Impact of recent technology advances on accounting (Big Data
and data analytics, artificial intelligence & machine learning,
blockchain, cloud computing)
Petar Mitkov
OEB3100424
Content:
1. Big Data and Data Analytics
1.1 Definition
1.2 Impact on accounting
1.2.1 Five V's impact
1.2.1.1 Volume
1.2.1.2 Velocity
1.2.1.3 Variety
1.2.1.4 Value
1.2.1.5 Veracity
1.3 Impact on the accounting profession
2.AI and ML
2.1 Definition
2.2 Impact on accounting
2.2.1 Impact of AI on accounting
2.2.2 Impact of ML on accounting
2.2.2.1 Machine learning improves accounting estimates
2.2.2.2 Applying machine learning in accounting research
2.2.2.3 Detecting Accounting Frauds in Publicly Traded Firms
2.3 Impact on accounting profession
3.Blockchain technology
3.1 Definition
3.2 Impact on accounting
3.2.1 Increasing the efficiency of accounting information systems
3.2.2 Impact on financial accounting
3.2.2.1 Triple entry bookkeeping
3.3 Impacts on accounting profession
4. Cloud computing
4.1 Definition
4.2 Impact on accounting
4.2.1 Accounting entity
4.2.2 Financial Transactions
4.2.3 Financial Documents
4.2.4 Accounting Books
4.2.5 Financial Reporting
4.3 Impact on accounting profession
The advent of cutting-edge technologies such as Big Data and data analytics, artificial
intelligence (AI) & machine learning (ML), blockchain, and cloud computing has marked a
transformative era in numerous fields, with accounting being no exception. This research paper
delves into the profound impacts these technological advancements have on the accounting
sector, exploring both the opportunities and challenges they present. The integration of these
technologies into accounting practices not only revolutionizes traditional methods but also raises
critical discussions about the future of the profession, including potential implications for
employment and the need for skill adaptation.
While recent technological advances, particularly in AI and ML, have significantly optimized
accounting processes and offer numerous benefits, they also present challenges that necessitate a
proactive approach in skill development and adaptation among accounting professionals. This
paper aims to explore both the positive impacts and the challenges posed by these technologies,
with a focus on how the accounting profession can evolve in response to these changes.
1.Big Data and Data Analytics:
1.1 Definition
Big data, within the realm of technology, refers to extensive datasets. Coined in the mid-1990s,
the term is believed to have originated from Doug Mashey, the chief scientist at Silicon
Graphics, Inc., an American workstation manufacturer. Since the term big data was coined, the
amount of data has grown exponentially. In 1999 an estimated 1.5 exabytes (1 exabyte = 1
billion gigabytes) of data were produced worldwide; in 2020 that number grew to an estimated
64 zettabytes (1 zettabyte = 1,000 exabytes)1.
Data analysis is a systematic process involving the collection, cleaning, transformation,
description, modeling, and interpretation of data through statistical techniques. It plays a crucial
role in scientific research and business, particularly in the growing trend of data-driven decisionmaking. Utilizing various techniques, data analysis extracts valuable insights from datasets,
facilitating operational decisions and guiding future research. The advent of "Big Data,"
involving the storage of massive amounts of data in large databases and warehouses, underscores
the importance of employing data analysis techniques to extract meaningful insights from vast
datasets beyond the capacity of low-information processing tools2.
1.2 Impact on accounting
1
2
https://www.britannica.com/technology/big-data
https://www.britannica.com/science/data-analysis
1.2.1 The Five V's impact
Based on the literature review and collected research data the following five challenges are
identified with the use of big data analytics in business organizations for accounting systems.
According to the following figure, the five main challenges associated with big data
implementation in business organizations for accounting systems are variety, value, veracity,
volume, and velocity3.
1.2.1.1 Volume
The challenge is related to the volume of data in the context of big data analytics and accounting
systems. Managing large volumes of internal information, especially when it comes in diverse
formats, poses complexity in selecting appropriate data types. This complexity can impact the
effectiveness of big data analytics, particularly if there is insufficient data available for a given
situation. The challenge underscores the importance of data management strategies and ensuring
that the collected data is both voluminous and relevant for meaningful analysis and decisionmaking in the realm of accounting systems.
