Systems. 34. p.100419.
Online
Digital Disruption: What does it mean for accounting. 2018. Online Available
Through:<http://www.pkfthailand.asia/news/news/digital-disruption-what-does-it-
mean-for-accounting/>