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Reimagining Accounting in the Digital Age: Technological Integration and
Evolving Practices
Dr. Jyotirmoy Koley, WBES
Assistant Professor of Commerce, Darjeeling Government College, Darjeeling, West Bengal, India
DOI: https://dx.doi.org/10.51584/IJRIAS.2025.1010000072
Received: 24 September 2025; Accepted: 29 September 2025; Published: 07 November 2025
ABSTRACT
This study examines the transformative shifts in accounting practices prompted by rapid technological
advancements, evolving economic dynamics, and changing stakeholder expectations. The integration of artificial
intelligence, machine learning, and blockchain technologies is revolutionizing traditional accounting processes,
allowing accountants to concentrate on strategic roles and value-added activities. The digital economy
necessitates the adoption of innovative accounting models such as cloud-based sustainability accounting
platforms to enhance reporting capabilities and provide timely insights. Stakeholders are increasingly demanding
greater transparency and accountability, leading to the implementation of new standards and technologies.
Globalization and complexity require alignment with international standards and advanced data-management
capabilities. This study proposes a framework for reimagined accounting based on technological integration,
expanded measurement and reporting models, and the evolving roles of accountants. However, the challenges
include standardization and regulation issues, technological hurdles, cultural resistance, skill gaps, and ethical
considerations. The future landscape implies increased efficiency, enhanced decision-making, greater
transparency, and the need for significant changes in accounting education. Continuous adaptation and
innovation are crucial for meeting the demands of a rapidly changing business environment. Future research
should focus on overcoming these barriers and developing comprehensive reporting frameworks that integrate
financial and non-financial information.
Keywords: Accounting Transformation, Technological Advancements, Artificial Intelligence, Machine
Learning, Digital Economy, Stakeholder Expectations, and Data Analytics.
Background of the Study:
In the evolving landscape of global business, accounting practices are undergoing significant transformation
driven by rapid technological advancements and changing economic dynamics. This study explores these
changes and the need for accounting professionals to adapt their skills and methodologies to remain relevant.
The advent of digital technologies, particularly Big Data, artificial intelligence, and machine learning, has
reshaped traditional accounting processes. Big Data technologies, for example, offer new opportunities to
improve financial forecasting and risk management by leveraging historical data, market trends, and consumer
behaviour analytics (Ievsieieva et al., 2024). These technologies promise enhanced accuracy in financial
reporting and decision making, demanding that accountants develop new competencies in digital literacy and
data analysis. Moreover, the integration of artificial intelligence in accounting has revolutionized routine tasks,
allowing accountants to focus on strategic value-added activities (Ebirim et al., 2024). This shift necessitates a
reimagining of the skill sets required in the profession, underscoring the importance of continuous professional
development and the acquisition of advanced technological skills to effectively harness these innovations.
Furthermore, the increasing prevalence of digital financial fraud highlights the critical role of forensic
accounting. The complexity and sophistication of digital fraud necessitate the adoption of advanced tools and
techniques for effective fraud detection and prevention (Daraojimba et al., 2023). The integration of predictive
analytics and AI in forensic accounting is expected to significantly enhance its capabilities, although this also
poses challenges, particularly in terms of skill acquisition and adaptation to new technological frameworks. In
addition to technological advancements, the accounting profession is also affected by regulatory changes that
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
ISSN No. 2454-6194 | DOI: 10.51584/IJRIAS |Volume X Issue X October 2025
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require adaptations in financial reporting practices. The implementation of new accounting standards and
reporting requirements presents both challenges and opportunities for businesses, emphasizing the need for
proactive compliance strategies (Ebirim et al., 2024). Cybersecurity has emerged as a critical concern in
safeguarding financial information. With superannuated organizations and other entities facing unprecedented
challenges in protecting sensitive data, the integration of robust cybersecurity protocols with accounting
practices is essential. This intersection of accounting and cybersecurity highlights the need for multidisciplinary
approaches to protect the confidentiality and integrity of data (Anyanwu et al., 2024). In summary, the dynamic
world of accounting is characterized by technological innovation, regulatory evolution, and increasing
cybersecurity demands. This study investigates these transformative trends and provides insights into how
accounting practices can evolve to meet the challenges and opportunities of a rapidly changing business
environment. Through this exploration, the study will contribute to the discourse on the future direction of
accounting in the digital age, offering strategic guidance for practitioners and policymakers alike.
