Accountant in the Industry 4.0 Era: The Need for Multidisciplinary Skills
Abstract
Industry 4.0 impacts are severe to accounting field and its profession. The advent of Industry 4.0 technologies is revolutionizing the profession to another level. The automation of manual routine task, the emergence of data analytics, the application of blockchain technologies, the globalization and reforms in regulatory frameworks are reshaping accountants’ roles and direction under this new era. It forced accountants to diversify their knowledge beyond the field of accounting. Accountants are required to be an expert in various discipline and in different functions. In order to be cross-functional experts, accountants are demanded to acquire new skills that that were not previously required. For that reason, this study set to explore the new cross-disciplinary skills required for accountants in the era of Industry 4.0, which has been discussed and discovered from past literatures. At the same time, an analysis of transformation in accounting field driven by Industry 4.0 technologies is also included. This study is beneficial in providing meaningful insights on the impact of Industry 4.0 towards the accounting profession and preparing future accountants for the unexpected future. With this, it will help ensure future accountants are multidisciplinary experts and would remain current with industry trends.
Downloads
References
Abdullah, A., Aziz, A., Wan, N. Z. N., Razak, S., San, S., Saidi, N., Hussin, S. N. A., & Tumiran, S. D. (2023). The Employability Skills For Accounting Graduates In Digital Era. Education. Education, 5(17), 220-227.
Abu Asabeh, S., Alzboon, R., Alkhalaileh, R., Alshurafat, H., & Al Amosh, H. (2023). Soft skills and knowledge required for a professional accountant: Evidence from Jordan. Cogent Education, 10(2), 2254157.
Ahmad, A. S., Ismail, Z., Yusuf, R., Ahmad, N. L., & Ridzuan, N. L. (2022). Preparing Accounting Graduates for Their Unpredictable Futures: The Insights from Accounting Graduates. International Journal of Academic Research in Accounting Finance and Management Sciences, 12(1), 88–97.
Akhter, A., & Sultana, R. (2018). Sustainability of accounting profession at the age of fourth industrial revolution. International journal of Accounting and Financial reporting, 8(4), 139.
Alaqrabawi, M., & Alshurafat, H. (2021). Alignment between accounting graduates’ competencies and workplace needs: neo-correspondence perspective and meta-analysis. The 8th International Conference on New Ideas in Management, Economics and Accounting 77-89.
Andreassen, R.-I. (2020). Digital technology and changing roles: a management accountant’s dream or nightmare? Journal of Management Control, 31(3), 209-238.
Antoney, L., & Augusthy, T. J. (2019). Block Chain Accounting-The Face Of Accounting & Auditing In Industry 4.0. International Multilingual Journal of Science and Technology (IMJST), 4(8), 633-637.
Awang, Y., Taib, A., Shuhidan, S. M., Rashid, N., & Hasan, M. S. (2021). Examining Gender Differences on Technology Knowledge and Readiness towards Digitalization of Accounting Profession. International Journal of Academic Research in Business and Social Sciences, 11(10), 473-486.
Aziz, F. (2023). Data analytics impacts in the field of accounting. World Journal of Advanced Research and Review, 18(02), 946-951.
Bhimani, A., & Willcocks, L. (2014). Digitisation,‘Big Data’and the transformation of accounting information. Accounting and business research, 44(4), 469-490.
Brink, W. D., & Stoel, M. D. (2019). Analytics knowledge, skills, and abilities for accounting graduates. Advances in accounting education: Teaching and curriculum innovations, 22, 23-43.
Bücker, I., Hermann, M., Pentek, T., & Otto, B. (2016). Towards a methodology for Industrie 4.0 transformation. In Business Information Systems: 19th International Conference, BIS 2016, Leipzig, Germany, July, 6-8, 2016, Proceedings (Vol. 255, p. 209). Springer.
Burns, J., & Baldvinsdottir, G. (2005). An institutional perspective of accountants' new roles–the interplay of contradictions and praxis. European Accounting Review, 14(4), 725-757.
Byrne, S., & Pierce, B. (2007). Towards a more comprehensive understanding of the roles of management accountants. European Accounting Review, 16(3), 469-498.
