The Opportunities and Challenges of the New Technology Introduced in Accounting Profession

Siqi Yu ()
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Siqi Yu: Lancaster University

A chapter in Proceedings of the 2022 3rd International Conference on Big Data Economy and Information Management (BDEIM 2022), 2023, pp 405-420 from Springer

Abstract: Abstract The process of introducing new technologies into various industries keeps building rapidly in recent years and the tendency has already spread to the accounting profession as well. The existing technologies bring the accounting profession significant changes as well as potential risks and unknown challenges at the same time. By using secondary research and a data analysis, this study focuses on the three new technologies, blockchain, cloud computing, and big data, to discuss both the strengths and weaknesses they take to the accounting industry. This paper also looks at the effect on students and workers in the accounting area after the application of new technologies and whether there are any possibilities that these new technologies can replace human. To conclude, the opportunities brought by the introduction of new technologies in the development of the accounting profession outweigh the related risks. All employees in the accounting industry should take a positive attitude to face this technology revolution.

Keywords: Technology; Accounting Profession; Blockchain; Cloud Computing; Big Data; Digitalization (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-124-1_48

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DOI: 10.2991/978-94-6463-124-1_48

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