LITERATURE REVIEW
Many researchers have explored different aspects of how accounting is being reenvisioned in a changing world.
This study reviews the most relevant and up-to-date literature, which is summarized in the following sections.
Ahmed (2025) studied how Artificial Intelligence (AI) affects accounting. The study shows that AI tools, such
as machine learning and robotic process automation, make routine tasks easier, improve data accuracy, and help
with decision-making. Accountants can move from entering data by hand to giving advice, which helps them
offer better insight and build stronger client relationships. This paper also discusses the challenges of using AI,
such as ethical issues, data security, and a lack of skills. This emphasizes the need for ongoing training and clear
rules. AI is seen as a big changemaker, making accounting more efficient and innovative. This finding highlights
the need for careful use to maintain trust and integrity in the profession.
Srinivas (2021) looked at new trends in accounting due to fast technology changes. This study discusses
important technologies, such as cloud accounting, data analysis, blockchain, forensic accounting, automation,
and mobile technology. This shows how these technologies are changing old accounting methods by making
data more accurate, providing real-time financial information, helping with decisions, and automating simple
tasks. The study states that accountants need to learn new skills to keep up, but they also warn about risks such
as data security. In the end, it says that technology is changing accounting, making financial management more
efficient, clear, and reliable.
In 2022, Gonçalves et al. studied how digital changes, especially Industry 4.0, would affect accounting in
Portugal. They conducted interviews with accountants and IT managers from small- and medium-sized
businesses. This study shows that these businesses are just starting to use digital technology. Key technologies,
such as optical character recognition (OCR), artificial intelligence (AI), robotics process automation (RPA), and
cloud-based ERP systems, are important. However, there are big challenges, such as resistance to change,
company culture, and high costs, that slow down wider use. Despite these issues, digital changes can bring
benefits such as increased productivity, efficiency, and better communication. The study also states that
accountants are likely to perform more strategic and analytical work as automation takes over routine tasks.
Overall, this study highlights that technology use in Portuguese accounting firms is slow, mainly due to outside
pressures, and that future growth depends on overcoming company and financial challenges.
In their 2025 study, Jayashree and Jayakani examined how new technologies such as artificial intelligence,
blockchain, and cloud computing are changing accounting. These technologies make financial reporting,
auditing, and compliance more efficient, accurate, and transparent while also reducing mistakes. The study
shows that accountants now include environmental, social, and governance (ESG) principles in financial
decisions, which helps businesses become more sustainable. It also explains that automation allows accountants
to focus less on routine tasks and more on planning, managing risks, and encouraging responsible business
behaviour. The study highlights the need to continue investing in technology and sustainability to stay
competitive and ethical in the long run.
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Rohit and Suseelan's 2025 study examined how financial research is changing. They found that the old models
do not work well today. Finance is changing because of technology, sustainability goals, changes in how
investors act, and global events, such as COVID-19. This study states that old models cannot handle today's
complex markets. New technologies, such as blockchain, DeFi, AI, and CBDCs, are changing financial services
and creating new rules. ESG factors are now important in financial decisions, as ESG portfolios perform well,
and climate change is seen as a financial risk. People's psychology affects financial choices, and emerging
markets are changing the global economy. COVID-19 has sped up digitalization. This study suggests using data-
driven methods with alternative data, AI analytics, and interdisciplinary approaches. They conclude that financial
research should include fintech, ESG, and behavioural insights to stay strong.
Research Gap
Many areas of accounting require further research. We need to study how new technologies such as AI,
blockchain, and cloud computing can be used in accounting. We also need to determine the skills accountants
need to learn and how they can be trained. It is important to examine ethical issues, such as how AI affects data
privacy and decision-making. Sustainability and ESG factors must be included in the accounting. Small and
medium-sized businesses, especially in developing countries, need more research on how technology affects
them. We need to create rules for using new accounting technologies to keep data safe and maintain standards.