Carraro, W. B. W. H., Bruxel, L. B., Momo, F. D. S., & Pinheiro, A. B. (2024). Developing Creative Accountants: How Does Design Thinking Promote Appreciation Of The Accounting Professional? Revista Catarinense da Ciência Contábil, 23, 1-20.
Chandra, T. (2018). Stock market reaction towards SPECT events using CAPM adjusted return. Opción: Revista de Ciencias Humanas y Sociales, 15, 338-374.
Chen, H. J., Yan Huang, S., Chiu, A. A., & Pai, F. C. (2012). The ERP system impact on the role of accountants. Industrial Management & Data Systems, 112(1), 83-101.
Chu, M. K., & Yong, K. O. (2021). Big data analytics for business intelligence in accounting and audit. Open Journal of Social Sciences, 9(9), 42-52.
Chukwuani, V. N., & Egiyi, M. A. (2020). Automation of accounting processes: impact of artificial intelligence. International Journal of Research and Innovation in Social Science (IJRISS), 4(8), 444-449.
Coman, D. M., Ionescu, C. A., Duică, A., Coman, M. D., Uzlau, M. C., Stanescu, S. G., & State, V. (2022). Digitization of accounting: The premise of the paradigm shift of role of the professional accountant. Applied Sciences, 12(7), 3359.
Coyne, E. M., Coyne, J. G., & Walker, K. B. (2018). Big Data information governance by accountants. International Journal of Accounting & Information Management, 26(1), 153-170.
Cunha, T., Martins, H., Carvalho, A., & Carmo, C. (2022). Not practicing what you preach: how is accounting higher education preparing the future of accounting. Education Sciences, 12(7), 432.
Daff, L., & Jack, L. (2018). Accountants’ proactivity in intra-organisational networks: a strong structuration perspective. Accounting, Auditing & Accountability Journal, 31(6), 1691-1719.
Daneshvar Kakhki, M., & Palvia, P. (2016). Effect of business intelligence and analytics on business performance. Paper presented at the Twenty-second Americas Conference on Information Systems, San Diego.
Davern, M., Weisner, M., & Fraser, N. (2019). Technology and the future of the profession. CPA australia, 1, 1-31.
Deloitte. (2017). The Fourth Revolution is now: are you ready? Future of Operations. D. LLP.
Drum, D. M., & Pulvermacher, A. (2016). Accounting automation and insight at the speed of thought. Journal of Emerging Technologies in Accounting Teaching Notes, 13(1), 3-13.
Fišerová, I. J. D. K. M. (2022). Current Challenges Of The Accounting Profession. The 16th International Days of Statistics and Economics, Prague, September, 8, 11.
Fogarty, T. J. (2018). Forces of change–Another perspective: A reply to Pincus et al.(2017). Journal of Accounting Education, 43(C), 40-42.
Ghasemi, M., Shafeiepour, V., Aslani, M., & Barvayeh, E. (2011). The impact of Information Technology (IT) on modern accounting systems. Procedia-social and behavioral sciences, 28, 112-116.
Gnatiuk, T., Shkromyda, V., & Shkromyda, N. (2023). Digitalization of accounting: implementation features and efficiency assessment. Journal of Vasyl Stefanyk Precarpathian National University, 10(2), 45-58.
Gonçalves, M. J. A., da Silva, A. C. F., & Ferreira, C. G. (2022). The future of accounting: how will digital transformation impact the sector? Informatics, 9(1), 19.
Goretzki, L., & Messner, M. (2019). Backstage and frontstage interactions in management accountants' identity work. Accounting, Organizations and Society, 74, 1-20.
Gotthardt, M., Koivulaakso, D., Paksoy, O., Saramo, C., Martikainen, M., & Lehner, O. (2020). Current state and challenges in the implementation of smart robotic process automation in accounting and auditing. ACRN Journal of Finance and Risk Perspectives, 9, 90-102
Gromova, E. A., Koneva, N. S., & Titova, E. V. (2022). Legal barriers to the implementation of digital industry (Industry 4.0) components and ways to overcome them. The Journal of world intellectual property, 25(1), 186-205.
Güney, A. (2014). Role of technology in accounting and e-accounting. Procedia-social and behavioral sciences, 152, 852-855.