1.2.1.2 Velocity
There is an emphasis on the critical relationship between data velocity and the capacity of
accounting systems. High data velocity requires adequate system capacity to maintain the quality
of information management. Common challenges associated with velocity include batch
processing, managing processes, handling data streams, and ensuring real-time record-keeping.
Failure to manage system capacity can result in non-compliance with accounting transactions
and records, leading to potential risks such as fraud. The analysis highlights the importance of
real-time record-keeping to mitigate delays and ensure the accuracy and integrity of accounting
data4.
1.2.1.3 Variety
Variety encompasses the diversity of data types and sources, including structured, semistructured, and unstructured data. This includes text, images, videos, sensor data, social media
content, etc5.
Accounting data is no longer limited to structured information. The variety of data types,
including unstructured data from sources like social media and Internet of Things (IoT) devices,
3
Ghasemaghaei, M. (2021). Big Data Impact on Firm Performance.
F. (2023). "Data analytics impacts in the field of accounting."
4 Aziz,
5
https://technologyadvice.com/blog/information-technology/the-four-vs-of-big-data/
requires accounting systems to be flexible and capable of handling diverse data formats for a
holistic financial analysis6.
1.2.1.4 Value
There is a complexity and challenges associated with the use of big data and data analytics in
accounting decision-making. External data sources and measurement tools, while valuable,
introduce risks related to authenticity and trustworthiness. The adoption of accounting systems, if
not aligned with internal business requirements, can create troubling situations. The importance
of reputation and authenticity in big data is highlighted, especially when information is sourced
externally. Additionally, the recognition of sectoral differences emphasizes the need for varied
approaches in manufacturing and service sectors. Managers are advised to employ diverse
approaches and techniques in big data analytics to make more suitable decisions for accounting
departments based on their specific contexts.
1.2.1.5 Veracity
Business organizations also use big data and data analytics for accounting for the decisionmaking processes while using external information sources and measurement tools which can
have a high risk for authenticity and trustworthiness. Sometimes adopted accounting systems do
not comply with their internal business requirements therefore an authentic information system
can also cause troubling situations for business managers while taking accounting decisions.
Apart from all this, the reputation and authenticity of big data are also important if the
information is collected from external sources for improved accounting decisions7.
1.3 Impact on accounting profession
A study presents a counterargument to the prediction of the accounting profession's extinction in
the face of Big Data analytics. It proposes a conceptual framework, highlighting the potential for
accountants to excel in both structured and unstructured data analysis. The argument emphasizes
that instead of replacing accountants, Big Data analytics can complement their skills, but it calls
for adjustments in education and professional standards to align with the evolving landscape of
data analytics8.
2 The impact of Artificial Intelligence and Machine Learning on accounting
2.1 Definition
6
https://www.acecloudhosting.com/blog/how-big-data-impacting-accounting-firms/
Aziz, F. (2023). "Data analytics impacts in the field of accounting."
8Richins, G., Stapleton, A., Stratopoulos, T. C., Wong, C. (2017). Big Data Analytics...
7
AI, or Artificial Intelligence, pertains to the creation of computer systems capable of executing
functions that usually necessitate human intelligence. These functions encompass learning,
reasoning, deriving meaning through generalization, problem-solving, comprehending natural
language, recognizing speech, and visual perception. Additionally, AI involves the ability to
learn from past experiences. Whereas machine learning, in artificial intelligence (a subject within
computer science), discipline concerned with the implementation of computer software focuses
on the development of algorithms and statistical models that enable computers to improve their
performance on a task through learning from data9 10 11.
2.2 Impact on accounting
2.2.1 Impact of Artificial Intelligence
Part of the scientific world defines the impact of AI technology on accounting as a double-edged
sword. On the one hand, it would facilitate and assist the accounting process. On the other hand,
the future unemployment that will arise because of these changes is pointed to as a negative
impact12 13.
The traditional accounting system has significantly declined due to modernization, bringing
substantial changes that benefit the industry. The adoption of Artificial Intelligence applications,
including Expert systems, Intelligent Agents, and Machine Learning, has led to reduced errors
and increased efficiency in accounting and finance processes. A meta-analysis of 150 research
papers conducted between 1989-2020 demonstrates that most studies indicate a positive impact
of AI systems on accounting and finance processes14.
