Term paper on

Volkswagen Emissions Scandal

Course Title
Legal Environment of Business
Course Code: BUS 6307

Submitted To
Farhana Ferdousi Aziz
Assistant Professor
Department of Business Administration- General
Bangladesh University of Professionals (BUP)

Submitted By
Fariah Ahsan Rasha
ID: 2223021016
Konfus Fatema Shorna
ID: 2223021048
Shehniza Islam
ID: 2223021058
Umme Tanjina
ID:2223021062
 A Term Paper
On
“Volkswagen Emissions Scandal”
 Letter of Transmittal
Date: 31 October,2022
To
Mafi Rahman
Lecturer
Dept. of Business Administration- General
Bangladesh University of Professionals (BUP)

Subject: Submission of Term paper on

Esteemed Madam
With due respect and great pleasure, we submit our term paper on Diversity, Inclusion & Equity Program of
Sajida Foundation. Our focus of the study is to understand the diversity, inclusion & equity program of
Sajida foundation. We have found the study to be quite interesting, beneficial, and insightful. We have tried
our level best to prepare an effective and creditable paper. We have tried our level best to follow the
guidelines that you have provided. The whole experience of this enabled us to get an insight into the real-life
situation as well as corporate world.

We will be always available for answering any queries on the paper. Any sort of query or any criticism on
this report will be beneficial for us, as it will give us the opportunity to learn more and enrich our
knowledge. We hope you will consider the mistakes that may take place in the paper in the spite of my best
effort.

Sincerely yours
…….........................
Fariah Ahsan Rasha, ID:2223021016
Konfus Fatema Shorna, ID:2223021048
Shehniza Islam, ID: 2223021058
Faria Tasneem Aishi, ID:2223021061
Umme Tanjina, ID:2223021062
 Executive Summary

Accounting profession is upgrading day by day than previously we have seen. According to previous
literature, technical advancement improves the technology used in the accounting profession. The
accounting profession had to cross many stages from the past to the present. In the present situation,
technology is automating routine accounting tasks, which results in workforce layoffs all over the world.
Still, it cannot replace the emotional intelligence and critical thinking ability of human workers in the future.
The profession's scope will also expand soon, but knowledge of trending technologies and some survival
skills are required for accountants. This descriptive paper tried to reflect the overview of the past, present
and future situation of the accounting profession in business.
 Table of Contents
1. Introduction.....................................................................................1

2. Literature Review...........................................................................1

2.1 Relevant Literature...................................................................2

3. The Past of Accounting..................................................................3

4. Accounting Profession in the Present Situation..............................9

4.1 Most Used Accounting Softwares

in Present Situation............................................................................9

4.2 Some Usefulness of Automation and A.I.

in the Accounting Profession...........................................................11

4.3 Transformation in Accounting Profession

due to Automation............................................................................14

4.4 Job Impact of Automation in Accounting..............................16

4.5 Bangladesh Context: Scope of Accounting

Profession in Bangladesh.................................................................16

5.Future of Accounting.......................................................................17

6.Conclusion.......................................................................................20

7.Reference.........................................................................................20
1

1. Introduction

Accounting has been regarded as the language of business by many famous accounting
writers around the world. Man expresses his feelings through written and verbal language; the
same is true for various business organization information. Attempts are made to describe a
particular feeling using words one after the other. Similarly, in accounting, financial
transactions are recorded in books of accounts, and various financial information is
communicated to concerned parties as a result of preparing the financial statements. This
paper represents the past, present, and future of accounting profession. In past, all works has
been done manually but at present human and software both works together. Advancement in
artificial intelligence (AI), machine learning and robotics are also contributing to the overall
development of the accounting profession. Through this paper, will help to analyze the
condition of accounting profession’s past, present and future condition.

2. Literature Review

Numerous business sectors are being impacted by the Fourth Industrial Revolution, which
also alters the role of experts. The kind of human contribution needed by various sectors
changes as technology advances. Accounting measures a person's or an organization's
financial inflow and outflow. Financial, management, and tax accounting are the three
primary components of accounting. The way that organizations run their accounting
operations has fundamentally altered because of technology. Stone tablets and animal skins
were used in ancient times to keep records.

