Accounting Perception Vs. Reality In Emerging Markets – Caglar Somek

Accounting has always been a developing field, and its trends are constantly shifting. With the arrival of new technologies, moving toward digitalized services has become the norm. It is not hard to guess new accounting market trends since it has to keep up with the trends in the finance industry.

The rise of artificial intelligence and machine learning is already making an impact in the field. It is making tasks like data entry and financial reporting simpler. Accounting is utilizing all the benefits of cloud technologies. The companies can access their digitally hosted system anytime and from any place.

With the development of AI, accounting circles are already worried about its potential impact. But, AI cannot replace some things like imagination and creativity. It certainly cannot build relationships and develop emotional intelligence like humans. Since this topic has been trending for some time, we decided to have a go at it and do a little deeper analysis. Stay with us.

Key Accounting Market Trends

Technological Advancements in Accounting

Technological advancement like in other fields including hedge funds, also has a major impact on accounting. They bring new opportunities and chances but also challenges. There are four key technology impacts on the accounting sector.

• Automation and efficiency

  • AI and machine learning. Repetitive accounting tasks like data entry, bookkeeping, and reconciliation are automated with the help of these techs. These advancements are increasing operational efficiency allowing accountants to focus on strategic tasks. Another upside of machine learning is its possibility to learn and adapt, increasing its proficiency

  • Robotic process automation. Robots powered by software can handle rule-based tasks. They can focus on invoice processing and report generation. This approach further improves time management. It allows accounting firms to focus on advanced functions

  • Cloud-based accounting software. Another major boost to accounting processes is the introduction of cloud technologies. With these accounting firms can access their software from anywhere and at any moment. This technology also provides more than adequate security when compared to old solutions.

• Data insights and analysis

  • Analyzing large amounts of data. One of the crucial accounting functions is analysis of big batches of data. With the results of those analyses, accounting companies identify trends and predict outcomes. The result of these analyses is the best approach to making data-driven decisions. In it, they combine crucial functions. Those are financial forecasting, risk management, and fraud detection

  • Business intelligence and data visualization. The use of advanced technology is also improving communication and decision-making. This is done through employing tools for presenting complex financial data.

• Improved transparency and security

  • Blockchain technology. New technologies are offering business owners to explore potential applications in areas like auditing and financial reporting. These can offer increased transparency, security, and traceability of financial transactions
  • Cybersecurity. As the impact of technology rises, so do cybersecurity risks. Implementing robust cybersecurity measures is crucial to protect sensitive financial data from cyberattacks.

• Changes in roles and skills

  • Moving from number crunching to advisory services. With the help of new accounting technologies, accountants are moving away from traditional bookkeeping tasks. New accounting trends are pushing them into accounting advisory roles
  • Knowledge of tech skills is on the rise. Skills like data analysis, automation, and cybersecurity are becoming essential for accounting professionals. Keeping up with new tech is what is keeping them developing in the digital age
  • Constant learning and adapting. New technologies are developing and implementing fast. Professional development encompasses constant adaptation and overcoming professional obstacles.

Besides these clear upsides that digital tech is bringing into the accounting industry, there are also challenges. Some jobs that are based on repetitive tasks are replaced with technology. This is pushing the employees to adapt. Although this is usually a good practice, in some cases it is difficult to properly handle it.

All these technologies are at much higher risk from cyber attacks. They demand often sophisticated and expensive cybersecurity systems to keep them from harm.

Often disregarded issues, that are very real are access to technology and the digital divide. Not everyone and in all locations have the same access to new technology. That can create a knowledge gap that is difficult to overcome.

Perception of Technology’s Impact on The Accounting Industry

The perception of technology's impact on the accounting landscape differs between individuals. The perception is based on their specific roles, experiences, and perspectives.

Aspects that bring positive perception are increased productivity and efficiency in work. Some repetitive tasks are handed over to AI, freeing accountants to handle more advisory services.

Implementation of technology has lowered the potential for mistakes during detailed analysis. With tech, it is also possible to analyze more data in a faster manner. With the help of technology, accountants can provide better client services.

Implementing technologies like blockchain offers greater transparency and security in financial transactions. The impact of it lowers the chance of fraud and improves the audit process. The result of these benefits is increased trust with clients.

As we mentioned the major downside is job displacement. This issue should be addressed on a higher scale. It is necessary to offer employees a chance to learn new skills and fit into the new system. A factor that comes hand in hand is an increase in workload and complexity. Adapting to new technology solutions can be time-consuming and difficult to handle. That is why training needs to be provided.

