Abstract
Demand for the implementation of innovative technologies in accounting continues to grow in lockstep with the advancement of technology innovation. The objectives of this chapter are to familiarise readers with current and potential innovative accounting technologies for obtaining high-quality data and to identify success factors for enterprises implementing these technologies. This chapter expects to provide businesses with practical approaches and recommendations for successfully implementing innovative accounting technologies through a thorough presentation and critical evaluation of the aforementioned key topics. In terms of business success, an effective application can help businesses gain a competitive edge by providing more relevant and reliable accounting and management information necessary to navigate today's difficult economic conditions and volatile business environment.
TopBackground
Technological innovations have made accounting tasks more effective and easier due to speedy and precise data processing. The innovations have dramatically improved accounting information system which records, classifies, summaries, and communicates business’s financial position and performance. Integration with technologies makes accounting tasks not only focus on reporting but also consulting for business success.
According to (Khan et al., 2018), innovative accounting technology is accounting programs that support accountants in performing their jobs. Innovative accounting not only concentrates on financial information but also non-financial information such as social media responses, customer behavior or web page data. To handle a huge volume of data, accounting must be tied to technology innovation to be able to process data and obtain relevant and reliable information to meet the needs of firms.
Currently, some of the trending technological innovations that have significant impacts on the accounting industry include Robotic Process Automation, Cloud Computing, Blockchain and Artificial Intelligence. The first section in the focus of this chapter will discuss advantages and disadvantages of using these technologies. Then, the needs of innovative accounting technologies in crisis management will be evaluated. Challenges in implementing innovative accounting technologies are presented next and success factors for implementing these technologies are identified in the last section.
Key Terms in this Chapter
Innovative Accounting Technology: An accounting program that supports accountants in performing their jobs.
Clouding Accounting: A virtual accounting which allows accountants and other employees remotely access the company’s information and data.
Accounting Information System: A system that gathers, stores, summarizes, processes, and reports financial data for management tasks.
Robotic Process Automation: A pre-configured package that replicates the tasks of humans.
Crisis Management: A process of evaluating potential risks and crises involved with business and solving the issues that emerge from current risks and crises.
Blockchain: A distributed ledger technology.
Artificial Intelligence: A machine that can perform cognitive tasks such as learning from the past, adjusting to the environment, solving problems, or making decisions similar humans.