Question: Since everything is being digitalized this overall affects the way technology impacts the way accountants work in the light of the Big Data, Artificial Intellgience,
Since everything is being digitalized this overall affects the way technology impacts the way accountants work in the light of the Big Data, Artificial Intellgience, Cloud Computing, and Blockchain. With the new way of thinking about how technolgy has impacted the accounting world has increased the innovations on the way accountants perform there day to day tasks, such as increased efficency and accuracy. Big Data has the ability for accountants an analyze a vast majority of structured and unstructured data that is used to uncover trends and patters to give better financial decisonmaking. When focusing on Arificial Intelligence at the "core concept, AI is simply the utilization and trianing of technology to help automate the processes, organize large amounts of data, and assist users by responding to customized non programmed queries in real time." While on the other hand Cloud Computing offers softwares such as QuickBooks Online for accountants to access financial date anytime and anywhere. Cloud Computing offers a less expensive structure for busineses to be able to maintain the accounting systems. Lastly, Blockchain ensures that financial data is encrypted and all transactions are recored with complete accuracy. Blockchain is also helpful in situations such as simplying the audit process as all transactions are traceable.With these new advancements of technology offers a new variety of skills that accountants can addapt to following these new trends.
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