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The Opportunities and Challenges of the New Technology Introduced in Accounting Profession

In: Proceedings of the 2022 3rd International Conference on Big Data Economy and Information Management (BDEIM 2022)

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  • Siqi Yu

    (Lancaster University)

Abstract

The process of introducing new technologies into various industries keeps building rapidly in recent years and the tendency has already spread to the accounting profession as well. The existing technologies bring the accounting profession significant changes as well as potential risks and unknown challenges at the same time. By using secondary research and a data analysis, this study focuses on the three new technologies, blockchain, cloud computing, and big data, to discuss both the strengths and weaknesses they take to the accounting industry. This paper also looks at the effect on students and workers in the accounting area after the application of new technologies and whether there are any possibilities that these new technologies can replace human. To conclude, the opportunities brought by the introduction of new technologies in the development of the accounting profession outweigh the related risks. All employees in the accounting industry should take a positive attitude to face this technology revolution.

Suggested Citation

  • Siqi Yu, 2023. "The Opportunities and Challenges of the New Technology Introduced in Accounting Profession," Advances in Economics, Business and Management Research, in: Seifedine Kadry & Yingchen Yan & Junjie Xia (ed.), Proceedings of the 2022 3rd International Conference on Big Data Economy and Information Management (BDEIM 2022), pages 405-420, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-124-1_48
    DOI: 10.2991/978-94-6463-124-1_48
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