Automation in the world of finance does not mean roles in the accounts department will be
taken away. Instead, it updates the conventional aspect of CPAs to increase their competence.
Professional accountants will have more time to work on other important tasks that a
financial officer has to do. Some emerging technologies brought forth by the 4IR are already
widespread and fully integrated into our industry. Accounting software applications offer
options for reporting, generating financial statements, and automating robotic processes.
More frequently, data analytics techniques are utilized to extract large amounts of data from
customer records. With the use of cloud computing and accounting software, firms can now
do a task that used to take 20 hours in 15 minutes.
2

In the future, accountant experts must be familiar with algorithms. Specification of

algorithms helps to get the information. This information is used for evaluation and analysis,
control & regulation of the activities, or other purposes. For this, all economic professionals
will need accounting and programming knowledge.

2.1 Relevant Literature

The advent of contemporary technology during the Fourth Industrial Revolution (4IR) has
had a significant impact on the global landscape. Previous studies ensure that technology
advancements have enhanced the accountant’s ability to interpret data efficiently and
effectively. According to an article in aspire system, Industry 4.0 is being shaped by new
technologies in every sector with deft answers to the shifting demands of clients, suppliers,
vendors, and partners. With automation, workers may do various repetitive jobs in between
80 and 90% less time than they used to. Almost all accounting processes, including payroll,
tax, banking, and audits, have been automated by AI, upending the accounting sector and
bringing about a significant shift in how the company is conducted. Considering the study of
[Harrast, S. A. (2020)], the landscape of work for accounting and other information
professionals is being quickly transformed by robotic process automation. Programmable
software robots or bots are automating data gathering and input tasks that formerly took up a
large portion of the workday. Collier,1984; Carr, 1985; Coopers, and Lybrand, 1985;
Wilson,1989 examine that early on, the accounting profession was linked to computers, and
later technological advancements significantly increased total computer usage and expanded
the number of operations that need to be computerized. A link between increased demand for
skilled workers and technical advancements and increased productivity is shown by Goldin
and Katz (2008). He asserts that tasks requiring low technical abilities often require low-
medium skills, which can be easily mechanized due to their repetitive nature. According to
(Zbyněk HALÍŘ, 2011) financial accountants focused on traditional data where accountants
used different resources and structures using computers.

In the present when technologies have come financial accounting goes so far from traditional
systems. Accountants can merge data from the marketing, management, and logistics
department. Besides he focused on how the financial accounting system will increase future
success and growth, rather than as a simple glance at the past. The main task of measuring
performance is to find out answers to questions about how our present and future decisions
contribute to future benefits (Wagner, 2005, p. 47). The disparities between the practitioner
3

and academic objectives in developing technology connected to accounting are examined by

Tribunella, T., and Tribunella, H. (2005). The most recent technological development in the
accounting industry is the subject of conflicting opinions from academics and practitioners.
Young accountants need to improve their technology skills to compete with professionals
from across the world, an article by Shafik Hossain has suggested. This article aims to
determine the new structure of the profession using popular technologies while also assessing
Bangladesh's existing condition.

3. The Past of Accounting

The history of accounting is ancient; its origin goes way back to the beginning of human
civilization. At the beginning of human society, most societies had three types or classes of
people: Scavengers/Hunters that would travel in the woods and far from the settlements in
search of wild food such as meat of wild boar, rabbit, and other herbivore animals and edible
plants and fruits. Farmers would grow crops for the people, and lastly, the accountant’s job
was to collect taxes and keep records of all the financial activities within the settlement.
Papers about a group of auditors can also be found in the forms of human civilization from
ancient Egypt and ancient Babylon.

The history of accounting can be divided into a few stages such as:

3000 B.C. to 2500 B.C.

Ancient Sumerians invented the first written language in the world Cuneiform simplified
record-keeping requirements for Sumerian cities, allowing for greater commerce. Throughout
the ancient world, rulers taxed their subjects to fund public works, necessitating keeping
records to account for transactions.