There is also an ethical issue that comes with replacing humans with AI. While it can replace human influence in some aspects, overreliance on these automated technologies can neutralize critical thinking. Judgment and ethical considerations cannot be handled by artificial intelligence. Finding the right balance in future trends should be a priority.

How Is AI Used in Accounting?

AI is rapidly changing the accounting business concepts. This is done by conducting the digital transformation of the industry. The AI is offering several services. Some of them are task automation, enhancing analysis, and offering valuable insights.

The AI is also implementing chatbots and virtual assistants providing basic customer support. It can also based on data compile customized reports and recommendations. It also analyzes investment portfolios and identifies potential risks. That way the clients are getting informed investment advice on which they can optimize their asset allocation.

Compare This Perception with The Actual Accounting Market Trends Reality

The reality of current accounting trends is aligned with its positive perception. It includes efficiency gains, improved analysis, and enhanced client services. But there are negative perceptions about using all these new tech. Job displacement, cybersecurity risks, and the digital divide are real issues that need addressing.

But, the key takeaway is not replacing humans with robots and AI. The goal is to make humans and AI work together. We need to adapt and integrate new knowledge that will be beneficiary to all. These new trends should end with creating a more efficient, data-driven, and client-centric industry.

Take A Look At How AI is Revolutionizing Finance and Accounting:

Remote Accounting Services

Perceived Benefits and Challenges of Remote Accounting Services

While remote work is on the rise, it pulled the need for remote accounting services. Both individual and institutional users are finding remote access as a great supplement to their work. But, we should consider in detail, both benefits and challenges of these services.

Perceived benefits include:

• Flexibility. Remote accountants can achieve a better work-life balance. This is due to the chance to work from any location with an internet connection. Their work hours are also flexible allowing them to work when they are most productive

• Cost saving. Accounting companies invest substantial amounts of money in overhead costs like office space. With remote work, they can save money on these costs. They can also hire professionals from other parts of the world where salaries are lower
• Improved efficiency. With new AI and automation tools, accountant's output is increased. These technologies also allow better communication with colleagues and clients
• Scalability. With the increase in demand for accounting experts, it is easier to grow the business without the need for a physical office

• Accessibility to clients. Many online tools and technologies are making accounting tools approachable to clients. They can access it anytime and anywhere raising customer satisfaction. Also, accounting firms can develop their business across the world. Technologies are erasing physical boundaries

• Constant availability. In cases of major unexpected events clients in most cases will still have access to resources. When business is not limited to a physical location, these events have a hard time affecting it.

Perceived challenges include:

• Security concerns. Issues with the security of financial data can appear due to the transmission and storage of sensitive information online. Remote work also comes with cyber security risks
• Communication challenges. Building professional and personal relationships is difficult without face-to-face communication. Also, working in different time zones comes with its pitfalls
• Quality control. With work done remotely, it can be difficult to monitor and supervise the quality of work. Implementation of new technology also demands constant training. It can be challenging to organize it remotely

• Legal and compliance issues. If a company is hiring workers from several countries compliance with its tax and accounting regulations can be burdening. In play also comes data protection laws. Those can require additional diligence when working remotely

• Heavy dependence on technology. The need for a good internet connection sometimes can be an issue. With it comes technical issues and software updates that can impact the overall work

• The well-being of the employee. When an employee is always available, it can be difficult to get away from work. It can lead to a worker burnout. Also, a lack of in-person communication can result in feelings of isolation. This ends up hurting the morale of the workers.

Compare with The Actual Benefits and Challenges

Companies had the chance to implement these remote work culture elements. From the practice, they drew some conclusions.

The aspect of flexibility is close to perceived appearance. Workers are appreciating the chance to work flexibly. That is allowing them to better organize their work-life balance.

The lack of need for physical office space indeed reduced costs. The remote approach to work also offered a larger pool of talent across the globe.

New technologies delivered the benefit of improved business efficiency. They achieved it with the adoption of new tools and software.

Remote work offered cost-saving properties combined with the scalability of the companies. They could easily provide services to an increased number of clients without the need for physical offices. They also managed to be accessible to clients all over the world. Their communication remained solid with the help of communication tools.

The businesses remained active even during major regional issues and disruptions. It proved the effectiveness of remote operations.

