Accounting Report: Future Tech's Impact on Skills, Ethics, Careers

This report delves into the transformative impact of future technology on the accounting profession. It begins by defining future technology and innovation, emphasizing their effects on accountant skills, ethics, and career opportunities. The main body explores current and future technologies, including innovations in tax software, mobile accounting, artificial intelligence (AI), and automated accounting software. It highlights essential accountant skills such as organization, time management, and adaptability, alongside ethical principles like integrity and objectivity. The report also examines career opportunities for accountants in a technologically advanced landscape. It discusses surprising findings from market analysis, particularly the potential downsides of AI, such as high maintenance costs and job displacement. The report concludes by considering the importance of adapting skills and ethics to different national contexts, using Australia and Nepal as examples. It underscores the need for adaptability in the face of rapid technological changes and emphasizes the value of accounting courses in preparing individuals for the future of the profession. The report provides valuable insights for those seeking to build a successful career in accounting.

Future technology innovation impact on accountant skills, ethics and
career opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
(A) Current and future technology, accountant skills, ethics and career opportunities..............3
B what information was surprising.............................................................................................6
(C) What aspects of technology, accountant skills, ethics the career opportunities should be
considered ..................................................................................................................................7
(D) Group opinion on the value of taking accounting course ....................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Future technology can be defined as improvement in the current technical equipments
that individuals are using. Whereas, Innovation is referred to new idea or imaginations which are
used by individuals for finding better solution so that future needs and requirements would be
fulfilled effectively. Both aspects impacts on accountant skills, ethics and career opportunities in
positive or negative way for this individuals who wants to make career as an accountant in future
have to adopt technological changes. In addition, by using advanced techniques or tools
accounting standards will be improved which will be beneficial for accountants in adhere their
responsibilities in more ethical way. Present report will discuss about current and future
technology along with accountant skills, ethics and career opportunities for those individuals
who wants to make their career as an accountant in future. At last, some opinions on value of
accounting courses will also provided to the individuals.
MAIN BODY
(A) Current and future technology, accountant skills, ethics and career opportunities
Accountant is the individual who not only prepare final accounts, tax returns but also
helps the companies or associations in meeting with the requirements or standards which are set
by government or their industries. In today's competitive world, it is very essential for a firm to
maintain accuracy in final accounts so as to gaining sustainability in marketplace. Global
economy is rapidly changing across the world in which individuals who are pursuing accounting
profession have to acquire knowledge, skills and capabilities so that through using their efforts
organisation can gain sustainability and growth in market (Samkin and Stainbank, 2016). Some
of the accountant skills which are required for individuals to become an accountant mentioned
below along with career opportunities:
Highly Organised – To become great accountant it is the main skill that should be
acquire by individuals. As an accountant, it is the most important quality to keep all the things,
data and paperwork in organised manner so that all accounts will be prepared on time. Through
acquiring this kind of skill, efficiency will be improved which leads towards growth and success
in professional career.
Excellent Time Management skills – This kind of skill is important because in present
time accountants are not limited for preparing final accounts or budget estimation whereas, they

have to support the management in decision-making of firm which defines accountants have to
follow a busier schedule within the organisation. Therefore, it is very important for them to
manage all things properly so that any difficulty not be faced by them in future and chances of
gaining growth is higher in their professional career.
Adaptability – It is essential to acquire this kind of capabilities so that value as an
accountant can be maintained in organisation. In current scenario, technology is growing rapidly
which is providing advantages and profitable outcomes in terms of making all accounting work
easier. Therefore, it is very important as an accountant to adapt new technology in their daily
activity so that jobs will be performed effectively. Apart from that, if accountant are using old
methods for doing things then it will not leads them towards professional growth and
opportunities (IMPORTANT QUALITIES OF A GREAT ACCOUNTANT, 2018).
Ethics is a term which provides guidance to individuals about right or wrong in their
profession. For the job of accountant it is important to acquire the knowledge of professional
ethics so as to performing duties in ethical manner. Ethics are essential because technical and
legal knowledge of accountants does not provide ability to them in taking right decisions because
of which several international accounting firms like American Institute of Certified public
accountants (AICPA) and Institute of Management accountants (IMA) have formed unique code
of conduct so as to maintaining accounting standards across the world (Ethics are important for
accountants, 2019). Principles of ethics which are necessary for individuals who wants to make
their career in accounting field (Van Laar and et. al., 2017). These principles are given as below:
Integrity – As per this aspect, Accountants have duty to perform right thing even when
anyone is supervising their duties. It is a moral aspect which includes honesty, fairness and
properness in the work so that good image is build in workplace.
Objectivity – This aspect is necessary because it does not allow bias-ness and conflict of
interest while taking decision for the business or performing the role as an accountant at
workplace.
Technology is rapidly growing in marketplace due to which accountants have duty to
keep up to date themselves along with technological advancement so as to responding market
conditions and needs of customers. Technological advancement has not only improve the way of
accounting but also provide supports the organisation in increasing its productivity and
profitability. Therefore, it is essential for individuals to grab knowledge about current and future

