EFFECT OF THE FOURTH INDUSTRIAL REVOLUTION ON ACCOUNTING AND ACCOUNTING SERVICES

„AGRIMATCO“ doo, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina


Abstract

The accounting industry is one of the sectors that is forced to use the growth of artificial intelligence and machine learning. The sector has already accepted automation, with intelligent software that removes the traditional aspect of the accounting role. The state is already implementing the digital tax system and has encouraged accountants across the country to face the way in which they observe and use technology every day. The world in which accountants connect with clients, cooperate, communicate and collect information is transforming. This creates the potential for automation, innovation, but also certain disruptions. Many are already discussing how to use technology to start business success, maximize the benefits of the "cloud" technology, and how to best approach investment decisions in technology. For some individuals, these trends represent the perfect opportunity to automate manual tasks, provide additional value for clients, and set up practices or business for the future. But for others, technological advances have led to significant barriers, including increased costs, time commitments and training requirements. However, regardless of the degree of individual eagerness or unpreparedness on the growth of machine learning and artificial intelligence, all signs indicate that accounting will continue its revolutionary path. But what does this mean for the role of accountants and accounting?

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