Abstract
This study identifies the new accounting technologies into Cloud, Artificial Intelligence, Big Data, and Blockchain, and introduces the case of Korean companies applying new technologies to their accounting process. The purpose of this study is to help understand accounting technologies and provide examples of the adoption of these technologies in actual practice. To achieve this aim of the study, a systematic review of the literature of the major academic publications and professional reports and websites was used as a research methodology. In order to select the cases, it performed the analytical process of reviewing Korean major business and economic newspaper articles. This study provides evidence from Korea to companies contemplating the transformation of their accounting process using technology. Such companies can consider the cases presented in this study as a benchmark. It also offers guidance for the application of technologies to accounting practices for businesses and related researchers. The technology transformation is expected to be accelerated, especially after COVID-19. Therefore, it is necessary to understand and explore ways to effectively apply them. Further, while new technologies offer many opportunities, associated risks and threats should be addressed.
Highlights
In recent years, the technological advance of Artificial Intelligence (AI), Big Data, and Cloud has become the core of the era of Industry 4.0 worldwide
Orion’s sales and operating income in the first quarter increased by 7% and 29%, respectively, from the same period last year, and this result was derived from the use of cloud-based Post of Sales (POS) (The definition of Post of Sales (POS) is a retail store, a cashier at the store, or the location where the transaction occurred
This study discusses the case of Korea introducing new technology into accounting
Summary
The technological advance of Artificial Intelligence (AI), Big Data, and Cloud has become the core of the era of Industry 4.0 worldwide. This new trend has reduced the need for employment in specific areas, and the possibility of changing industrial structures has been greatly addressed (Frey and Osborne, 2017) [1]. A process that required a considerable amount of time in the past can be done instantly These new technologies have already been introduced in various areas. The new technologies have been adopted in corporations and in private sectors including autonomous driving, business support, and marketing, and in national institutions and public sectors such as education, finance, fintech, medical care, environment, security, the military, and so on
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