2.2.2 Impact of Machine learning
2.2.2.1 Machine learning improves accounting estimates
Research shows that accounting estimates generated by machine learning may offer superiority
over managerial estimates due to the consistent and systematic use of archival data. However, it
acknowledges that managers may incorporate forward-looking information that machines might
overlook. The results, based on insurance companies' loss estimates, reveal that machine
learning-generated estimates are more accurate than managers' actual estimates, except in the
case of homeowner/ farm owner insurance.
9
Asked Chat GPT 3.5 about the definition of AI and ML
https://www.britannica.com/technology/artificial-intelligence
11 https://www.britannica.com/technology/machine-learning
12/Shi, Y. (2020). Impact of Artificial Intelligence on the Accounting Industry.
10
13
14
Hasan, A. R. (2022). AI in Accounting & Auditing
Berdiyeva, O., Islam, M., & Saeedi, M. (2021). AI in Accounting and Finance...
The conclusion highlights the need for further research to generalize the findings to other
accounting estimates, such as bad debts and warranty reserves. It proposes potential uses of
machine learning-generated estimates, including benchmarking against managers' estimates and
even the direct generation of estimates, with the aim of enhancing reliability and consistency in
accounting practices. Overall encouragement for exploring the potential of machine learning to
improve financial information is emphasized, suggesting a promising avenue for future research
and application15.
2.2.2.2 Applying machine learning in accounting research
Survey of various techniques and focuses on an in-depth analysis of a promising one called LPU
(Learning from Positive and Unlabeled). The analysis reveals that LPU achieves an F-value and
accuracy of approximately 90%. This implies that when presented with a random text, LPU has a
90% probability of accurately classifying it16.
2.2.2.3 Detecting Accounting Frauds in Publicly Traded Firms
A paper introduces a novel business application of machine learning focused on detecting
accounting fraud in publicly traded US firms. It addresses shortcomings in existing studies by
proposing enhancements in detection accuracy using raw accounting variables as features, a
departure from previous approaches. The paper employs the latest machine learning techniques,
particularly ensemble methods, to achieve improved balanced accuracy compared to the current
state-of-the-art methods. Overall, the research aims to advance fraud detection in accounting by
leveraging advanced machine learning methodologies and features.17
2.3 Impact of AI and ML on accounting profession
While artificial intelligence cannot fully replace the role of accountants, there is an emphasis on
the need for accountants to proactively adapt to its impact. Accountants should engage in
continuous learning to enhance their professional skills and actively participate in management
roles. This approach allows accountants to position themselves as knowledgeable, intelligent
contributors within the management sphere.
Professional ability, management skills, computer skills, analytical skills, decision-making
ability, ability to predict and thinking ability are key components for adaptation of accountants
during the era of technological modernisation18.
15
Ding, K., Lev, B. I., Peng, X., Sun, T., & Vasarhelyi, M. A. (2020). Machine Learning...
16Van
17
den Bogaerd, M., & Aerts, W. (2011). Applying machine learning ...
Bao, Y., Ke, B., Li, B., Yu, Y., & Zhang, J. (2019). Detecting Accounting Fraud...
18Li,
Z., & Zheng, L. (2018). Impact of Artificial Intelligence on Accounting.
3. Blockchain Technology:
3.1 Definition
Blockchain serves as a digital ledger database where recorded information is encrypted into
blocks and distributed across a network of participating computers, known as nodes. Its key
characteristics include immutability, meaning entries cannot be altered once recorded;
decentralization, allowing operation without reliance on third-party entities; distribution,
ensuring all participating computers possess a ledger copy; consensus, with all transactions
verified and updated collectively; and security, as all recorded content is individually
encrypted19.
Blockchain, recognized as the foundational technology for cryptocurrencies like Bitcoin, is
considered a significant disruptive force akin to the internet. Its impact extends across data
processing, transmission, storage, and security, with the potential to establish a novel ecosystem
for managing accounting information20.
3.2 Impact on accounting
Paper shows the key aspects related to blockchain in accounting and auditing: (i) the shift in
accounting techniques, (ii) significant developments in both accounting and auditing practices,
and (iii) notable changes in the responsibilities, skills, and education required for accountants
and auditors21.