accounting technologies who wants to become accountant in future. These tools and techniques
are given as below:
Current technologies – Several tools and techniques are used by accountants so as to
performing their daily activities easily. Some of them are given as below:
Innovation in tax software – As the technology is growing in market because of which
several innovations are done on the regular basis by experienced accountants and software
developers for improving tax software. Main reason behind this innovation is to avoiding
mistakes and tax penalties. Better tax software such as Intuit Turbotax duluxe, freetax USA
deluxe are used by organisations so as to making accounts with accurate data and informations.
Mobile accounting – In modern era, uses of mobile devices are more increasing due to
which software and application developers have made several applications of accounting that can
be used by accounting firms and accountants without using paper works in their daily activities.
It not only helps the managers in managing their daily accounting activities but also saves their
time of analysing financial data and information. Some of the accounting apps like Xero, Quick
books are using by accountants for saving their time and managing their daily activities.
Future technology – These are those techniques which are not using in current scenario
but that could replace current technologies in future time (Weaver and et. al., 2017). Some of
these techniques are given as below:
Artificial intelligence (AI) – This is a sub intelligence system which is very powerful
and improving accounting systems quickly. This system is very beneficial because it not only
provide accurate accounting informations but also decrease the human efforts. However, this
system can't replace human intelligence because human can make modifications in their daily
activities but this system will provide outputs as per the inputs. Some of the multinational firms
like Amazon, Google etc. have also adopted AI for improving their business productivity and
reducing employee turnover.
Automated accounting software – It is a system which collects, stores and process
financial data that are used in decision-making. In addition, it is a computer based system which
tracks each accounting activity such as income and expenditures by using technological
resources which results in making of financial reports effectively. Main reason behind
automation of these accounting systems is to supporting all accounting activities like financial

accounting, auditing and tax returns. Most of the firms like Deloitte, Sagars have updated their
accounting software so as to saving their time and cost of accounting activities.
Career Opportunities for those who are pursuing accounting careers – From the
above discussed skills and technologies it has been identified that there is a vast opportunity for
individuals who are pursuing accounting career and wants to become an accountant. As each
firm perform financial activities in any terms like purchasing and selling of goods and services
then it is responsibility of organisations to maintain financial records of each activity and
transaction so that profitability and future expenses can be determined. So that funds can be
utilised in proper manner (Apostolou and et. al., 2017). There are various opportunities for those
who are pursuing accounting careers such as accounting clerk, accounting payable/receivable
clerk, capital accountant etc.
B what information was surprising
Artificial intelligence (AI) is an upcoming technology which will not only supports the
organisations in eliminating repetitive tasks but also saves their time that can be used by them in
performing other tasks. Need of artificial intelligence is very high across the world because each
organisation wants to gain high profitability and productivity in marketplace so that they can
sustain in marketplace for a longer period of time. Reason behind developing artificial
intelligence and making up gradation in technology is to providing technical support to
individuals who are doing tough activities like accounting, research, mathematical etc. within the
workplace so that their works should be managed easily and better outcomes will be received at
the end of task. Purpose of developing artificial intelligence for accounting field is to removing
errors from tax returns and financial accounts. For example- Smartphones are a great example of
the artificial intelligence in which keyboard automatically predicts that what is user wants to type
and correct the spelling mistakes. As per the topic, a group has conducted a market analysis
about the future technological impact on accountant skills, ethics and career opportunities.
Information which was collected by them was quite shocking that is discussed as below:
According to collected information from market analysis various cons or negative aspects
of Artificial intelligence are identified which are given as below:
 Main disadvantage of AI is that a huge amount of funds are required for its maintenance
and repair. It needs up-gradation of each system on regular basis because it works on the
basis of changing requirements and market trends. In case of break-down cost of repair is