There is little research on the use of ideas from behavioural economics, data science, and environmental studies
in accounting. Long-term studies are needed to determine how technological and societal changes affect
accounting over time.
Problem Statemen
The problem statement addressed transformative changes in the accounting profession. The field is evolving
owing to technological advancements, including AI, machine learning, and automation in accounting processes.
These innovations streamlined traditional tasks, allowing accountants to focus on strategic activities (Ebirim et
al., 2024). AI is revolutionizing financial forecasting while requiring new technological expertise (Adelakun
2023). This transformation presents challenges, including professional development needs and ethical
considerations. Regulatory changes and cybersecurity requirements further impact accounting practices
(Abrahams et al. 2023). The adoption of green accounting reflects a shift towards environmental considerations
(Dwianika et al., 2024). This study explored how the profession can navigate these changes by reimagining
practices to meet demands for adaptability, technological integration, and sustainability standards.
Scope of the Study
This study examines how accounting changes due to new technologies, rules, and global factors. It examines
how tools such as artificial intelligence (AI), data analysis, and blockchain are improving accounting by making
it more efficient, clear, and accurate (Ebirim et al., 2024; Jejeniwa et al., 2024). The study also examines how
these technologies affect the skills that accountants need and their training. It explores how accountants' roles
change with big data, highlighting the need to adapt to these technological changes for better financial analysis
(Ebirim et al., 2024). The study also considers how new rules, such as the International Financial Reporting
Standards (IFRS), affect financial reporting worldwide. It examines how accounting standards are becoming
more similar globally and the role of groups such as the International Accounting Standards Board (IASB) in
setting these standards despite different political and economic situations (Camfferman & Zeff, 2015; Posner,
2010; Rost, 2010). This study also discusses the challenges of using AI in accounting, such as ethical issues, data
security, and the need for accountants to learn new skills to handle these changes (Jejeniwa et al., 2024). Overall,
this study aims to provide a full view of current trends in accounting and help guide those involved in this
changing field.
Research Objectives
The study aims to: (i) identify and analyse the primary dynamic forces—technological, economic, and social—
that exert pressure on the accounting profession; (ii) critically examine the limitations inherent in the current
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN APPLIED SCIENCE (IJRIAS)
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accounting paradigm; (iii) propose a conceptual framework for a "reimagined" accounting function; and (iv)
discuss the implications for accounting education, professional standards, and business practices.
RESEARCH METHODOLOGY
This research is characterized by a descriptive and qualitative approach, utilizing only secondary data and the
existing literature. Secondary data were sourced from various academic research publications, papers, articles,
journals, and online resources. This study conducted a qualitative analysis of secondary data to fulfill the research
objectives.
The Drivers of Change: Why Reimagination is Imperative
The following are the primary catalysts for transformation in the field of accounting, underscoring the necessity
of reimagining its practices:
Technological Disruption:
Recent technological advancements, particularly in artificial intelligence (AI), machine learning, and blockchain,
are transforming traditional accounting methodologies. For instance, AI-driven financial forecasting utilizes
predictive analytics to improve the precision and efficiency of accounting practices, thereby enabling
accountants to concentrate on strategic planning and decision making (Adelakun, 2023; Ebirim et al., 2024).
Automation tools further streamline routine tasks, enhance accuracy, and expand accountants' capacity to engage
in value-added activities (Ebirim et al. 2024). The incorporation of Big Data into accounting practices augments
transparency and stakeholder decision-making by enhancing the quality of financial information and
management control systems (Warren et al. 2015).
The New Economy:
The advent of a new economy propelled by digital transformation necessitates adaptation to innovative
accounting models. For example, cloud-based sustainability accounting platforms are being increasingly adopted
because of their enhanced reporting capabilities, which provide timely insights into corporate sustainability
initiatives (Tian et al., 2024). The digitalization of accounting processes addresses the demand for real-time,
searchable, and comparable financial data, thereby aligning with the requirements of a rapidly evolving
economic environment (Valentinetti & Rea, 2024).