Gustafsson, J., & Jerkinger, P. (2021). Automation in accounting: A study of impacts in accountants' practice and attitudes towards automated accounting. (Master Thesis in Business Administration Master Thesis). Jonkoping University, Sweden.
Haller, S. A., & Siedschlag, I. (2011). Determinants of ICT adoption: Evidence from firm-level data. Applied Economics, 43(26), 3775-3788.
Heang, L. T., Ching, L. C., Mee, L. Y., & Huei, C. T. (2019). University education and employment challenges: An evaluation of fresh accounting graduates in Malaysia. International Journal of Academic Research in Business and Social Sciences, 9(9), 1061-1076.
Hushko, S., Kulishov, V., Izmaylov, Y., & Subačienė, R. (2019). Trends of forming the accounting and analytical management system in the digital economy. Buhalterinės apskaitos teorija ir praktika(19), 1-17.
Huyen, V. T. N., & Anh, N. H. (2023). Digital Transformation in the Accounting Field in the Conditions of Technology Revolution 4.0. Int. j. adv. multidisc. res. stud., 3(5), 1350-1352.
Hyvonen, T., Järvinen, J., & Pellinen, J. (2008). Struggling for the New Role for Business Controller. University of Tampere Department of Economics and Accounting Working Paper, 1.
Islam, M. A. (2017). Future of Accounting Profession: Three Major Changes and Implications for Teaching and Research. In Future of Accounting Profession: Three Major Changes and Implications for Teaching and Research. International Federation of Accountants (IFAC).
Ismail, Z., Ahmad, A. S., & Ahmi, A. (2020). Perceived employability skills of accounting graduates: The insights from employers. Elementary Education Online, 19(4), 36-41.
Jackson, D., Michelson, G., & Munir, R. (2022). New technology and desired skills of early career accountants. Pacific Accounting Review, 34(4), 548-568.
Janvrin, D. J., & Watson, M. W. (2017). “Big Data”: A new twist to accounting. Journal of Accounting Education, 38, 3-8.
Järvenpää, M. (2007). Making business partners: a case study on how management accounting culture was changed. European Accounting Review, 16(1), 99-142.
Junger da Silva, R., Tommasetti, R., Zaidan Gomes, M., & da Silva Macedo, M. A. (2021). Accountants' IT responsibilities and competencies from a student perspective. Higher Education, Skills and Work-Based Learning, 11(2), 471-486.
Junquera-Varela, R. F., Lucas-Mas, C. Ó., Krsul, I., Calderon Yksic, V. O., & Arce Rodriguez, P. (2022). Digital transformation of tax and customs administrations (Junquera, Issue. T. W. Bank.
Karlsson, B., Hersinger, A., & Kurkkio, M. (2019). Hybrid accountants in the age of the business partner: exploring institutional drivers in a mining company. Journal of Management Control, 30, 185-211.
Karsten, I., Steenekamp, K., & Van der Merwe, M. (2020). Empowering accounting students to enhance the self-determination skills demanded by the fourth industrial revolution. South African Journal of Higher Education, 34(2), 36-58.
Kastberg, G., & Siverbo, S. (2016). The role of management accounting and control in making professional organizations horizontal. Accounting, Auditing & Accountability Journal, 29(3), 428-451.
Kaya, I., & Akbulut, D. H. (2018). Big data analytics in financial reporting and accounting. PressAcademia Procedia, 7(1), 256-259.
Kipilimba, T. F. (2024). Financial Reporting Revolution: How it Integration Drives Efficiency and Accuracy. Archives of Current Research International, 24(6), 534-557.
Kokina, J., & Blanchette, S. (2019). Early evidence of digital labor in accounting: Innovation with Robotic Process Automation. International Journal of Accounting Information Systems, 35, 100431.
Kotb, A., Abdel-Kader, M., Allam, A., Halabi, H., & Franklin, E. (2019). Information technology in the British and Irish undergraduate accounting degrees. Accounting Education, 28(5), 445-464. https://doi.org/10.1080/09639284.2019.1588135
Kwarteng, J. T., & Mensah, E. K. (2022). Employability of accounting graduates: analysis of skills sets. Heliyon, 8(7), 1-9.
