The Age of Disruptive Technology and the Development of Innovative Accountants

Abstract

        Accountants, if adhering to the framework of traditional work standards, may be challenged by the influence of digital technology i.e. artificial intelligence (AI). In the near future, Blockchain technology will be adapted to accounting procedures which will decrease mistakes, costs, time and corruption and will simultaneously maximize security. These issues lead to questions as to whether accounting personnel in organizations will be replaced by AI technology and, if so, at what level. AI will only replace accounting work that has clear standards of operating procedures such as paperwork.  In relation to data analysis, it is necessary to have accountants with the high level of skills needed to retrieve all organizational data for analysis in order to provide the data necessary to support and guide the decisions of executives. 

        Therefore, accountants in the age of disruptive technology must develop new skills, reskill and strengthen existing skills by upskilling. In addition, modern accountants must have the partnership skills required to be strategic partners with business owners by having a deep understanding of the changing nature of businesses and markets. Modern accountants must apply analytic tools and technologies such as robotic process automation in order to increase efficiency in accounting work at the level of value promotion, cost reduction, and the maximum efficiency of work procedures in order to create innovations. All of these factors combined define the role of “innovative accountants.”