1000 B.C.
The commercially minded Phoenicians devised a 22-character phonetic alphabet, most likely
for bookkeeping to avoid being deceived by the more advanced Egyptians.
4

Fig: 22-character phonetic alphabet

650 B.C.
Audit the riches that contributed to the building of the Tabernacle to be used in the 40-years
journey. An Egyptian sarcophagus names the deceased as a "comptroller of the scribes,"
among other things.

500 B.C.
Egyptians invent the bead-and-wire abacus.

Fig: Bead-and-Wire Abacus

423 B.C.
In 423 B.C., Aristophanes refers to Pericles' false statements in his comedy The Clouds.
Egyptians and Babylonians were ancient civilizations that established auditing mechanisms in
which everything that entered an inventory of warehouses was double-checked. Such "audit
reports" were delivered verbally, thus the title "auditor," from the Latin audire, which means
"to hear."
5

200 B.C.
Egyptians inscribe the Rosetta Stone, a key to their language and civilization, which includes
an account of a tax uprising and the Egyptian pharaoh Ptolemy V's reaction to it. Taxation
has become a driving force in Mediterranean civilization, necessitating the use of scribes to
record payments.

800 A.D.
In a deed, the phrase "rationator" (accountant) is used.

1086
William the Conqueror issued the Doomsday Book, which provides detailed details of what is
owed to the king and his lords. After conquering the English King Harold, William
established feudalism in Britain, and the system necessitated better record-keeping.

1225
The chief magistrate of Milan compiles a complete accounting of items carried on ships.
Early Italian republics enacted legislation forcing public scribes to keep track of trade.

1374
Geoffrey Chaucer works as a comptroller of customs at the port of London. Chaucer's
Canterbury Tales has a haughty merchant and a reeve who "no auditor could ever beat." By
the end of the Middle Ages, trade has progressed to the point that credit transactions are
common, and record keeping (and record keepers) must be more precise.

Rodrigo Sanchez becomes the New World's first accountant, hired by Queen Isabella to keep
track of the "riches" Columbus was supposed to meet.

Luca de Pacioli, an Italian monk, established "double entry” bookkeeping in his Summa de

Arithmetica, a collection of mathematical knowledge, in 1494. Pacioli's work is generally
based on methods since around 1350, Genoa, Florence, Milan, and Venice employed it.
Double-entry accounting enabled them to discover errors more quickly and gave a complete
picture of economic activity—a balance sheet and an income statement.
6

Fig: Double Entry System

1553
James Peele published what is most likely the earliest original English bookkeeping. The
Collegio dei Raxonati established the world's first accounting organization in 1581. By 1669,
no one would be allowed to practice in Venice unless they were a member of the faculty.
College member.

1600
The East India Company is established. The trading corporation introduces invested money
and dividend payouts, generating a

solid requirement for investor responsibility.

1651
In America, the accounting industry has already begun to expand. Johannes Dyckman is
engaged Under Gov. Peter Stuyvesant, bookkeeper for New Amsterdam. Dyckman would be
replaced one year later due to inaccurate accounting.

1775 to 1783
Indirectly, the American Revolution caused. Accountancy grew in Britain as creditors hired
accountants as trustees during a wave of bankruptcies. More than 20 banking institutions
collapsed in England and Scotland in 1793, and accountants were called in to settle their
accounts. In to settle their affairs.

The Treasury Department, which includes a comptroller and auditor, was established by the
United States government. Benjamin Franklin advises businesses to be well-versed in
"accompts." Franklin made money as a young man by maintaining books of account, and he
7

subsequently used those talents to establish the postal service. Thomas Jefferson's two
volumes on accounting were among the first to be housed in the Library of Congress.

1841 to 1850
Accountants are hired as independent auditors by expanding railroad empires.

1850
In London's professional directory, there are 264 "accomptants." There were just 11 in 1799;
by 1840, there were 107.

1854
Scotland legally acknowledged the profession as "chartered accountants.". The chartered
accountant was formally recognized in England in 1880.