Regarding issues with perceived challenges, the situation is similar. But it also demands improvements to meet employee and client demands.

Concerns about cyber threats are raised for viable reasons. The accounting environment must adapt to them and mitigate possible risks. That includes developing and employing major security measures that include encryption of data. Without those, sensitive financial information could be in jeopardy.

Communication challenges need to be constantly addressed. This includes regular check-ins, and further fostering team cohesion. Also, planning strategies to minimize problems caused by time differences demand further resources.

The issue of quality control can be tackled with the use of performance-tracking tools and virtual check-ins. Organizing training programs online has already developed in a certain sense. But there is still room for improvement.

The only way to resolve legal and compliance issues is to adhere to them. If it includes hiring legal aid, that is a viable solution. Legal issues should not be an issue, and the rights of employees must be guarded.

Depending on technology will remain, and that is the accounting future. Accounting firms need to proactively work on resolving technical issues. This is done by investing in reliable technology infrastructure. Another aspect includes providing support systems for employee adaptation.

The problem of employee isolation demands proactive measures. Some of the recommended approaches include the promotion of well-being through virtual social activities. Employers and employees should practice open conversations about work-life balance expectations.

Sustainability Accounting

Sustainability accounting is a relatively new term that encompasses the measurement and reporting of an organization's economic, environmental, and social impacts. Its goal is to provide investors, customers, employees, and the public, with comprehensive information about a company's sustainability performance.

The key components of sustainability accounting include:

• Environmental impact reporting. It measures the firm's environmental footprint. That refers to energy consumption, greenhouse gas emissions, water usage, and waste generation. It also includes reporting on initiatives and strategies to reduce environmental impact

• Social impact reporting. With it, the company assesses the organization's social contributions. It also measures impacts on communities and employees. It puts an additional focus on reporting on social responsibility initiatives. Most important are fair labor practices and community engagement

• Economic impact reporting. It revolves around the evaluation of economic contributions and impacts. Those include job creation, generating economic value, and economic development in local communities. Necessary information in these reports includes economic sustainability measures and economic value distribution

• Governance and ethics reporting. It focuses on the assessment of the organization's governance structure, policies, and ethical practices. Reports are composed of governance practices related to sustainability. It also checks adherence to ethical standards and transparency in decision-making.

Perception and Reality of Sustainability Accounting Practices

Wishful thinking is one, but the reality of sustainability accounting practices shows different indicators. Several issues demand additional work to make this system operational. Accounting officials need to address these sustainability issues if they are serious about improving their overall impact.

The first problem is the lack of standardization. There are no globally accepted standards for sustainability reporting. These badly designed reporting policies can result in inconsistency and difficulty in comparing performance.

Major accounting companies with complex supply chains have issues with gathering accurate and comprehensive data. If they cannot compile accurate insights about environmental, social, and economic impacts then reports don't make sense.

Even if they gather this information, assessing them is a complex task that can result in bias. Qualitative aspects of sustainability, such as social impact and governance can be judged subjectively. These problems are making unbiased grading almost impossible.

Smaller companies can have financial and resource limitations when implementing these practices. That puts them in an inferior position compared to larger companies.

Finally, there are greenwashing risks when companies misrepresent their sustainability efforts. This greenwashing process can create a more positive image without substantial actions.

Blockchain in Accounting

Perception of Blockchain Technology in Accounting

The perception of using blockchain technology in accounting has changed in recent years. First, it was faced with scrutiny and skepticism. Today, that image has changed to recognition of its potential transformative impact.

Compare the Perceived Benefits with The Actual Benefits in Enhancing Security and Transparency

Perceived benefits in enhancing security and transparency with blockchain include:

• Immutability. Blockchain's feature of immutability is perceived to provide a record of financial transactions immune to tampering
• Decentralization. This feature should nullify the need for central authority. This way the risk of manipulation is reduced

• Cryptography. This technique is perceived as a strong security measure. It protects sensitive financial information

• Transparency. With the use of blockchain technology, the transparency of transactions is improved. All relevant parties in the transaction can see all the relevant details.

