The Emerging Changes In The Accounting Profession And The Acconting Practice Under The Influence Of Technology

Mariya Pavlova and Rayna Petrova
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Mariya Pavlova: St. Cyril and St. Methodius University
Rayna Petrova: St. Cyril and St. Methodius University of Veliko Tarnovo

Economic Archive, 2023, issue 1 Year 2023, 24-40

Abstract: The implementation of new technologies in accounting brings many benefits for the future, but also carries many risks. In the current digital era, the adequate practical application of technologies in accounting can become a strategic advantage for companies. In relation to the digitalisation and the upcoming organizational changes, both in the sphere of accounting and in the companies themselves, accounting specialists are a key factor for success. This study gives a thorough overview and analysis of specialised literature in this area and a number of empirical studies. The results show that the literature mainly focuses on certain technologies, while other are actually used in practice. Differences have been identified between the accounting practices of the USA and the European countries. The authors outline three directions in which technologies help accounting teams to transition to modern accounting and effectively perform their tasks in the digital world. The conclusion is that today, specialised skills and strategic thinking of accounting specialists are particularly important and in the near future, they will not be entirely displaced by technologies.

Keywords: accounting profession; digitalisation; modern technologies in accounting; continuous accounting; strategic analysis; business partnership (search for similar items in EconPapers)
JEL-codes: M40 M41 (search for similar items in EconPapers)
Date: 2023
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