Industry 4.0 and accounting: directions, challenges, opportunities

Onyshchenko, Oksana; Shevchuk, Kateryna; Shara, Yevheniia; Koval, Natalia; Demchuk, Olena

doi:10.14807/ijmp.v13i3.1993

Cited by 5 publications

(4 citation statements)

References 32 publications

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“…The 25-34 age group came in second, representing 36.8% of all responses. The youngest age group (18)(19)(20)(21)(22)(23)(24) had the lowest participation percentage, at 4%. The majority of respondents (82%) had a Bachelor's degree, suggesting a well-educated population.…”

Section: Findings and Discussionmentioning

confidence: 99%

Accounting Profession in Iraq in light of Industry 4.0 Challenges and Benefits

Alkoutaini,

Ramadhan,

Walid

et al. 2024

JEDEP

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This study explores the challenges and advantages of adopting Industry 4.0 technology in Iraq's accounting profession. The research used questionnaires to gather data from accountants in various industries. The findings suggest that Iraqi accountants are not adequately prepared for Industry 4.0. The study identifies key challenges including digital integration, technical difficulties, lack of skills, cybersecurity concerns, limited budgets, and regulatory constraints. However, there are also potential benefits such as improved efficiency, expanded services, accurate reporting, real-time data analysis, collaboration, increased accessibility, and simplified auditing

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Section: Findings and Discussionmentioning

confidence: 99%

Accounting Profession in Iraq in light of Industry 4.0 Challenges and Benefits

Alkoutaini,

Ramadhan,

Walid

et al. 2024

JEDEP

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“…Given that most AI-based forecasting studies concentrate on profit and loss or cash flow, the forecasting of future balance sheet figures is a major research gap. In addition, the utility of other technologies such as robotic process automation for AI-based automated forecasting purposes has been inadequately investigated (Onyshchenko et al. , 2022).…”

Section: Discussion and Open Researchmentioning

confidence: 99%

Forecasting in financial accounting with artificial intelligence – A systematic literature review and future research agenda

Kureljusic

Karger

2023

JAAR

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PurposeAccounting information systems are mainly rule-based, and data are usually available and well-structured. However, many accounting systems are yet to catch up with current technological developments. Thus, artificial intelligence (AI) in financial accounting is often applied only in pilot projects. Using AI-based forecasts in accounting enables proactive management and detailed analysis. However, thus far, there is little knowledge about which prediction models have already been evaluated for accounting problems. Given this lack of research, our study aims to summarize existing findings on how AI is used for forecasting purposes in financial accounting. Therefore, the authors aim to provide a comprehensive overview and agenda for future researchers to gain more generalizable knowledge.Design/methodology/approachThe authors identify existing research on AI-based forecasting in financial accounting by conducting a systematic literature review. For this purpose, the authors used Scopus and Web of Science as scientific databases. The data collection resulted in a final sample size of 47 studies. These studies were analyzed regarding their forecasting purpose, sample size, period and applied machine learning algorithms.FindingsThe authors identified three application areas and presented details regarding the accuracy and AI methods used. Our findings show that sociotechnical and generalizable knowledge is still missing. Therefore, the authors also develop an open research agenda that future researchers can address to enable the more frequent and efficient use of AI-based forecasts in financial accounting.Research limitations/implicationsOwing to the rapid development of AI algorithms, our results can only provide an overview of the current state of research. Therefore, it is likely that new AI algorithms will be applied, which have not yet been covered in existing research. However, interested researchers can use our findings and future research agenda to develop this field further.Practical implicationsGiven the high relevance of AI in financial accounting, our results have several implications and potential benefits for practitioners. First, the authors provide an overview of AI algorithms used in different accounting use cases. Based on this overview, companies can evaluate the AI algorithms that are most suitable for their practical needs. Second, practitioners can use our results as a benchmark of what prediction accuracy is achievable and should strive for. Finally, our study identified several blind spots in the research, such as ensuring employee acceptance of machine learning algorithms in companies. However, companies should consider this to implement AI in financial accounting successfully.Originality/valueTo the best of our knowledge, no study has yet been conducted that provided a comprehensive overview of AI-based forecasting in financial accounting. Given the high potential of AI in accounting, the authors aimed to bridge this research gap. Moreover, our cross-application view provides general insights into the superiority of specific algorithms.

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“…They can be claimed to be the future of accounting since technology will play a significant role in the new era of accounting work (Kramer, et al, 2017). Industrial Revolution 4.0 bring importance to the accounting information system, for example, the use of data analytics to support accounting information and integration of business databases to generate a financial forecast for the companies (Onyshchenko, et al, 2022). Therefore, accounting professionals nowadays are also forced to understand how various IT innovations can impact the accounting work (Thuan, et al, 2022).…”

Section: Brief Hypothesis Developmentmentioning

confidence: 99%

Quality of Accounting Knowledge and Its Impact on Profession

2023

qas

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The purposes of this research are (1) to describe how millennials view accounting knowledge and the accounting profession and ( 2) to investigate whether their view of accounting knowledge affects the accounting profession. A survey was conducted online and obtained responses from 342 undergraduate and postgraduate accounting students across Indonesia. The data were analysed using descriptive analysis and multiple linear path analysis. The results showed that a paradigm shift has already happened among millennials. Financial and managerial accounting are not essential nowadays, while auditing, taxation, information systems, general economics, and business knowledge are deemed to be more important. Although millennials still view the accounting profession positively, the results also indicated that the accounting profession needs to adjust to millennials' demands. This research implies that the millennials currently view the accounting profession not just based on how it implements the traditional core courses of basic accounting science but also on how it implements more practical aspects of accounting science and its integration with business and management. This research provides early evidence of the adjustments that accounting educators and professionals need to make if they want to maintain the high value of accounting knowledge and the profession in the current situation.

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Industry 4.0 and accounting: directions, challenges, opportunities

Cited by 5 publications

References 32 publications

Accounting Profession in Iraq in light of Industry 4.0 Challenges and Benefits

Accounting Profession in Iraq in light of Industry 4.0 Challenges and Benefits

Forecasting in financial accounting with artificial intelligence – A systematic literature review and future research agenda

Quality of Accounting Knowledge and Its Impact on Profession

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