Authors: Dr. SATHYANARAYANA GARDASU1, Dr. KRANTHIKUMAR ANANTHOJU2, MUSKAN MALHOTRA3 and ADIMA JAIN4
Abstract
In today's world, business operations have become increasingly digitalized to align with the global trend towards digitalization. Accounting is a language of business. The double-entry system of bookkeeping had its origins in Italy and was developed by Luca De Bergo Pacioli in the year 1494. Luca De Bergo Pacioli, who made substantial contributions to the field of accounting. So, he was called as father of accounting. In India Chanakya, the famous Indian philosopher and economist, wrote the "Arthashastra" in the 2nd century B.C., during the Mauryan Empire. Chanakya gave insightful counsel and thorough instructions on the fundamentals and procedures of keeping record books for accounting purposes in this ancient work. The accounting profession is about to undergo a technology transformation that might drastically alter the discipline in the global. Rapid technological improvements are causing a fundamental upheaval in the accounting profession. The disruptive potential of emerging technologies in the accounting profession is explored in this research piece. The main objective of this study is to examine the impact of technologies on future financial reporting/ future accounting. emerging trends like artificial intelligence, blockchain, data analytics, and cloud-based solutions have on decision-making, data integrity, accounting procedures, and the function of accounting professional. Based on a thorough analysis of previous research, case studies, and interviews with experts, this study offer insights into how technology is now being adopted in the accounting industry. We looked at the consequences of these technical advancements for the work of accountants in the digital age, as well as the opportunities and problems they bring. Primary data were gathered from top Indian firms such as Wipro Ltd, Infosys Ltd, TCS, and Tech Mahindra Ltd. The study polled 75 people, including chartered accountants, accountants, and financial analysts. Among these, 60 respondents identified as male, and 15 as female. To examine the acquired data, relevant statistical procedures were used, such as percentage calculations and the chi-squared test. These analytical tools were used to analyze potential correlations and trends in the dataset, with a particular emphasis on respondents' gender distribution and any detected patterns in their professional jobs within the surveyed organizations. It is observed that that there is a positive impact of technology in accounting and auditing practices. It is also found that there is a technology, improve financial reporting. It means there is a positive technology improvement in financial reporting.
Keywords: Digital Technologies, AI, MI, Blockchain Technology, Accounting, Auditing.
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