SOCIAL IMPACT OF AUTOMATED ACCOUNTING SYSTEMS: A REVIEW: ANALYZING THE SOCIETAL AND EMPLOYMENT IMPLICATIONS OF THE RAPID DIGITIZATION IN THE ACCOUNTING INDUSTRY
DOI:
https://doi.org/10.51594/farj.v6i4.1069Abstract
This study examines the social impact of automated accounting systems, focusing on the implications for employment, ethical considerations, and broader societal effects. Employing a systematic literature review combined with content analysis, the research draws on recent academic articles, industry reports, and regulatory documents published between 2015 and 2024. The methodology aims to capture a comprehensive view of how automation and artificial intelligence (AI) are reshaping the accounting profession. Key findings reveal that automation acts as a dual-edged sword: it enhances efficiency and accuracy, enabling accountants to focus on higher-value strategic roles, but also raises concerns about job displacement for roles centered on manual tasks. Ethical and privacy considerations emerge as critical issues, necessitating robust frameworks to ensure data protection and maintain trust. The future landscape of accounting is poised to be significantly influenced by ongoing technological advancements, with a transformation in employment patterns and a heightened focus on ethical standards. To navigate this transition, the study recommends strategic initiatives for stakeholders, including updating educational curricula to include relevant digital age skills, developing regulations to address ethical and privacy concerns, and fostering industry collaboration to establish best practices. Lastly, the study underscores the transformative potential of automated accounting systems, highlighting the need for a balanced approach that leverages technological advancements while addressing associated challenges. Future research is encouraged to explore the long-term impacts of automation on the profession, focusing on employment patterns, ethical standards evolution, and societal implications.
Keywords: Automated Accounting Systems, Employment, Accounting Industry, Digital Transformation.
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Copyright (c) 2024 Temitayo Oluwaseun Jejeniwa, Noluthando Zamanjomane Mhlongo, Titilola Olaide Jejeniwa
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