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Accounting Profession

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Accounting Profession

The rise of organized communities and societies in the world led to the revolution of technology for markets and industries. One such affected profession is accounting both as an industry and a market necessitating the need for a change due to digital technologies. According to Hoffman (2017), digitization is most likely to affect or is already affecting the accounting market in three ways. These ways include the eXtensive Business Reporting Language (XBLR) for financial reporting, Artificial Intelligence and knowledge-based systems, and finally, ledgers that are distributed on the basis of the blockchain. Ideally, this is clear proof and dawn to the accounting profession that digital business models require the accountants to have sharper and more reliable goals. The XBLR structure for reporting financial status digitally is a global framework aimed at facilitating the exchange of business information. Currently, such information is freely available to everyone. Contrary to the past, where financial reports were only readable by humans, the future of accounting is one where the reports will be both human and machine-readable.

The application of digital models in accounting to include robotics and artificial intelligence is the center of technological disruption. The most reliable and executed structure is Robotic Process Automation. Automation and Artificial Intelligence is currently being preferred more than traditional accounting skills. Robots and other automated systems have been structured to not to take away jobs but to rather avoid human errors and simplify the handling of complex accounting duties. In accounting, these complex duties include a collection of customer transactions and therein compile them into tax returns and financial statements. Lavelle (2019), the implementation of automated processes conducted through robotics shall lead to the saving of 25,000 hours in a year for a 40 member team of accountants. These hours are saved due to the avoiding of rework. However, the time saved can be used for valuable tasks such as analysis and forecasting while consequently increasing the engagement and reduction of staff turnover. Despite these adverse effects, automation brought about by the digitization of accounting leads to the ease of hefty work to the accountants in their to-do list. Accountants should consider digitization as an opportunity to grow their expertise rather than a challenge. The professionals should appreciate the fact that automation takes over repeatable tasks such as the preparation of tax forms and payrolls. Therefore, the accountants should equip themselves with more knowledge on analysis of the prepared data as companies will require humans to double-check the work. The best accounting professionals will be chosen to play advisory roles in the implementation stages. The accountants should focus more on the execution of the strategic tasks such as planning and analysis, or financial risk management.

The blockchain-based distributed ledgers is another technological innovation in the accounting profession that is shaping both the current field and indications are that it will affect future jobs. Blockchain can be defined as a shared database comprised of a series of data that is time-stamped and cannot be changed over time hence, it guarantees data safety. The blockchain technology is considered a decentralized system because it is considered to have no master. Blockchain technology is completely online hence there are no transaction costs since it works without third parties. It works on the basis of an ideology where the records are tied together into blocks and then they are individually added into the chain. Companies are currently exploiting this option, although it is in an early stage. The main advantage of blockchain in the accounting industry is the efficiency of asset and data transfer since there are no third parties in the process. Other advantages include the increase in the level of security and privacy both to the clients and the accounting companies, it makes a reality the removal of time-consuming tasks such as paperwork, and it also enhances precision and comprehensiveness of financial records. However, the most outstanding challenge to blockchain technology is Cybersecurity. Millions of computers are connected to the system hence the information is available to anyone. The companies will have to invest in the proper management of cybercrime and in so doing provide opportunities. Accountants should train on how to better manage Cybersecurity related issues through the diversification of skills. Blockchain technology presents an opportunity for cyber auditing to auditors (Half, 2018). The diagram below simplifies the opportunities that the blockchain technology presents to the accounting industry in terms of auditing.

 

Technically, technology reduces the need for traditional and rules-based accounting skills while the demand for financial analysis and strategy increases. Therefore, accountants need to diversify their skills considering the fact that offering financial advice and running algorithms requires knowledge and skills. The accountants should become more familiar with the advanced features including forecasting and analytics. These programs are normally offered by accounting software providers. The familiarization of concepts and skills will ensure that the accountants are equipped to better interpret and translate the provided data considered to be deep. When properly equipped with this knowledge, the interpreted data can be easily turned into actionable advice. Cybersecurity is another massive challenge to the accounting profession as discussed above. To ensure their relevance in the industry, accountants should focus on personal responsibility to protect the data that goes beyond the company walls. This data should include all their contacts in the system they manage, such as clients, service providers, and the employees. To enhance cybersecurity, accountants should always update the accounting software immediately they receive a notification of an update. Updates are usually engineered to patch security vulnerabilities while presenting new features for efficiency. The accountants should also restrict the user access for specific data and systems such that they are only accessible to authorized personnel. Additionally, the accountant should take the precaution of moving everything to the cloud as it is significantly more secure than traditional data centers. If accounting professionals can abide by the guidelines above, they will be able to survive the technological revolution and enjoy a simplified management approach as the automated systems make work easier.