1887
The United States' first accounting group was created.

1896
New York state officially recognizes the profession under the license of certified public
accountants.

1897
On January 28, the New York State Society of Certified Public Accountants was formed.
Other states quickly follow suit. The NYSSCPA's first president is Charles Waldo Haskins.
Haskins was already the first president of the Board of State Examiners of Public
Accountants in 1896. In 1900, he became the first dean of New York University's School of
Commerce, Accountancy, and Finance.

1895 to 1905
For certified public accountants, the floodgates have been unleashed. The New York,
Ontario, and Western Railway Company issued the first audited financial accounts in the
United States. The first big industrial firm to do so was United States Steel gave a report on
the audit.

1913
The passage of income tax legislation positions accountants as the preeminent professionals
in this field. Simultaneously, CPA management knowledge propels them to positions as top
8

advisors in boardrooms and on manufacturing floors. Job as a leading consultant in

boardrooms and on factory floors.

1931
The Ultramarines case establishes that auditors are liable to third parties that depend on their
report The American Institute of CPAs changes the word "certify" with "evaluated" in the
material to stress that the data was an opinion, not a promise.

1933
The Academy of Motion Picture Arts and Sciences chose, in response to widespread
suspicions that the Oscars were rigged, Price Waterhouse was appointed to monitor voting for
the awards in 1933. The Academy publicizes the engagement in order to boost public trust in
the Oscar.

1938
A company registers false receivables and nonexistent inventory in warehouses, resulting in
an auditing standard demanding physical stock inspection and direct confirmation of accounts
receivable. It also leads to the reporting consistency requirement and tests for internal
controls.

1968
The Continental Vending Case establishes that the auditor must disclose improper activities
of the client or the client's officers when such activities are known to the auditor and have a
reasonable impact on the audited financial statements and that compliance with GAAP is not
a complete defense against criminal liability.
9

Fig: GAAP

1973
Public awareness of generally accepted accounting standards led to the formation of the
independent Financial Accounting Standards Board.

2001 to Present
Enron, WorldCom, and a slew of financial reporting scandals led to the demise of Arthur
Andersen and the creation of the Sarbanes-Oxley Act and the Public Company Accounting
Oversight Board. New York legislators consider bills to update the state's accountancy laws.

4. Accounting Profession in the Present Situation

The invention of accounting software has replaced the techniques previously used in the
accounting profession. In the era of 4IR, Artificial Intelligence is being used in almost all
fields. Nowadays, accounting professionals are using software like Xero, Tallie, QuickBooks
Online, Freshbooks, Wave, and many more. This software ease the regular accounting tasks
of accounting professionals. A.I. is also used in the accounting profession. Software is
invented with the help of A.I. AI-enabled solutions aid in auditing and compliance with
corporate, state, and federal rules by monitoring relevant documents and issuing alarms as
needed.
10

Software for accounting automation enables professionals to speed up and effectively

accomplish the most laborious accounting tasks, often known as automated accounting
systems or computerized accounting software, and plays a crucial role in the operations of the
accounting team.

All accounting software should include essential accounting functions such as general
ledgers, charts of accounts, invoicing, account reconciliation, accounts payable and financial
reports. They also help to keep track of finance-related laws like state-by-state regulations.

4.1 Most used accounting softwares in present situation

The most used accounting softwares are-

Freshbooks: It is a cloud accounting software that includes invoicing, time tracking, online
payments, expense, and double-entry accounting. It is web-based software as a service model
that can be accessed through desktops or mobile devices.

SageOne: It's a cloud-based accounting and invoice management solution for small
businesses. It offers core accounting, project accounting, expense management, and
compliance management. Sage One is now called Sage Business Cloud Accounting.

Accounting power: This includes everything accountants need for their professional work
write-up, trial balance, customized financials, analytics, plus a general ledger system.

