Abstract
One of the major advancements in information technology (IT) is the use of IT tools to perform accounting functions and processes. In this paper, we provide discussions on how IT has affected the accountancy profession. We argued that the traditional duty of accountants is the preparation of financial statements, and consequently, several tasks are carried out throughout that function. In the pre-IT era, accountants were faced with delays in transaction processing and reporting, continuous errors and misstatements, and difficulty in storing large data on papers. However, following the emergence of sophisticated IT tools, accountants in the IT era are now able to prepare and present financial statements more timely and accurately. The availability of the internet has also increased access to financial reports by external users. This paper further argues that in light of the continuous advancements in IT, future accountants and accounting processes are likely to; be cloud-based, communicate with and through Artificial Intelligence machines; invest in Big Data and cyber-security, and explore the potentials of Virtual Reality and Augmented Reality in meeting users’ information needs. Hence, accountants and accountancy firms are advised to embrace new IT skills and tools, and keep up with technological trends. Key words: Accountant, information technology, accountant, information technology, cloud computing, artificial intelligence and the big data.
Highlights
It is not debatable to say that a lot has changed in the accounting profession in the past few decades, especially following the emergence of information technology (IT)
This and many more file-related worries of accountants have been completely erased by technologies today- and these technologies are still evolving, which raises a lot of questions about the position of accountants in this IT era
Accounting is the art of recording, classifying and summarizing and reporting information, and interpreting the results in a manner that will facilitate decision making by users (Dandago and Rufai, 2014)
Summary
It is not debatable to say that a lot has changed in the accounting profession in the past few decades, especially following the emergence of information technology (IT). Today‟s accountants are exploiting emerging technologies to help them complete their tasks more effectively, efficiently, accurately and timely or : from the incised clay tablets of the Sumerian scribes, through the adding machines of the 19th century, to the calculators and computers of the 20th century. All of these technological developments were simple propositions by comparison with the well sophisticated current technologies that are rapidly reshaping the accounting profession in general, and accountants in particular. The remainder part of this study will be organized into discussions on the implications of information technologies for practicing and aspiring accountants
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