Evolving Stakeholder Expectations:
Contemporary stakeholders increasingly demand enhanced transparency and accountability for financial
reporting. The implementation of standards such as the Global Reporting Initiative (GRI) and the Sustainability
Accounting Standards Board (SASB) exemplifies efforts to fulfill these expectations by integrating financial and
sustainability materiality (Pizzi et al., 2022). The impetus from stakeholders for improved transparency and
accountability has catalysed the adoption of novel standards and technologies, which facilitate informed
decision-making and strengthen corporate governance (Tian et al., 2024; Warren et al., 2015).
Globalization and Complexity:
Market globalization has necessitated the adaptation of accounting practices to align with international standards,
such as the International Financial Reporting Standards (IFRS), to ensure consistency and comparability across
borders (Jaruga et al., 2007). The complexity introduced by globalization requires the adoption of advanced
technologies capable of managing large datasets and cross-border financial information, thereby enhancing the
accuracy and reliability of international financial reporting (Kamal Hassan, 2008).
In summary, these factors highlight the necessity for the accounting profession to reconceptualize and innovate
in response to technological, economic, stakeholder, and global transformations, ultimately fostering more
strategic and value-oriented accounting practices.
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The Pillars of Reimagined Accounting: A Proposed Framework
This section of the study is organized into three subsections: technological integration, expanding the
measurement and reporting model, and the evolving role of the accountant. Each of these subsections is discussed
in detail below:
Technological Integration:
The integration of digital technologies, including artificial intelligence, machine learning, and robotic process
automation (RPA), fundamentally transforms traditional accounting processes. These technologies facilitate the
automation of routine tasks, enhance the efficiency of data processing, and reduce errors in financial reporting,
thereby enabling accountants to concentrate on strategic analytical roles (Ajayi-Nifise et al. 2024; Novichenko
et al. 2024). The capabilities of advanced analytics and AI support improved decision-making, fraud detection,
and scenario planning, thereby significantly altering the accounting and financial analysis landscape (Jejeniwa
et al., 2024; Novichenko et al., 2024).
Expanding the Measurement and Reporting Model:
As the field of accounting transitions towards a more dynamic paradigm, it increasingly incorporates real-time
data processing and AI-driven insights, thereby broadening the measurement and reporting model to encompass
intelligent decision-support systems (Artene et al., 2024). There is a growing demand for frameworks that
integrate sustainability and environmental metrics with traditional financial metrics, underscoring the
importance of comprehensive reporting that includes both financial and non-financial data (Akpan &
Oluwagbade, 2024).
The Evolving Role of the Accountant:
Accountants are increasingly required to extend their roles beyond traditional financial reporting to actively
participate in decision-making processes that encompass broader strategic, environmental, and social
responsibilities (Akpan and Oluwagbade, 2024; Rautiainen et al., 2024). As technology continues to transform
the field of accounting, the role of accountants is evolving to include hybrid positions that integrate financial
expertise with IT-related skills, thereby enabling them to function as business partners within agile
multidisciplinary teams (Albu et al., 2011; Rautiainen et al., 2024).
These pillars exemplify the transformative trajectories in accounting practices propelled by technological
advancements, the demand for comprehensive reporting models, and the evolving roles of professionals in a
dynamic global context.
Challenges and Barriers to Implementation:
This part of the study is divided into five subsections: standardization and regulation, technological challenges,
cultural and organizational opposition, skills gap, and ethical issues. Each subsection of this paper is explored in
detail below.
Standardization and Regulation:
In the context of re-evaluating accounting practices, the challenges associated with standardization and
regulation are considerable, given the diverse global accounting standards and regulatory requirements. The lack
of a universal framework can lead to inconsistencies and complexities in financial reporting, thereby affecting
the transparency and comparability of financial statements on an international scale (Dasinapa 2024).