Xero: Xero is cloud-based accounting software lets small-business owners manage their
financial activities from anywhere and integrate with over 1,000 apps. It is less expensive.
11

Fig: Popularity of Cloud Accounting Software

Net client C.S. with ACS and client Access: Thomson's clients' accounting system.
Biznet software: An excel based reporting tool for the accounting system.
Tallie: This software is a computerized accounting method to record financial states.
CYMA: Notable payroll and Human Resource Management.
BizTools professional: A multi-dimensional analytics tool.
Palo Alto Live Planner: A accounting budgeting and planning tool.
SmartVault: The easiest cloud-based document management system for securing file sharing
and online document storage.
Avalara: It’s a cloud-based software for automated tax compliance that helps with tax
calculation for small, and mid-sized businesses, and enterprises.
Bill.com: Bill.com is a paperless payment solution that connects to banks and facilitates
faster payments. Bill.com integrates with both QuickBooks Desktop and QuickBooks Online.
Zoho books: An online accounting software that manages finances and automates business.
Zar money: Best for transparent pricing.
GoDaddy: Best for an online merchant.
Oracle Netsuite: Best ERP tool.

Source: Johnston,2016, tech issue

12

Automation represents a significant turning point for CPAs. Automation in the accounting
profession helps professionals more. These programs assist accountants in improving their
perception of worth within a business, sharing their knowledge, and enhancing their work
experience.

Accounting automation should eliminate most of the complicated and tedious aspects of
accounting tasks when appropriately used. They would have more time to manage their bank
accounts, create strategies, and interact with coworkers more effectively.

4.2 Some usefulness of automation and A.I. in the accounting profession

i) Helping to avoid cash flow crisis

Automation in accounting protects a business from unhealthy accounting protocols that
ultimately stop a company from scaling and expanding. With the help of automated
accounting software, professionals can avoid the cash flow crisis of a company faster than
they previously did.

ii) It saves time

Accounting automation allows CPAs to quickly enter credit, debit, customer information, and
other critical financial facts. To find the connection, accountants typically must access
multiple books and evaluate the data in each one.

Accounting software automatically processes the data and links it to all the records already in
its databases. These applications produce relevant structural reports and submit all associated
information with timestamps. Even most accounting transactions can be automated,
eliminating the need for manual data entry.

iii) It provides cloud access

CPAs do not need to be at the regular work location to quickly process transactions or
examine necessary papers. Accounts payable (A.P.) systems provide a safe cloud platform
accessible 24/7.
iv) Flexibility of system
Accounting automation software of a high caliber is frequently adjustable enough to meet the
needs of firms. These programs provide a standard layout for quick access and several
13

templates for various business ledgers. Accounting automation systems are very flexible for
multiple sectors because of these features.

Fig: Positive impacts of accounting technology

v) Enhancing security
Accounting automation uses modern security measures, including encryption technology.
These systems provide the highest level of security for corporate data and documents,
assisting in preventing cyberattacks.

Additionally, business owners will have more control over who has access to detailed
financial information within their company or back office. This feature reduces the possibility
of some ledgers being accessed by unauthorized personnel.

vi) Faster retrieval of data

Many accountants are familiar with the pain of keeping documents in storage spaces with
countless data. One must look for a record in a different room or, worse, in the next building
to retrieve or review it.

Nowadays, it is effortless to find any required files virtually. An accounting automation

program can locate specific entries or records quickly.
14

Ledgers and records can be more easily named, categorized, and safely stored with the help
of automated accounting software. These characteristics make it simple to locate vital
business records.

vii) Providing comprehensive analytics

Accounting automation improves organization and security and enables quick presentation
and dissemination of accurate accounting transactions. Any business employee who requires
a report can get one, making it easier to reconcile audits and records.

Additionally, this type of software offers a more precise way to examine patterns, variations,
and predictability. Accountants can perform their duties more effectively by facilitating
quicker and more informed business decisions for their clients since they can access readily
available financial reports.

viii) Preparing the record of tax deduction

This type of frenzy can be avoided with automated bookkeeping. These systems update the
relevant records every time a transaction is made.

Real-time accounting systems take care of entering data for accountants, so they do not have
to worry about it all the time. CPAs will only need to verify these specifics later to ensure
they are true.

As soon as transactions are received, an automated bookkeeping system may assist in

calculating the deductibles, letting business owners know how much to anticipate during tax
preparation time.

