Accountancy Profession In A Digital World – Transformation In Progress

The global economy has been experiencing enormous transformation in recent years. Technology and innovations have enabled organisations to reconsider their business models to satisfy the more specific market needs and the higher social expectations. Digital innovations such as robotic automation, generative artificial intelligence and developed digital platforms have already started reconfiguring traditional business operations. This whole change will not only enhance organizational efficiency but will also bring new potential for additional sustainable value. For sure this will be a change for the better and will leave a permanent footprint on the accountancy profession, being the “language of business”. The purpose of this paper is to analyze the effect of new technological innovations on the role of the professional accountant. To meet the new rapidly shifting expectations, the way in which the accountancy profession is being practiced needs to be transformed and this paper will try to examine the general trends and challenges in this process of transformation. The main finding in this study is that the adoption of new technologies would rather increase than decrease the importance of accounting experts and it is crucial for them to adapt and acquire new digital skills, strategic understanding and a lifelong learning attitude to grasp the opportunities, which the new digital world is bringing to them.