Question

List and explain 10 (ten) impacts on how Industry 4.0 is affecting the accounting profession

Answer 1

Following are the ten impacts of industry 4.0 on accounting profession:-

1. Changing accounting roles:-

With the onset of technologies like AI, accountants are moving to new areas like consulting from traditional areas.

2.Disruption in accounting by technology :-

Now accounting is not standalone. It is dependent upon technology which is everchanging.

3. Opportunities with technology:-

Technology has brought speed, accuracy , reliability etc of accounting data which is useful for all.

4. Selection of accounting aoftwares-

There are many softwares available in the market and now organizations are confused about whom to select. Hence, selection is a time consuming process.

5. Introduction of cloud technology:-

With cloud computing businesses can start the facility of portable working ie Work from home.

6. Improvement in transfer rate of data:-

Transfer of data among inter and intra company transactions is ultra fast now.

7. Lower manpoower requirement's in accounts department:-

Manpower is not required in big numbers as in past because of technology.

8. Automation of tasks:-

Now tasks which were too manual and time consuming are automated with the use of technology.

9. Integration of accounting with other department is better:-

With the softwares like SAP, accounting department is linked with other departments which further strengthened the accounting.

10 Multiple backups of data:-

Now backups are taken in mulltiple sights so that now there is no worry about data crash.

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