Lazanis, R. (2020). Accounting Automation: The 2020 Annual Guide. FutureFirm. Retreived 9/9/2024, from https://futurefirm.co/accounting-automation/
Lee, C. S., & Tajudeen, F. P. (2020). Usage and impact of artificial intelligence on accounting: Evidence from Malaysian organisations. Asian Journal of Business and Accounting, 13(1), 213-239.
Leitner-Hanetseder, S., Lehner, O. M., Eisl, C., & Forstenlechner, C. (2021). A profession in transition: actors, tasks and roles in AI-based accounting. Journal of Applied Accounting Research, 22(3), 539-556. https://doi.org/10.1108/JAAR-10-2020-0201
Liu, J. (2022). Analysis on the Integrated Accounting System of Enterprise Accounting and Statistics in the Big Data Era. In MATEC Web of Conferences (Vol. 359, p. 01032). EDP Sciences.
Lohapan, N. (2021). Digital accounting implementation and audit performance: An empirical research of tax auditors in Thailand. The Journal of Asian Finance, Economics and Business, 8(11), 121-131.
Lupaşc, A., Lupaşc, I., & Zamfir, C. G. (2012). Impact of intelligent modern technologies in business. ECONOMIC SCIENCES SERIES, 12(1), 580-585.
Malaysian Institute of Accountant. (2020). Technology Adoption by the Accountancy Profession in Malaysia. Malaysian Institute of Accountant.
Marriott, P., & Marriott, N. (2003). Are we turning them on? A longitudinal study of undergraduate accounting students' attitudes towards accounting as a profession. Accounting Education, 12(2), 113-133.
Marrone, M., & Hazelton, J. (2019). The disruptive and transformative potential of new technologies for accounting, accountants and accountability: A review of current literature and call for further research. Meditari Accountancy Research, 27(5), 677-694.
Mohamad, S., Abdurrahman, A., & Keong, O. (2020). Blockchain technology: Implications for accountants. International Journal of Innovation, Creativity and Change, 10(11), 101-117.
Moll, J., & Yigitbasioglu, O. (2019). The role of internet-related technologies in shaping the work of accountants: New directions for accounting research. The British Accounting Review, 51(6), 100833.
O’Connell, B., Carter, A. J., De Lange, P., & Hancock, P. (2015). Shaping the future of accounting in business education in Australia. Melbourne, Australia: CPA, 1-121.
Oduro, S. (2020). Exploring the barriers to SMEs’ open innovation adoption in Ghana: A mixed research approach. International Journal of Innovation Science, 12(1), 21-51.
Ong, T., & Djajadikerta, H. G. (2019). Adoption of emerging technology to incorporate business research skills in teaching accounting theory. Journal of Education for Business, 94(7), 480-489.
Pan, G., Seow, P. S., Goh, C., & Lee, B. H. Z. (2019). Grooming the next generation of accounting professionals for the age of artificial intelligence (G. P. Clarence Goh, Seow Poh Sun, Benjamin Lee, Melvin Yong Ed.). Australia: CPA Australia Ltd.
Perera, K., & Undukoda, J. (2020). Skills and competencies required by a forensic accountant: an exploratory study conducted in sri lanka. International Journal of Accounting & Business Finance 6(2), 1-18.
Pincus, K. V., Stout, D. E., Sorensen, J. E., Stocks, K. D., & Lawson, R. A. (2017). Forces for change in higher education and implications for the accounting academy. Journal of Accounting Education, 40, 1-18.
Putri, E., & Dharma, A. B. (2016). Faktor-faktor yang mempengaruhi pemilihan karir mahasiswa akuntansi sebagai akuntan publik (Studi pada mahasiswa akuntansi di perguruan tinggi Surakarta). Seminar Nasional dan The 3rd Call for Syariah PaperSeminar Nasional 3, 634 - 640.
Raporu, A. (2016). Professional accountants–the future: Drivers of change and future skills ACCA https://www.accaglobal.com/content/dam/members-beta/docs/ea-patf-drivers-of-change-and-future-skills.pdf.
Renaldo, N. (2022). Optimizing Company Finances Using Business Intelligence in Accounting. Journal of Applied Business and Technology, 3(2), 209-213.