Question B

The use of digital technology in learning entails the use of computers and technology-assisted strategies to support learning within schools. The Digital Business Models topic has preferentially changed my perspective of career preparation as most industries if not all are moving to digital. In a school setting, technology can be subdivided into technology for students and technology for teachers. Technology for students refers to technology engineered to enable effective learning such that learners can use programs or applications specifically designed for problem-solving or open-ended learning. Technology for teachers, on the other hand, refers to the provision of services that enhance learner-teacher interaction such as the interactive whiteboards and learning platforms. The Digital Business Models course has emphasized the dynamic of the employment market most notably its reliance on technology to simplify task execution. From the course, I have been enlightened about the current situation of the job market and the possible structure of the future. I am currently focusing on improving my technology expertise so that my relevance cannot be outdone by the change of structures and job requirements.

From my assignment on a profession that has been and will continue to be affected by the digital developments, I dealt with the effect of digitization on the accounting profession and industry. Technological advancement is rendering more accountants redundant considering the simplification of tasks and reduction of employee turnover. Such technologies as the blockchain are restructuring the accounting field dictating the need to advance individual skills. The blockchain technology works purely online with no third parties. This strategic technology minimizes the number of employees within the accounting industry as most transactions are online-based. This has challenged me to equip myself with the necessary technology for better advancement and ensure there is relevance. The advantages that accompany the blockchain technology is massive as it reduces the cost of operation. Fewer employees with exemplary performance will be retained while the rest will be laid off. This seems to be the new trend across all the professions therefore, I find it necessary to familiarize myself with blockchain technology. This will play a bigger role in my offering advice and solutions to the problems faced by the company I might be employed at. The knowledge-based systems where artificial intelligence and automation is the key to the change in business models renders many accountants redundant. The accountants will need to gain more expertise by means of going back to class or taking webinars from their accounting software providers. The automation of operation will require the major performer who will be tasked with checking the compliance rate of artificial intelligence. This will mean the need to have the technical know-how for the analysis of the produced results. Consequently, it is still based on the technical advancement of an individual’s level of commitment and knowledge.

Additionally, the delivery of knowledge at school has been a combination of both faces to face and online classes. The school has embraced the provision of platforms such as the institutional portal and website where a student can interact directly with the lecturer without necessarily meeting in person. This mode of meeting saves on time as the student and the teacher are able to save on the cost of traveling to the school premises for a simple meeting that can be conducted virtually. This idea is based on technology for learners and technology for the teacher. The face to face mode of class attendance is important as it ensures complete concentration compared to other distractions that can be encountered at home or in the students’ places of residence. However, online interaction has overly boosted my knowledge in the course as I can contact the lecturer at any time to clarify certain aspects of the class. The submission of assignments has been simplified through the online submission through the portal. I can be able to submit the assignment to the lecturer and ask for clarification before the final submission. Consequently, assignment feedback from the lecturer through the pre-recorded videos pin-pointing the points that I may have missed is educative and interactive. The online portal allows me to access my progress and the notes online rather than the hectic procedure to have to visit the school library in person. The website library section enables the student to search specific course material using the filter tool. The possibility of accessing my course material enables me to have a flexible timetable and I can balance between other activities and still concentrate on my studies. The online class attendance and lecturer interaction together with peer interaction have instilled in me a high value of personal responsibility. The mode of knowledge dissemination creates that sense of responsibility such that the student is aware that their discipline will determine their success rate. Currently, the world is being faced with the COVID 19 pandemic that has overhauled the normal operation of institutions. Despite these tough times, we were still able to virtually attend class and cope with the situation. This explains the advantage of technological models of operations as it allows for continuity of routine.

In conclusion, digitalization has had a global impact on the conducting of routine responsibilities within professions. The advancement and restructuring of the industries lead to saving on cost while ensuring efficient service delivery. Professionals and students should focus on improving their technological know-how to boost their relevance in the competitive job market. Even though technology renders some of the professionals redundant it also plays a crucial role in creating opportunities. The knowledge-based systems will need technical expertise for proper operations and counter checking of the results. Therefore, digital business models is an important course that aims to pass knowledge to the students on the market dynamics brought about by technology. Learning institutions are also gaining a lot and restructuring allowing for save of time and money that could be spent in operation.

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