Practical implementation showed the actual benefits of using blockchain. Companies reported these upsides:

• Reduced fraud. The combination of immutability and transparency of blockchain significantly reduces the risk of fraud in accounting. It is making it difficult to manipulate financial records
• Secure data storage. Cryptographic features of blockchain ensure secure storage of financial data. It is protecting sensitive information from unauthorized access and tampering
• Shift toward decentralization. Decentralization mechanisms prevent possible failure due to one factor. This is making it difficult for any potential tampering or fraud to take place
• Real-time visibility. Blockchain delivers its potential for transparency of transactions. Stakeholders can always monitor and track their transactions

• Raised accountability. All participants in the blockchain network are held responsible for their actions. Their approach to transactions is always visible. It is resulting in a higher level of accountability and trust

• Smooth auditing. Auditing processes with the use of blockchain are smooth and streamlined. Auditors can access tamper-protected and transparent ledgers. This reduces the time and effort required for traditional auditing procedures.

We can see that perceived benefits are closely aligned with the benefits of using blockchain. The main benefits are enhanced security and transparency. Implementing blockchain can lead to enhanced trust and reduced chance of fraud. It also streamlines processes leading to more reliable financial reporting.

Regulatory Changes and Compliance

Perception of Regulatory Changes’ Impact on The Accounting Industry

The perception of regulatory changes and their impact on the accounting industry is a complex topic. To fully understand it it has to be viewed from several angles. Some are pointing out positive impacts, while others focus on the negative sides.

Positive impact

• • Improved financial reporting and its transparency and reliability. According to many professionals, stricter regulations, lead to accurate and transparent financial reporting. These regulations include complying with IFRS or SOX. This factors in with the rise of investor confidence and market stability

  • Enhanced audit quality and risk management strategies. Regulatory changes often aim to impose tougher internal controls and auditor independence. This potentially leads to better risk assessment and fraud detection
  • Greater accountability and higher ethics demands. Increased auditory scrutiny can hold accountants and auditors more accountable. As a result, it can also deter misconduct and promote ethical practices
  • Technological innovation and advancement. New regulations often push the adoption of innovative technologies. It frequently results in advanced accounting practices like data analytics and automation

Negative impact

• • Increased compliance burden. New regulations come with the need for additional processes, documentation, and resources. This raises the overall cost-effectiveness of accounting companies. This is especially a problem for smaller firms
  • Lower flexibility and agility. Accounting operations that aim to be productive, also need to be flexible and agile. Complex regulations can nullify these potential upsides. It can limit their ability to customize their services to the clients also impacting adaptability
  • Raised training costs and lack of talent. With regulations becoming ever more complex it is becoming difficult to train personnel to adhere to them. Also, finding professionals who have that wide knowledge can become an issue
  • Insecurity and uncertainty. If the regulations are frequently changing, companies can find it difficult to keep up with all the updates. That can lead to the risk of non-compliance that happened due to old regulatory information.

All in all accounting firms are generally satisfied with the increased transparency and professional standards. But, they have issues with the rise in costs.

Businesses find new regulations hampering doing business. On the other hand, they understand that accurate financial reporting is important.

Investors are on the lookout for clear and reliable financial information. Only with them, they can make well-informed decisions. However, they notice problems with the increase in costs. Also, there are chances for regulatory manipulation.

Regulators are aiming for clear and reliable financial information. They also want to achieve flexibility for businesses and innovation in the industry.

Compare with The Actual Compliance Challenges and Strategies

Perceptions of these regulatory shifts are a bit different from actual compliance challenges and strategies.

Accounting issues include several difficulties encountered in adhering to regulations. Regulations can be written unclearly or they can be interpreted differently. These issues are making it difficult to implement new regulations.

Accounting companies must keep large in-house legal teams. Sometimes that is the only way to keep up with constant changes. This is both expensive and burdening.

New regulations demand implementing and maintaining robust internal controls. Compiling detailed documentation that comes with it can demand a lot of resources.

Not all companies can handle technological advancements that come with new regulations at the same rate. Leaving enough breathing space especially for smaller firms should be incentivized.

Even with all the above factors fulfilled, there is always a chance for human error. This can lead to non-compliance and significant fines.

Among the strategies that accounting departments have to utilize are:

• Investing in training and expertise. Training the staff so they have all the necessary knowledge needed to tackle new regulations

• Implementation of new technologies. To remain compliant with new regulations accounting firms use not only legal teams. They also employ compliance software and data analytics tools. It helps streamline processes and reduce the chances of errors

• A proactive approach to communication and risk management. Implementing open communication channels leads to faster adoption of new regulations. And it minimizes the chance of error. It also helps in implementing preventive risk measures.