Furthermore, the integration of sustainability and Environmental, Social, and Governance (ESG) factors into
financial reporting is impeded by the absence of standardized metrics and guidelines, resulting in unreliable and
difficult-to-compare reports (Dasinapa, 2024).
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Technological Hurdles:
The implementation of advanced technologies in the accounting field, such as artificial intelligence and big data
analytics, presents distinct technological challenges. The integration of AI into accounting systems is often
impeded by inadequate infrastructure and a deficiency in technical expertise (Vasarhelyi et al., 2015).
Furthermore, while big data holds significant potential for enhancing decision-making processes in accounting,
its utilization is hindered by challenges in data integration and the necessity for advanced data analytics
competencies (Vasarhelyi et al., 2015).
Cultural and Organizational Resistance:
Cultural and organizational resistance frequently hinders the advancement of accounting practices in a dynamic
environment. Resistance to change is prevalent because established accounting firms often favour traditional
methods over innovative practices (Mohammad & Chirchir, 2024). Additionally, organizational inertia and
misalignment between new accounting methods and existing corporate culture can obstruct the effective
implementation of contemporary accounting strategies (Aldowah et al., 2015).
The Skills Gap:
The accounting profession is currently experiencing a significant skill gap, particularly concerning the demand
for emerging technologies. Accountants must develop new competencies to effectively utilize technologies, such
as artificial intelligence and data analytics. This gap is further intensified by insufficient training programs and
reluctance to adopt new tools, which impairs the ability to prevent and detect digital financial fraud (Daraojimba
et al., 2023). Forensic accountants encounter difficulties in adapting to swiftly changing technological and
regulatory environments, underscoring the need for ongoing education and skill development (Daraojimba et al.,
2023).
Ethical Considerations:
Reimagining accounting presents ethical challenges, particularly concerning data privacy and the ethical
application of artificial intelligence (AI) in decision-making processes. The responsible use of AI and data
analytics without undermining stakeholder trust presents significant ethical dilemmas (Vasarhelyi et al., 2015).
Furthermore, establishing ethical standards for the utilization of these technologies is essential to uphold the
integrity and credibility of the accounting profession (Daraojimba et al. 2023).
The challenges and obstacles underscore the intricacy of re-envisioning accounting in the contemporary,
dynamic environment, emphasizing the necessity for strategic solutions and adaptation to emerging paradigms
across various sectors within the discipline.
The Future Landscape: Implications and Opportunities
This section of the study is systematically divided into four subsections: the accounting profession, business and
management, investors and stakeholders, and accounting education. Each subsection is thoroughly analyzed in
the following discussion.
For the Accounting Profession:
Technological Integration: The accounting profession is transforming owing to the integration of technologies
such as artificial intelligence (AI) and blockchain, which contribute to increased efficiency and improved
decision-making capabilities (Adeyelu et al., 2024; Igou et al., 2023).
AI and Automation: The implementation of automation optimizes routine tasks, thereby enabling accountants
to concentrate on strategic functions while simultaneously improving transparency and accuracy (Ebirim et al.,
2024).
Data Management Innovations: The incorporation of cloud-based financial accounting cycles presents
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significant advancements in data management for stakeholders, including auditors and data analysts (Faccia et
al., 2019).
Evolving Roles: Owing to advancements in predictive analytics and fraud detection, coupled with the influence
of artificial intelligence, accountants are increasingly transitioning into strategic roles (Adeyelu et al., 2024).
For Business and Management:
Enhanced Decision-Making: The integration of advanced data analytics and automation tools exerts a
beneficial influence on strategic decision-making, particularly in relation to processes and governance
frameworks (Ebirim et al., 2024).
Cost Efficiency: Automation and artificial intelligence contribute to the reduction of operational costs and
enhancement of strategic financial management (Adeyelu et al., 2024).
Digital Transformation: Emerging accounting technologies necessitate a transformation of current business
processes to fully leverage their capabilities (Igou et al., 2023).
For Investors and Stakeholders:
Transparency and Accuracy: The integration of blockchain and artificial intelligence technologies significantly
enhances the quality of financial reporting, thereby fostering increased trust among stakeholders (Ebirim et al.,
2024).
