Question

Question 2

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 everchanging technology.

3. Opportunities with technology:-

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

4. Selection of accounting software-

There are many software 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 manpower requirement's in accounts department:-

Manpower is not required in big numbers as in the 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 software like SAP, the accounting department is linked with other departments which further strengthened the accounting.

10 Multiple backups of data:-

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

Hi mate,

I would be grateful to you if you can provide a thumbs up and write one beautiful comment. It will improve my rating and let me continue my journey here.

In case of doubt, please comment. I will consider myself fortunate if I can help you.

All the best for your bright future.