3.2.1 Increasing the efficiency of accounting information systems
The integration of accounting and Blockchain technologies has significantly reduced manual
effort, accelerated payment settlement, and prevented financial reporting fraud. Similar to the
impact of the stock and exchange rules of 1933 and 1934, this integration has the potential to
revolutionize corporate management. By adopting real-time accounting systems, time delays in
the release of financial statements can be eliminated, allowing the public or key stakeholders to
track payments instantly. It is essential to understand the assumptions investors make based on
the timing of financial statement releases to anticipate the consequences of any delays.
Additionally, integration provides a quick application of accounting processes.
Blockchain technology enhances the reliability of accounting for payments and resources by
serving as a detailed and transparent mechanism. It clarifies rights, responsibilities, and sources,
expanding the scope of the accounting profession to disclose more practices and explore the
economic reality behind transactions. By providing clarity on property ownership and liabilities,
Blockchain improves overall accounting performance. Additionally, it reduces follow-up costs
19
20
https://www.britannica.com/money/what-is-blockchain
Liu, M., Wu, K., & Xu, J. J. (2019). How Will Blockchain Technology ...
21
Desplebin, O., Lux, G., & Petit, N. (2021). To Be or Not to Be: Blockchain and ...
by ensuring certainty about the identity and history of assets. Blockchain applications focus on
the advantages of eliminating central intermediaries, enhancing security, and establishing
consensus. Unlike the Internet, Blockchain is not just a data-sharing platform but a protocol for
recording transactions, enabling transparent and self-reviewable ledgers among participants22.
3.2.2 Impact on financial accounting
As blockchain technology is currently in the experimental phase, its application in financial
accounting is expected to progress gradually. In the short term, firms may use blockchain as a
platform for voluntary information disclosure, providing high-quality signals to address trust
issues with investors. Looking ahead, the long-term impact of blockchain on financial accounting
could be significant. It has the potential to reduce errors in disclosure and earnings management,
significantly enhance the quality of accounting information, and alleviate issues related to
information asymmetry23.
3.2.2.1 Triple entry bookkeeping
In contrast to traditional double-sided accounting, blockchain technology utilizes a "distributed
ledger" system, leveraging contemporary digital technologies. This three-party accounting model
involves the creation, processing, maintenance, and storage of accounting information within a
distributed ledger. The distinctive innovation lies in providing equal access and rights to all
stakeholders through this distributed ledger. Consequently, the accountant, auditor, client, or
regulator maintains an identical copy of the ledger, always ensuring transparency and
consistency24.
3.3 Impact on accounting profession
There is a significant importance of promoting collaboration between academic accounting
research and technology experts in exploring the present and future applications of Blockchain in
corporate settings. Establishing an ongoing dialogue between the accounting field, to which we
belong, and technology is highly recommended.
The authors of the paper support the necessity of providing training to accountants to enable
them to comprehend and adeptly use technology, actively participating in the creation of
Blockchain solutions. Their advisory role is crucial for companies to effectively embrace new
technologies, addressing accounting challenges not just in terms of data and transactions but
22
Alsaqa, Dr., Alkasb, A., & Mohammed Mahmood, S. (2020). The Impact...
Yu, T., Lin, Z., & Tang, Q. (2018). Blockchain: Introduction and Application...
24 Boyanov, B. (2020). Концепцията за тристранното счетоводно записване в
условията на блокчейн технологиите.
23
focusing on the value it can bring to the organization. This includes addressing issues such as
invoicing disparities between small and large companies25.
4.Cloud Computing:
4.1 Definition
Cloud computing is an approach where application software is operated, and associated data is
stored in centralized computer systems. Users, including customers, can then access these
resources over the Internet26.
Cloud computing is a computing model that offers on-demand access to a variety of computing
resources via the Internet. It allows users to procure and use computing services as needed,
following a pay-as-you-go model. In contrast to traditional outsourcing, customers do not hand
over their own IT resources; instead, they access the cloud for infrastructure, platform, or
software services, treating it like an internal data center. The key components of cloud services
include infrastructure services, platform services, and software services (SaaS). Overall, cloud
computing provides flexibility, scalability, and cost efficiency in accessing and utilizing
computing resources27.