very high due to which very high cost is incurred in its maintenance and lost data not be
restored easily which are the main weaknesses in it.
 In this competitive time each firm wants to gain competitive advantage due to which they
have implemented artificial intelligence in their workplace so as to improving efficiency
and productivity in market but through implementing these technologies most of
employees are being unemployed which defines artificial intelligence is not beneficial in
ethical manner.
From the above negative aspects of artificial intelligence, it can be said that if robot
begins to replace humans in each field then it will leads high unemployment across the world
which is not beneficial for humans in terms of those who are pursuing career in accounting.
(C) What aspects of technology, accountant skills, ethics the career opportunities should be
considered
Technology skills and ethics used for specific job position are different in each nation
which makes huge impacts on career opportunities as well. As Australia is well developed nation
where several accounting firms are operating their functions due to which chances of getting
accounting job opportunities in these nations are very high. Whereas, Nepal is an
underdeveloped nation where accounting standards and technological advancement is low in
nature and most of the individuals are living outside of nation so as to earning money and
running their life (Eberhard and et. al., 2017). Some changes are mentioned as below:
Changes in skills – As the Nepal nation is not developed as compare to Australia
therefore some changes in skills should be adopted by group which are given as below:
 Adaptability - It is very important for an accountant to develop such kind of skills
because without these financial statements or accounts can't be maintained by them
properly. Nepal nation is underdeveloped but for maintaining accounting standards they
have signed an agreement with Association of Chartered Certified Accountants (ACCA)
UK. Therefore, in order to getting job as an accountant in Nepal nation, individuals have
to acquire the knowledge about proper accounting standards (ICAN Signs Mutual
Collaboration Agreement with ACCA, 2019)
 Excellent Time Management skills - Time is considered as those money which can't be
buy any individual. In this context, time should be spend by each individual carefully so
that all activities can be carried out effectively. It is an important skill for performing the

duty as an accountant in each nation because without having this skill individuals who are
pursuing accounting career can't get job in any nation.
Changes in Ethics – Nepal is known as Asia's poorest and slowest growing economy but
still they have developed code of conduct in accounting standards so as to managing each
accounting activity effectively. Some aspects of Ethics in Nepal nation are given as below:
Professional competence and due care – For pursuing role as an accountant individual
should perform its duties as per the current development and legislation nation so that each
function can be performed in ethical manner.
Confidentiality – As per the ethics of Nepal nation, for performing duty as an accountant
it is essential to maintain confidentiality of each information of organisation so as to maintain
good position at workplace. This code of conduct defines that accountants have responsibility to
not disclose any personal information such as stakeholder details, financial statements of firm to
anyone. If individual doing this then the individual and involved parties will be penalised by
government of nation.
Changes in Technology – Nepal is a poor nation due to which technical advancement is
also low in the country. However, some of multinational corporations such as Hero, Dabur
international etc. who have adopted artificial intelligence in their functions but due to small
number of accounting firms unable in implement advanced technologies at workplace.
Therefore, there is less opportunity to those individual who are pursuing accounting career to get
job as an accountant in Nepal nation because there are less dependence in accounting functions
on advanced technology (Consoli, Marin, Marzucchi, and Vona, 2016).
From the above discussed changes, it has been analysed that individuals who are pursuing
their accounting career they have to maintain themselves as per the legislation and accounting
standard of Nepal nation if they wants to get job opportunity as an accountant in Nepal nation. It
has been also analysed that Nepal is a poor nation but it have standardised its accounting
standard and several accounting firms are performing their duties across the country therefore, it
is necessary for individuals to acquire knowledge regarding the standards of accounts and code
of conduct so as to performing job as an accountant in Nepal nation.

(D) Group opinion on the value of taking accounting course
From the above discussed tasks, it has been identified that technological advancement is
rapidly growing across the world. Therefore, it is very important for individuals who are
pursuing their career in accounting to acquire knowledge regarding these advancements so that
they will be able in starting their career as an accountant in future. Some opinions and
improvements are given as below:
Individual who wants to starting their job as an accountant is very important for them to
engage themselves in training programmes so that all tasks should be managed easily. It is also
necessary to develop some skills so that they would be able in performing their duties as an
accountant effectively. These skills are given as below:
Technical skills – It is important to develop these skills because upcoming time is very
advanced and dependence on artificial intelligence is increasing. Therefore, it is very essential to
develop these kind of skills because if it is not developed by an individual then they will not able
in adhere their responsibility as an accountant. Technical skills are very important because it
made confident and multitasking the individuals who wants to start their career as an accountant.
It is also important to improve these kind of skills so as to complete the given task on time.
Problem-solving skills – These are also very important because without it any
accountant not be able in pursuing their job duties effectively. Artificial intelligence is helpful
for managing tasks timely but it does not solve problems which are occurred during
incorporation of financial accounts. Along with this, these skills are also necessary for
eliminating the errors and issues which can arise in maintaining financial transactions and
statements (Loebbecke and Picot, 2015).
CONCLUSION
From the above discussed report it has been identified that dependency of humans on
technical advanced things is increasing but if it wouldn't be maintained or managed than it will
increase unemployment across the world. Artificial intelligence is necessary for organisation for
building competitiveness in marketplace but vast use of it can increase unethical practices within
the workplace which is not beneficial for brand image of firm. Acquiring knowledge about
accounting standards are also important for individuals who are pursuing accounting careers so
as to performing practices in ethical manner.

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