We can conclude that there are specific differences between perceived and actual compliance challenges. Perceived challenges do not go deeper than general trends and overall impact. What companies report are issues that are aimed at specific difficulties in actual practice.

The perceived notions point to a possible problem. With the implementation of strategies, these problems are properly dealt with.

Emerging Themes

Skills and Training for Accountants

Due to constant changes, accountants need to be proactive and focused on constant advancement. They need to develop a wide skillset and be prepared to continue learning. The essential skills for all accounting practices include a list of technical and soft skills. They are supplemented with additional skills that usually come through training and development.

Technical Skills

• • Accounting basics and knowledge of GAAP/IFRS. Advanced knowledge of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is a foundation for accurate financial reporting
  • Financial analysis and modeling. The ability to analyze financial data and on them build projections is essential. With it also comes assessing financial risks
  • Tax accounting. Knowledge and understanding of tax laws and regulations ensure compliance. With it, it minimizes client tax liabilities
  • Proficiency in using technology. General knowledge of accounting software and data analytical tools is mandatory. Experience with cloud-based accounting software is a solid bonus

Soft Skills

• • Communication and interpersonal skills. Communication with clients and colleagues is an everyday task. Knowing how to efficiently communicate builds trust and allows the proper presentation of important information
  • Critical thinking and problem-solving skills. A top accountant knows how to analyze a potential problem and identify the issues. He also knows how to get to the solutions
  • Attention to detail and accuracy. When dealing with numbers these skills are crucial. A chance to notice a small error can sometimes prevent a major issue. These skills are worth gold when the integrity of financial records is the question
  • Organizational skills and time management. Accountants often have to deal with tight schedules. They need to know how to organize their time to meet all the deadlines and follow workflows.

Additional Skills that Value Will Raise

• • Data analytics and visualization. Analyzing data is crucial, but to know how to visually present it is a step that leads to better results
  • Utilizing blockchain technology. Today blockchain is not essential, but every accountant needs to know its potential. Also, they need to be prepared to adapt to these technologies
  • Sustainability and ESG considerations. Including factors like sustainability, environmental, and social into financial analysis is now more important than ever.

Perception of Accountants’ Need for New Skills

There are two schools of teaching. One is pushing for the adoption of new skills, and the other is skeptical about it. The other is focused on traditional accounting skills. And it is cautious about using new technology.

Advocates for new skills are:

• Tech companies and software development firms. They see this as a potential new market for their products. Tools like AI, data analytics, and blockchain can be adapted for accounting use
• Educational institutions and regulatory bodies. These see this as an opportunity to update curricula and certifications. The aim is to qualify future accountants with relevant skills for a changing landscape
• Accounting companies and businesses that focus on innovation. They recognize the potential competitor's edge that these technologies would give them. The sheer increase in proficiency, analysis, and risk management would grant them better standing in the market.

Skeptics that see these techs as a treat:

• Traditional accountants. They see it as a potential problem for their future if they cannot cope with rapid changes

• Smaller businesses and firms. Acquiring and implementing these technologies is costly. It can be a limiting factor for smaller companies. Often they do not have enough capital for innovations.

Compare the Perceived Training Programs with Available Resources and The Reality

Often there is a difference in expectations of training programs, and what they offer in reality.

Training programs are perceived as a way to receive comprehensive knowledge of a wide array of accounting skills. This perception includes knowledge technical knowledge, practical application, and soft skills.

The programs are led by experts who have experience in delivering knowledge through insightful lectures. They can offer practical guidance that they draw from experience.

These training programs employ interactive classes, analysis of case studies, and real-world projects. Through them, application skills are enhanced both in a theoretical and practical sense.

But, the reality of these training programs is very different depending on the case. Most programs have issues with content gaps. They offer significant knowledge in some areas while disregarding other aspects.

They often use outdated curricula. Programs do not follow the quick pace of advancement in accounting. That leaves the graduates with skills that do not apply to today's accounting business operations.

Most training programs focus on theoretical knowledge. They often come with little or no practical application and real-world problem-solving. The cause for this is that the instructors lack practical knowledge. In the end, training alone doesn't guarantee career advancement. It may only spark one's interest, which should allow the gradual development of skills.

There is a variety of programs from traditional university degrees, professional degrees, and online courses, to short workshops. Their quality varies. Applicants should get information and recommendations for a specific course.

Data Analytics in Accounting

Perception of Data Analytics in Modern Accounting

Perception of data analytics in modern accounting is generally positive, but there are still skeptics out there.