Renaldo, N., & Putri, N. Y. (2023). How business intelligence, intellectual capital, and company performance increase company value? Leverage as moderation. Journal of Applied Business and Technology, 4(1), 93-99.
Rieg, R. (2018). Tasks, interaction and role perception of management accountants: evidence from Germany. Journal of Management Control, 29(2), 183-220.
Rouwelaar, H. t., Bots, J., & De Loo, I. (2018). The influence of management accountants on managerial decisions. Journal of Applied Accounting Research, 19(4), 442-464.
Saxunova, D. (2017). Accountant And Auditor And Their Skills And Competences In Contemporary Environment. Social & Economic Revue, 15(2), 43-52.
Severini, F., Pretaroli, R., Socci, C., Zotti, J., & Infantino, G. (2020). The suggested structure of final demand shock for sectoral labour digital skills. Economic Systems Research, 32(4), 502-520.
Smith, P. (2020). At the heart of the accountant's role is the battle to make and keep businesses sustainable. (ACCA, Ed.). ACCA. https://www.accaglobal.com/gb/en/member/member/accounting-business/2020/06/insights/businesses-sustainable.html
Smith, S. S. (2018). Digitization and financial reporting–how technology innovation may drive the shift toward continuous accounting. Accounting and Finance Research, 7(3), 240-250.
Stancheva-Todorova, E. (2019). Are accounting educators ready to embrace the challenges of industry 4.0. Industry 4.0, 4(6), 309-312.
Ștefana, G. M., Trașcăa, D. L., Sahliana, D. N., Mataca, L., & Florinaa, P. A. (2022). The Current State of Romanian Universities Towards Emerging Industry 4.0. Accounting and Management Information Systems AMIS 2022, 7.
Sun, Z., Sun, L., & Strang, K. (2018). Big data analytics services for enhancing business intelligence. Journal of Computer Information Systems, 58(2), 162-169.
Tenyukh, Z., Pelekh, U., & Khocha, N. (2022). Application of digital technologies in accounting and auditing at enterprises of Ukraine. Scientific Bulletin of Mukachevo State University. Series “Economics, 9(4), 46-55.
Terblanche, E. A. J., & De Clercq, B. (2021). A critical thinking competency framework for accounting students. Accounting Education, 30(4), 325-354. https://doi.org/10.1080/09639284.2021.1913614
Thottoli, M. M. (2021). Knowledge and use of accounting software: evidence from Oman. Journal of Industry-University Collaboration, 3(1), 2-14.
Tiron-Tudor, A. (2023). Accounting Optimised Skill Set And The Fourth Industrial Revolution-The View Of Professional Accounting Bodies. Revista Economică, 75(2).
Tussibayeva, G., Sagindykova, G., & Amanova, G. (2023). Transformation of accounting in the digital economy and prospects for its development. ECONOMIC Series of the Bulletin of the LN Gumilyov ENU(4), 289-300.
Umezulike, A. N., & Nweke, U. S. (2023). Auditing And Investigation Skills Required Of Accounting Education Graduates For Effective Job Performance In The Labour Market. Multidisciplinary Journal Of Vocational Education & Research, 5(1), 234-244.
Wadan, R., Teuteberg, F., Bensberg, F., & Buscher, G. (2019). Understanding the changing role of the management accountant in the age of industry 4.0 in Germany. Paper presented at the Proceedings of the 52nd Hawaii International Conference on System Sciences, Hawaii.
Wilson, R., & Sangster, A. (1992). The automation of accounting practice. Journal of Information Technology, 7(2), 65-75.
Winoto, A., Meiryani, M., & Reyhan, R. (2023). The Impact of Big Data on Financial Reporting. Journal of Applied Finance and Accounting, 10(1).
Yasinska, A. (2021). Accounting Procedures Digital Transformation For Business Processes Improvement. Economics, Entrepreneurship, Management, 8(2), 44-50.
Younis, N. M. M. (2020). The impact of big data analytics on improving financial reporting quality. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(03).
Zheng, S. (2019). Financial management innovation of electric power enterprises based on robotic process automation. In 3rd International Seminar on Education Innovation and Economic Management (SEIEM 2018) (pp. 207-210).