4.2 Impact on accounting
However, the most notable concept that has transformed the conventional approach to delivering
accounting tools is cloud computing. There is a notable shift in the field of bookkeeping towards
online products. The numerous advantages of cloud services underscore the necessity for a
technological revolution in companies' accounting departments. The emerging approach to
designing, managing, and offering financial packages signifies the advent of the "cloud
computing era" in accounting. The substantial benefits of adopting a cloud accounting solution
emphasize the importance for enterprises to thoroughly explore opportunities and adapt to the
ever-evolving market. For many businesses, transitioning to the Cloud is not a matter of if, but
rather a question of when28.
Upon the implementation of cloud computing, it is advisable to conduct assessments of
infrastructure, software, personnel, procedures, and data, as suggested by Kinkela in 2013 (page
4). Following a review of the theoretical literature discussing cloud computing, information
technology, and accounting information systems, it has been affirmed that the integration of
cloud computing and information technology yields various impacts, as outlined below:
Pascual Pedreño, E., Gelashvili, V., & Pascual Nebreda, L. (2021). Blockchain and...
https://www.britannica.com/technology/cloud-computing
27 Fogarty, K., 2009. Cloud Computing definitions and solutions.
28Dimitriu, O., & Matei, M. (2014). A New Paradigm for Accounting through ...
25
26
Cloud accounting brings significant advancements to various aspects of the financial
management process:
4.2.1 Accounting Entity: Cloud accounting involves interacting with an entity that possesses its
own distinct identity, separate from its owners. The cloud system facilitates various tasks,
including accounting and management, granting accessibility to applications for employees and
stakeholders through computers and mobile devices.
4.2.2 Financial Transactions: Financial transactions encompass all internal and external events of
a financial nature within the entity. Cloud computing, as indicated by Lobana (2013), enhances
the organization's ability to deliver services promptly, with studies demonstrating improved
operational performance through the integration of cloud computing and information technology.
4.2.3 Financial Documents: Cloud-based systems enable the execution of the entire business
accounting process, making data accessible to both customers and the company.
4.2.4 Accounting Books: Cloud computing serves as an electronic system akin to e-accounting,
where financial statements, transactions, and entries are recorded and managed efficiently. This
is facilitated by Software as a Service (SAAS) applications, eliminating the need for traditional
accounting books.
4.2.5 Financial Reporting: Cloud computing provides internet-accessible information, allowing
users to access financial reports anytime. Users, as authorized by the company, can utilize
software and hardware to retrieve financial statements generated by the established system, as
highlighted by the Office of the Privacy Commissioner of Canada in 201029.
4.3 Impact on accounting profession
The importance of cloud accounting and its advantages over traditional accounting systems is
enormous. The focus is on the cost-saving and operational efficiency benefits of adopting cloud
computing technology in accounting. The study concludes that modern technologies, especially
cloud computing, are necessary for managing the increasing complexity of information
technology infrastructure. The recommendations include promoting the use of cloud computing,
relying on modern technologies in accounting practices, and preparing a workforce with the
necessary skills to work with these advanced techniques30.
Conclusion:
In conclusion, the exploration of recent technological advances in the realm of accounting
reveals a landscape marked by significant enhancements in efficiency, accuracy, and capability.
Technologies like Big Data, AI & ML, blockchain, and cloud computing have not only
29
Abdullah, M., & Al-zoubi, A. (2017). The Effect of Cloud Computing on ....
30Alwan,
A. A. (2022). Effect of Using Cloud Computing Technology on ...
optimized traditional accounting practices but have also paved the way for innovative approaches
to financial analysis, fraud detection, and data management. However, these advancements are
not without challenges, particularly in terms of the evolving role of accounting professionals and
the need for continual skill development. The paper underscores the necessity for accountants to
embrace these changes, enhancing their skill sets to stay relevant in a rapidly evolving
technological landscape. Furthermore, it advocates for a balanced view that recognizes the
benefits of technological advancements while proactively addressing the challenges they bring,
ensuring a resilient and dynamic future for the accounting profession.
The problem with rising unemployment caused by technological progress affects every business
sector. While some scholars argue for a broader social dialogue as regards the correlation
between education and work31, others propose specific reforms, such as introduction of a Basic
Income scheme, accompanied by reforms in school curricula and retraining programs 32.
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