Data analytics offers enhanced decision-making. It is seen as a powerful tool for extracting information from vast financial data. This information then leads to more data-driven, informed decisions. This is particularly true in areas like investment, budgeting, and risk management.

Automated data analytics tools can streamline tasks leading to fewer manual errors. It also frees up accountant's valuable time for higher-level analysis and strategic work.

Companies that implement these strategies first gain a competitive edge. They are in the position to discover potential trends that would allow process optimization. With these factors, companies can stay ahead of the competition.

Another benefit of using these tools and techniques is an increase in transparency. Both clients and stakeholders demand data-driven insights and transparency. This makes this approach a win-win option.

Voices that are still showing concern are worried about the lack of trained professionals. There is a need for large numbers of accountants with data analytics skills. Another challenge is incorporating these techniques in old-fashioned companies.

Other concerns include possible bias in algorithms. Since they draw information from several data sources, there are chances that the algorithm can take sides. If that is the case, the need for trained professionals who would monitor their work will remain.

Skeptics are troubled by the chances of misuse and abuse of private data. There are also chances for security breaches that would lead to massive data leaks.

Compare with The Actual Significance of Data Analytics

In the accounting world, it is often heard that data analytics is a transformational tool seen as a game-changer. Those voices point out that these technologies are revolutionizing the accounting profession. Another benefit is that it is radically improving decision-making.

Many professionals are expecting these changes to be implemented fast. And they think that it will permeate all aspects of accounting, from routine tasks to strategic planning.

But, in reality, its integration and influence are evolving gradually. It has so far rarely revolutionized entire workflows. Its adoption is varied, and like almost always, larger companies are the innovation leaders.

From current experience, these techniques enhance traditional accounting. They still, and may never be able to replace core skills like judgment and critical thinking. Also, several challenges like data quality, skills gaps, and ethical considerations are slowing the implementation of these techs.

FAQs

How Do Appraisers Take Into Account Market Trends?

Real estate appraisers play a crucial role in determining the value of a property. They take market trends into account to do so as a part of their valuation process. They use these approaches to consider the market trends:

• Market analysis. Appraisers start by analyzing the local real estate market. They examine recently sold properties in the area and compare them. They assess the supply and demand of homes on the market. If there is a disbalance in this balance, that can impact the prices of homes
• Comparable sales. Similar sales in the area are analyzed. With this data, appraisers can make a baseline for the property being appraised. Prices are open to adjustment based on differences in features, conditions, or other factors
• Time adjustment. Market trends change over time. Appraisers often look back at prices to check for price fluctuations
• Economic indicators. There is a wide array of economic factors that can have an impact on property prices. Those include interest rates, employment rates, and economic growth
• Location-specific factors. Location can have a specific group of amenities that have an impact on property value. Appraisers check these amenities, and also school quality, and proximity to public services
• Absorption rate. This rate represents the pace at which properties are sold in a given market. If the absorption rate is high it can point to a seller market. A low rate indicates a buyer market
• Gathering local information. Appraisers often communicate with real estate agents, brokers, or other local experts. From them, they can gather valuable information about current market trends and conditions.

What Is the Trend in Accounting in 2023?

As we mentioned, accounting is constantly evolving, and different new technologies are making an impact. That is why it is difficult to identify one particular trend in accounting in the current year. Several trends are gaining ground and will become increasingly influential in the years to come. We can group them into 4 categories.

1. Technology-driven transformation. This group of innovations is based on automation, data analytics, and cloud-based accounting
2. Evolving skills and roles. These trends put a focus on soft skills, advisory services, and lifelong learning
3. Focus on Sustainability and ESG. This segment sheds light on the integration of environmental, social, and governance factors. A major element of this trend is also sustainability reporting
4. Other important trends. This group has several trends that have an impact on various factors of accounting. Those include blockchain technology, remote work, and flexible work arrangements. It also incorporates globalization and international collaborations.

Final Thoughts

From this article, you can conclude that accounting is not immune to technological advancements. The goal of its implementation is to make accounting services more reliable, and safe. They also aim to move accountants from repetitive tasks to tasks that demand a human touch and ethical approach.

Although there are still voices that are concerned with these technologies, the change is coming. But, discussions should not stop. Skeptics need to talk with innovators. There are ways to implement these technologies so they can benefit the whole sector. There are potential issues in this process, but with proper analysis, most of them can be annulled.