Tax season can be stressful, as business owners who struggle to keep up with sales tax
deductions are aware. Rushing to keep track of receipts and expenses can result in significant
mistakes.

xi) Monthly and Quarterly Cash Flows

AI-based tools help with cash flow forecasting by predicting future cash requirements in the
business by reconciling rapid financial activities based on customers' paying behavior. This
enables enterprises to plan, commit spending based on reliable forecasts, and avoid
borrowing.
x) Building Predictive Models
15

According to Accounting Today, AI-based platforms may retrieve valuable data, including
client demographics and firmographics, previous transactions, and various outside factors.
The finance department can accurately predict what will happen and how it will affect cash
flow thanks to its ability to instantly synthesize a large amount of varied data, including
anticipated invoice payment dates, potential customer churn, trends in supplier costs, changes
in market conditions, and so on.
xi) Efficient Accounts Payables and Accounts Receivables in AI
With NLP automation implemented for the A.R. and A.P. process, the organization
immediately sees the benefits like Workflow improvement, higher payment accuracy, faster
processing time, personalized experience including no more accounting errors.
xii) Expenses Management
An expense management automation solution ensures almost zero errors and alerts the team
to a breach if it occurs. A.I. combines automation and data to generate enhanced expenditure
analysis, which may be used to streamline activities or alter algorithms depending on
corporate regulations. This gives a more balanced approach to budgeting.

4.3 Transformation in Accounting Profession Due to Automation

The gradual changes in the accounting profession have been shown

below in Table 1.

Activities Past situation Present situation Future situation

Data entry Accountant Operator/ accountant Artificial

intelligence

Bookkeeping Accountant Software Software/artificial

intelligence

Compliance work Accountant/ Software Artificial intelligence

auditor

Driving to clients Account’s staff Electronic documents Electronic documents

16

to pick up passed through e-mail passed through e-mail

documents

Preparing bills, Accountant Software- billing Machine learning

giving requisition software, purchase
requisition software

Preparing ledger Accountant Spreadsheet Software

Receipt Accountants need Software Machine-readable data

reconciliation to "balance the can then reconcile them
checkbook."

Personal investigation in Auditor Use software in Artificial

auditing forensic analysis Intelligence

Preparing Tax and Software Machine learning

documents Accountant algorithm
calculation

Preparing Financial Accountants, through XBLR (automated

statements Accountant the help of ERP, SAP annual reports)
software

Source: Akhter & Sultana, 2018, Sustainability of Accounting Profession at the Age of
Fourth Industrial Revolution.

4.4 Job impact of Automation in Accounting

Application programming interfaces, or APIs, have facilitated automation in the accounting

industry. To push information from invoices and receipts into the general ledger, apps like
Expensify and Dext employ APIs. Accounting firms use automation to import data into tax
systems directly from tax documents. Some automation software uses artificial intelligence
17

and machine learning to enhance its decision-making. Machine learning can identify patterns
in a vast accounting or knowledge transactions database, possibly with only minor human
intervention. These include tools for cash flow forecasting like Jirav or Helm.

Accounting automation can save bookkeepers from spending hours and days on data input
when bank feeds may draw financial data into an accounting system in minutes. Automation
streamlines operations and transforms labor-intensive, inefficient, and mistake-prone
operations into effective, error-free operations that require little or no human involvement.
Not only can automation save labor costs, but it also provides more precise data.

4.5 Scope of Accounting Profession in Bangladesh

Previously, accounting services were solely comparable to bookkeeping, but the term
accounting has recently been altered to Accounting & Information Systems. Reporting is a
new area of accounting service that delivers information to consumers.

During the British colonial period, the profession of accounting emerged. It is now handled
by two professional organizations, the Institute of Cost & Management Accountants of
Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB)
(ICAB)

Table 2

Bookkeeping Services Reporting Services

● Petty Cash Handling ● Preparing Financial Statements

● Payroll Processing ● Preparing budget

● Inventory Management ● Explaining Budget

Variances
● Fixed Asset Management
Accounting
● Clarifying tax and Vat
Profession ● Sale & Purchase Dealing calculation

● Payable &
18

Receivable Management

Source: Akhter & Sultana, 2018, Sustainability of Accounting Profession at the Age of
Fourth Industrial Revolution.

