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Running Header: Impact of IOT and Robotics on Accounting
Title: Impact of IOT and Robotics on Accounting
Presented BY:
Presented To:
Date: 14/09/2017
Introduction:
Internet of Things and Robotics are two recent time phenomenon drastically changing the industrial operational frame work these days. Accounting profession and the practices of Accounting are not exemption to these phenomena. IOT and Robotics do have impactive effect on the way the accounting profession is going on and the practices being employed in. The following part of the write-up is aimed at discussing the impact of these factors on Accounting in specific. Particular focus is made to discuss the initiatives made by the accounting profession and in particular the Big 4 accounting firms to respond to the impact of the Robotics and the internet of Things (IOT). All the discussion provided is supported by evidential information as applicable. Particular focus is done on international accounting organizations and Big 4 companies (Galarza, 2017).
Relevance of IOT and Robotics to accounting profession:
Conceptually IOT is a simple idea where in all the devices are well connected and extensive data connectivity will rule the life. Practically speaking billions of devices will be well connected with information superhighway and with subsequent optimized decisions for better life will makeup the new life. Accounting profession will also get impacted by IOT. IOT with extensive data connectivity to the accounting software in real life will provide new insights to the profession as well will provide value addition. Infact IOT connected accounting software will make it more profitable to the clients. Hence the professionals related with Accounting need to be geared up to stay and work in the new environment in the new service driven environment, empowered by intelligent systems and where empowerment became the driving force. Implications of the IOT to CPAs will be wide and
oad. Some of the major requirements will be the need for CPAs to equip with the means to collect the information from the sources different from the traditional sources. Rather than collecting the accounting information from the clients and client firms, online devices will float the real time accounting data to the accounting professionals in real time. This infact will have several real time strategic changes to be adapted to their operational profile. CPAs are required to tune their operations more or less for the sake of decision support to the clients. They need to collect the data from real time systems and this inturn will be analyzed and advise will be made to the client to enable better strategies for the sake of optimizing return on investment. Business process design and data analytics profile will change drastically with the advent of IOT into the profession. Clients will need the professional help of CPAs to configure their dashboards which will be aggregating the data received from the IOT devices (Dai, 2017). The role of CPAs will also be extended to provide professional advice regarding the security aspects of the IOT devices, which are particularly monitored and connected with third party operators. The role of CPAs will be more instrumental for in the world of IOTs, for better digital experience of clients. Next to IOT device deployment more impactive change coming in the horizon is the advent of Robotics. Robotics and automation will impact the life drastically for accountants and accounting profession. Accounting is not an exemption and automation will take over the accounting profession as well. As per the article in the financial times, next to telemarketers, accountants and auditors are at the second highest risk due to automation. B4 companies have already started taking up the AI tools for replacing the work of the fresh graduates in the organization. This is a definite indication of the possible drastic reduction in the manpower in the coming years with the full-fledged involvement of IOT and Robotics. But still the implications need not always be negative and severe, there are ways to come out, Accountants and auditors can think of climbing up with acquiring new skills, which will eliminate the risk of obsolescence. The shift can be towards more strategic and analytical roles than the cu
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