Strategic Insights: Innovative accounting practices facilitate stakeholders' access to timely and insightful
evaluations of financial statements, thereby enhancing risk management (Ebirim et al., 2024).
Sustainability Accounting: Accountants have the potential to play a significant role in advancing corporate
sustainability; however, this potential is currently hindered by self-reinforcing specialization (Wenzig et al.,
2022).
For Accounting Education:
Integration of New Skills: Educational curricula must be aligned with technological advancements,
emphasizing ethical, digital, business, and soft skills to adequately prepare future accountants (Tsiligiris &
Bowyer, 2021).
Technological Readiness: It is imperative to prepare future accountants to adapt to digitalization, emphasizing
the enhancement of their technological knowledge and readiness (Taib et al., 2022).
Curriculum Change: The Core Competency Framework advocates for modifications to align educational
practices with professional standards, thereby assisting educators in concentrating on the essential skills required
for the evolving industry (Bolt-Lee & Foster, 2003).
Interdisciplinary Research and Education: Interdisciplinary approaches in accounting education are
increasingly being advocated to address the challenges presented by disruptive innovations and societal demands
(Guthrie & Parker, 2016).
These insights suggest a dynamic future landscape necessitating adaptability and innovation across all
dimensions of accounting, encompassing practice, education, business, and stakeholder engagement.
Findings of the Study:
Based on the above discussions, the key findings of the study on reimagining accounting in a dynamic world
are:
Technological disruption is a major driver of change in accounting, with AI, machine learning, blockchain, and
automation transforming traditional practices and enabling accountants to play more strategic roles.
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The new digital economy requires adaptation to innovative accounting models, including cloud-based
sustainability accounting platforms.
Evolving stakeholder expectations push for enhanced transparency and accountability in financial reporting,
leading to the adoption of new standards and technologies.
Globalization and increasing complexity require accounting practices that align with international standards and
manage large datasets across borders.
The study proposes a framework for reimagined accounting based on three pillars:
• Technological Integration (AI, ML, and RPA).
• Expanding measurement and reporting models to include real-time data and sustainability metrics.
• Evolution of accountants' roles in strategic decision making and IT skills.
Key challenges in implementing reimagined accounting include the following.
• Standardization and regulation issues.
• Technological hurdles.
• Cultural and organizational resistance.
• Skill gaps in emerging technologies.
• Ethical Considerations Regarding Data Privacy and AI Use
The future landscape of accounting implies the following:
• Increased efficiency and strategic focus for the accounting profession.
• Enhanced decision-making and cost efficiency for businesses.
• Greater transparency and strategic insights for investors and stakeholders.
• Need for significant changes in accounting education to align with new skill requirements.
The study emphasizes the importance of continuous adaptation and innovation in accounting practices to meet
the demands of a rapidly changing business environment.
CONCLUSION
This study examines how accounting is changing in today’s rapidly paced world. New technologies, such as AI,
machine learning, blockchain, and automation, are changing how accountants work. These tools help
accountants move from performing routine tasks to more important strategic tasks. The rise of the digital
economy and new expectations from stakeholders mean that accounting needs to be more transparent and
provide real-time information. Sustainability measures should also be considered. Globalization means that
accountants must follow international standards and handle complex financial information from different
countries. This study suggests a new way of accounting that uses technology, new ways of measuring and
reporting, and changing roles for accountants. However, there are challenges such as standardization, technology
issues, cultural resistance, skill gaps, and ethical concerns. The future of accounting will involve more strategic
roles owing to AI and automation. Businesses make better decisions and save money. Investors and stakeholders
can obtain clearer and faster information. Accounting education must change to teach future accountants the
technological, ethical, and interdisciplinary skills they need. In summary, changing accounting today means
using new technology, adapting to economic change, meeting new stakeholder needs, and preparing future
accountants. While there are challenges, there are also opportunities to make accounting more efficient and
valuable. Future research should focus on overcoming these barriers and developing new ways to report financial
and non-financial information.
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