VEI5P126

Impact of Technology on Modern Accounting

B. MUHILAN^1*, MS. ABIRAMI²

Abstract

Technology integration has changed the way accountants record, process and analyze finan-cial data; accounting has become very different now compared to earlier days because of technology. For example, before technology, accountants had to do everything manually (i.e., keeping books manually, creating financial statements on paper, etc.) which required a lot of time and effort. Then, due to advances in technology, accountants can now do this work much quicker and with much more efficient methods than in the past.

This paper looks at some of the major innovations in technology such as cloud computing, artificial intelligence, big data analytics and automation that have had significant impacts on the practices/accounting profession of today. With software like QuickBooks or Tally, busi-nesses can keep track of their finances in real time, thereby reducing errors and increasing productivity. By storing their data on the cloud, accountants are able to retrieve their cli-ents’ databases anytime/anywhere to perform their work and to enhance communica-tion/collaboration with others within the business.

Keywords:

Technology Integration; Cloud Computing; Artificial Intelligence; Big Data Analytics; Accounting Automation