Accounting and Analytical Systems as an Integral Element of Contemporary Accounting

Saliy, Victoria V.; Ищенко, О. В.; Bush, Victoria G.; Gladysheva, Elvira G.; Abyzova, Elena V.

doi:10.1007/978-3-030-57831-2_80

Cited by 5 publications

(2 citation statements)

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“…Automation systems excel in managing vast datasets efficiently. They can categorize, organize, and retrieve data swiftly, providing accountants with a centralized and structured database for analysis and reporting (Saliy et al, 2020). RPA, a subset of automation, introduces the concept of software robots or 'bots' that mimic human actions in executing rule-based tasks (Santos, 2020).…”

Section: Automation In Accountingmentioning

confidence: 99%

The future of accounting: Predictions on automation and AI integration

Adeola Olusola Ajayi-Nifise,

Olubusola Odeyemi,

Noluthando Zamanjomane Mhlongo

et al. 2023

World J. Adv. Res. Rev.

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As we stand on the brink of a transformative era, the future of accounting is intricately linked with the rapid evolution of automation and artificial intelligence (AI). This review delves into predictions regarding the integration of these technologies into the accounting landscape. The impending future is characterized by the increasing reliance on automation to streamline routine tasks, enhance efficiency, and mitigate the risk of errors in accounting processes. Automation is poised to revolutionize traditional bookkeeping, data entry, and reconciliation, allowing accountants to redirect their focus towards higher-value analytical tasks. The integration of robotic process automation (RPA) is anticipated to facilitate seamless collaboration between human expertise and machine precision. In parallel, artificial intelligence is set to become a cornerstone of accounting practices, offering advanced capabilities for data analysis, pattern recognition, and predictive modeling. AI's ability to interpret complex financial data and discern meaningful insights positions it as a valuable tool for decision support. Predictive analytics powered by AI is expected to revolutionize forecasting, enabling accountants to make strategic decisions based on data-driven foresight. Furthermore, the rise of AI-driven chatbots and virtual assistants is predicted to redefine client interactions and support services. These technologies are anticipated to enhance customer experience by providing instant responses to queries, facilitating smoother communication, and offering personalized financial guidance. However, the integration of automation and AI in accounting raises important considerations. Ethical concerns, data security, and the potential displacement of certain job functions are pivotal aspects that demand careful examination. Striking a balance between technological advancements and preserving ethical standards will be a critical challenge in the future accounting landscape. In conclusion, the future of accounting is shaped by the convergence of automation and AI, promising a paradigm shift in how financial information is processed, analyzed, and utilized. While automation and AI bring forth unprecedented opportunities for efficiency and insight, their implementation necessitates a thoughtful approach to ensure ethical conduct and address the evolving role of accountants in this transformative journey.

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Section: Automation In Accountingmentioning

confidence: 99%

The future of accounting: Predictions on automation and AI integration

Adeola Olusola Ajayi-Nifise,

Olubusola Odeyemi,

Noluthando Zamanjomane Mhlongo

et al. 2023

World J. Adv. Res. Rev.

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“…The duty of KPI is to ease life for the enterprise's head, the business owner and regular employees (Bannykh, 2019;Saliy et al, 2021).…”

Section: Fields Of Controlling the Efficient Actions Of Accounting Of...mentioning

confidence: 99%

Creating efficient accounting for construction organizations utilizing key performance indicators

Aleksandrovich-Adamenko

Viktorovna-Koneva

2022

Rev. Invest. Univ. Quindío

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In the prevailing era, the pace and effectiveness of management decisions hugely depend on the pace of processing, collection, transmission, and analysis of data regarding financial outcomes shaped by the analytical and accounting system of organizations. It seems incredibly challenging to evaluate the duty and performance of the accounting unit. However, a means of properly-built key performance indicators (KPI) comes to the aid. The duty of KPI is to make life simpler for the managers of the organization, the business owners, and regular workers. This study aims to analyze the forming of efficient accounting for construction organizations utilizing key performance indicators (KPI). To that end, theoretical, empirical, monographic, statistical and economic, logical, and abstract approaches are utilized. Based on the results, KPI is regarded as the mathematical relation of the outcomes of the approaches and techniques of its implementation and also the quantity and quality of resources utilized. Considering calculating the dependence, one can perceive how close we are to attaining a specific aim and if we are heading toward the right trajectory.

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