A Study on Impact of big Data Analytics on Accounting Professionals

Abstract

The future will be determined by continual technological advancements, which will result in an ever-increasing need for real-time data analytics across all fields of time. The profession of accounting is not an exception to this rule. Now, accountants are required to employ computerised tools, such as big data analytics, rather of the manual procedures that were previously used. Big data analytics have an effect on almost every facet of accounting, including tax, audit and managerial accounting. It assists in locating numerous opportunities for advancing and analysing worldwide chances for accounting professionals, which is a huge benefit. Professionals in accounting should work to improve their talents in terms of both their technical and their analytical/statistical skills and knowledge. Accounting professionals may advance their careers by educating themselves on the advantages of big data as well as the risks and difficulties that arise from using big data. The purpose of this theoretical paper is to explore the impact that Big Data has had across the board in accounting. It places an emphasis on the necessity for transformation inside accounting companies in order for them to keep up with new technological approaches, as well as the opportunities and risks associated with analytics made possible by Big Data in accounting. The implications of big data for the accounting profession are another primary subject of the present paper. In addition to that, the opportunities that are open to professionals in the accounting field in the age of big data analytics are discussed in this paper as well. In a word, Big Data is expected to provide a great deal of potential in the field of accounting, which will need the accounting profession acquiring new skills in order to turn it into their primary area of expertise.