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The Impact of the Digital Revolution on the Accounting Profession, by Wolters Kluwer

The Impact of the Digital Revolution on the Accounting Profession is brought to you by Wolters Kluwer

There is an accelerating and disruptive digital technology transformation in progress. It is referred to as the “digital revolution”. It can potentially adversely impact an organization’s competitiveness and will be replacing employee jobs with computers. The accounting profession needs to prepare itself for substantial change and a threat to jobs in accounting. Vulnerable jobs are transactional ones (e.g., payroll, payables, receivables, auditing, filings).

Digital transformation is not exclusively about physical robots, but also about software robots that perform functions that white collar employees perform. Digital transformation presents great potential but also raises concerns. It can provide invaluable business enhancements, but also be a threat to one’s job security. Join Gary Cokins, CPIM, as he walks through the threats and effects of digital revolution on accounting profession.

Publication Date: January 2022

Designed For
CFOs, CxOs, Financial officers and controllers, Managerial and cost accountants, Financial and business analysts, Budget managers, Strategic planners, Risk managers, CIO and information technology staff, and Board of Directors,

Topics Covered

  • Overview — Maturity Stages of Analytics
  • What is Business Analytics…and Why?
  • The Digital Revolution — Opportunities and Threats
  • 5 Effects of Digitization on Accountants
  • Benefits and Summary

Learning Objectives

  • Recognize how artificial intelligence (AI), robotic process automation (RPA), and machine learning will impact jobs in accounting
  • Identify why this impact can be a threat, but also an opportunity
  • Describe the continuum of business analytics
  • Identify skills needed to embrace digital automation
  • Recognize impacted functions: transactional, period end closing, auditing, regulatory filings
  • Identify how to mitigate risks from digitalization automation
  • Describe the five effects of automation on accounting
  • Recognize which type of analytics are included within the future view of the analytical continuum
  • Identify which strategies relates to improving process efficiencies, unique access to low-cost inputs, vertical integration, avoiding certain costs, etc.
  • Describe the top end of the analytics continuum
  • Describe correct statements regarding the effects of automation on accounting
  • Identify the lowest point on the intelligence hierarchy

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