Name :- Pooja Dadasaheb Kachare

Roll no:- Class :-

M.com-II {sem –IV} Div :- A
Subject Name
:-Advanced In
Accounting , Taxation &
Auditing
Teacher Name :-
 Technology based Accounting

 Cloud Accounting Block Chain Accounting

 Role of Artificial Intelligence in Accounting
 Automated Accounting process
 Role of Big Data in Accounting
 Introduction
 Cloud accounting [or online accounting] has all
the same functionality as desktop accounting ,
but moves the whole process to the cloud and
expands upon it. There’s no deskstop
application –you log in to an always-up-to-date
online solution and all data is safely stored on a
cloud sever. Most cloud platforms will also have
an open API, which basically means third party
software can connect with your system to
provide even further value to you as a business
owner.
 Meaning
cloud accounting software is similar to traditional, on-
premises , or self-install accounting software , is hosted on
remote servers , similar to SaaS [Software as a service] business
model. Data is sent into “the cloud “,where it is processed and
returned to the user. All application functions are performed
off-site, not on the users deskstop. In cloud computing , users
access software application remotely through the internet or
other network via a cloud application sevice provider. Using
cloud accounting software frees the business from having to
install and maintain software on individual deskstop
computers. Cloud accounting solutions also allow employees in
other departments, remote or branch offices to access the same
data and the same version of the sofware.
 Advantages of cloud Accounting
 Auto syncing of data in Real-time
 Scalling and paying as the Company Grows
 Multi User Access
 Paperless Enviroment
 Reducing Costs
 Integration with ohers Cloud Accounting
Systems
 Disadvantages
 Internet/Broadband Speed
 Data Security
 Vendor locks in
 Lack of Customisation
 Block chain Accounting
 Block chain is an accounting technology. It is concerned with the transfer
of ownership of assets, and maintaining a ledger of accurate financial
information. The accounting profession is broadly concerned with the
measurement and communication of financial information, and the
analysis of said information . Much of the profession is concerned with
ascertaining or measuring rights and obligations over property , or
planning how to best allocate financial resources. For accountants , using
block chain provides clarity over ownership of assets and existence of
obligations, and could dramatically improve efficiency. Block chain has
potential to enhance the accounting profession by reducing the costs of
maintaining and reconciling ledgers and providing absolute certainty
over the ownership and history of assets. Block chain could help
accountants gain clarity over the available resources and obligations of
their organisations ,and also free up resources to concertrate on planning
and valuation , rather than recordkeeping.
 Meaning
 You may have heard the term “block chain accounting”
but wondered exactly what it entails, and how it differs
from the standard , generally-accepted accounting
principles used by bookkeepers and accountants in most
businesses. According to Bloomberg Business
‘Accounting Today, Block chain is less well-know than
other technology trends that are disrupting the accounting
profession and business administration, but it is not a
trend that “accountants can afford to overlook any
longer .” This form of aacounting uses an open , distribute
ledger that takes advantages of cloud computing and
contemporary records-keeping technology. It verifies
transactions independently of a trusted central authoroty.
Advantages of Block Chain Accounting
 Improved Efficiency
 Reduced Errors
 Easier Reconcilliation
 Reduced Cost
 Reduced Fraud
Disadvantages of Block chain Technology
 Block chain is not a Distributed Computing
System
 Scalability is an Issue
 Some Block chain Solutions Consume Too Much
Energy
 Block chain Cannot Go Back-Data is Immutable
 Block chainare Sometimes inefficient
 Cost and Implementation Struggle
 Interoperability
 Legacy systems
Role of Artificial intelligence in Accounting

Artificial intelligence system can be very

powerful and are improving quickly . They
provide outputs that can be extremely accurate,
replacing and, in some cases, far superseding
human efforts. However, they do not replicate
human intelligence. We need to recognise the
strengths and limits of this different form of
intelligence, and build understanding of the best
ways for humans and computers to work
together.
 Meaning
Artificial intelligence (AI), the ability of a digital computer or
computer -controlled robot to perform tasks commonly associated with
intelligent beings . The term is frequently applied to the project of
developing systems endowed with the intellectual processes
characteristics of humans, such as the ability to reson, discover
meaning, generalise, or learn from past experience. Imagine waking up
someday and being served with the kind of tea you would have asked
for without having to speak a word, or the breakfast just as per your
mood. Good morning my dear friends! Welcome to the world of
Artificial intelligence.
Artificial intelligence in the simplest of words would mean to
make the machine think, react and even learn in a way humans would
do in given circumstance. And after a small span of time, it becomes
such an expert that it develops the ability to work in new
circumstances too.
Advantage of Artificial Intelligence
 Automating the Tasks of Routine Nature
 Reduced a turnaround Time and Costs
 Better Decision Making
 Segregation of Information and Quick Action
Thereupon
 Audit
 AI Expert Boys
 Barriers to Implementation of Artificial
Intelligence
 Resistance to change
 The Need for Transparency
 The Success of AI
 Cost of Implementation
 Automated Accounting Process
 Accounting automation takes the most manual
elements of an accountant's work day and does
them automatically, often instantly. Also
known sometimes as compterized accounting
software, these systems do the number
crunching and transaction tracking for you.
Advantages of Automated process
 Understanding the Sources of your Documents
Leads to Improvements Opportunities
 Analysing Opportunities for Automation
Creates Clarity on cost Savings from your
Largest Trading Partners
 Improvements in Accuracy
 Automation Helps Reduce Your Suppliers &
Your Staff Workload
 Create an Understanding of your Internal
Capabilities
 Disadvantages of Automated Accounting
Process
 Time Invested in Software Usage Training
 Security Risks Involved