5.Future of Accounting

In the future, the future industry will force programmers to combine their programming
knowledge with accounting. As a result, they can ensure a place in the labor market. In the
future, all programmers & accountants’ experts must be familiar with algorithms.
Specification of algorithms helps to get the information. They can separate this from the
general array of information. This information is used for evaluation and analysis, control &
regulation of the activities, or other purposes. Technologies- data management & advanced
analysis, and process automation. For this, all economic professionals will need accounting
and programming knowledge.

Figure: Future of Accounting Top 11 Industry Trends

i) Big Data
Big data is a plentiful resource of data. Different kinds of data, such as videos, emails,
images, and voice, are analyzed through an algorithm. Thus, it will help accountants to plan.
Example: Through big data, accountants can compare previous years' data, analyze, and make
decisions. So, it will help to find out more excellent financial results soon.

ii) Tax software

19

It will remove the massive use of paper. It also will increase electronic accounting for the tax
system, such as SAT Mexico. The computer plays a vital role as a tax agent instead of a
physical office. It is easy to use, free, or low cost.

iii) Optical character recognition

It also detects text within images and automatic language identification. It means anyone can
get handwritten or printed text into machine-encoded text.

iv) Enterprise resource planning software

A company uses it to manage critical parts of operations. Their core verticals include
financial services, manufacturing, retail, etc. Such as, the ERP cloud is configured to meet a
range of needs and is operated by any business, regardless of its size, industry, or geography.
For example, financial accountants can manage many sales, inventory, and profit-loss
transactions through ERP software.

v) Cloud computing
It is the on-demand availability of computer system resources, especially data storage and
computing power; without direct active management by the user, small and medium
enterprises will be dependent on it. Example: An accountant has a lot of client information.
So, an accountant can store data with excellent security through cloud technology.

vi) Blockchain technology

It is an immutable ledger that records transactions and tracks assets in business networks. It
decentralizes security and eliminates the need for auditors to check the accuracy.

vii) Outsourcing
It will play a vital role in the future as it has lower labor costs, improved efficiency and
productivity, and increased competitiveness within an industry.

viii) Barcode
It will reduce the number of data entry errors and improve operating efficiency. It will also
help to minimize paper receipts and paper invoices.

ix) Robo advice scene

20

It works by obtaining information about a customer via an online survey and then investing
for the client based on that data.

x) Databank of advice
Databank is a source where data collection can be stored in different files. An accountant can
use a databank to keep information about their numerous clients. For example, a client's
phone number, name, address, and email can list in the databank so that an accountant can
make quick transactions whenever needed.

xi) Bank reconciliation

All the banking activities such as bank accounts, financial records, and cash collection will
automatically be done by machine.

xii) Internet of things

The Internet of things refers to the collection of all devices, such as phones, laptops, T.V.,
etc., that connect with the internet and collect and share data is called internet of things or
IoT. For example, an Accountant can use an automated vouching tool so that there will be
missing data.

6. Conclusion

To conclude this report, it is assured that accounting provides the resources and instructions
to learn budgeting techniques and skills that will make an asset in both personal financial life
and the business sectors. Accounting helps an enterprise conduct its day-to-day activities
smoothly but also helps in its future growth, as it keeps a systematic record of the
organization's financial information. It represents the overview of an institute's past, present,
and future financial condition. At the same time, financial statements produced by various
accounting systems are used by multiple stakeholders to take economic decisions. Up-to-date
records help users to compare current financial information to historical data. Accounting
assists to master research and analysis, elements of finance and economics, reporting and
statistics, business fundamentals, and much more. Today's accounting entrepreneurs can offer
complete and efficient accounting systems for enterprises that can manage all the accounting
processes of a company without employing any accountant. This situation also gives an
important idea about the future of the accounting profession. The continued evolution of
accounting will allow for greater software integration, increased efficiency, and faster data
21

entry for businesses across the globe. Lastly, applying the accounting concept in the business
is essential as it provides quantitative information to the overview of the business
performance.

7. Reference

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