EMERGING TRENDS OF ACCOUNTING PPT - 23COMC21, 23, 24, and 25

1. Department of Commerce (UG)
Title of Presentation: EMERGING TRENDS OF ACCOUNTING
Name & Roll No. of the Students - Prepared:
Jayanth B - 23COMC21
Jerome A - 23COMC23
Justin De Souza - 23COMC24
KR Chandradhar - 23COMC25
Voice of Student: Justin De Souza - 23COMC24
Course, Year & Section: Financial Accounting, First Year - C
Batch: 2023-2024

2. The advent of technology has given rise to multiple emerging trends to be
incorporated in the field of accountancy. Trends like Big data analytics, usage of
drones, cloud computing and forensic accounting are the front players. These
technologies bring about so many benefits in the field of accountancy reducing
the stress of the accountants but giving them more financial insights.
Accountants can make complex analysis easily and infer patterns from huge
data. Accountants can also make financial assessments to figure of fraudulent
filings and also use complex technologies to gather information about their
client's assets and liabilities. In the recent days business should be dominant in
the race one by one and all of them want to incorporate most technologies that
can put them in the front. Data handling, privacy and security are huge
concerns while incorporating emerging technologies in any field and especially
accounting since it handles confidential data. In this report we will explore
different technologies in accounting and their benefits.
introduction

3. Cloud computing is extremely popular these days due to it’s
performance and flexibility. In the recent days, cloud
computing has become very important in the field of
accounting as well. Key reasons why cloud computing is very
important in accounting are:
1. Increase in the security of cloud computing: Cloud
computing entails robust security measures such as
sophisticated threat monitoring, data encryption and uses
secure network protocols. The Cloud service providers invest
a lot in making their cloud systems secure and thus ensuring
that the financial information their cloud is safe and secure
and protected from hackers,
cloud computing

4. 2. Flexibility: Cloud based accounting systems give a possibility to
their users to access it from anywhere, provided they have internet
connection. This gives the users a lot of flexibility and the clients can
work remotely.
3. Performance: Since the cloud computing service providers use a lot
of good computing hardware, the performance increases. This helps
in getting the accounting work done faster and helps the accountants
analyze their data faster as well.

5. advantagesof forensic
accounting
Forensic accounting provides many advantages in
different forensic domains like litigation support, criminal
investigation, and the insurance industry. Some key
advantages of forensic accounting are as follows.
Litigation Support: Forensic accountants are key players
in litigation by quantifying damages and providing expert
testimony. Their analysis provide the parties involved in
the dispute come to a settlement. By analysing all the
financial records in the litigation, forensic accounts can
help all the parties to settle their disputes.

6. Criminal investigation: Forensice accountants analyze the
data to identiy cases of fraud, scam or other financial crimes.
They assess the finances of individuals with a possible intent
of crime and identify it with their expertise. This can help in
criminal investigations helping uncover the proofs of crime
Asset Recovery and Money Laundering: Forensic accountants
are experts at finding the root of the money laundering case
and recover the assets obtained illegally in these cases. They
help the government confiscate the assets of people involved
in the money laundering case.

7. accountingwith drones
Drones can be used in the field of accounting to improve the process of
various accounting processes, such as audits, inventory management, and
data collection. Drones can go to places that are hard to reach by other
transportation modes and this makes them very useful in numerous
fields where field work is necessary, in this case, accounting processes.
The Benefits of using drones in accounting:
Efficiency: Drones help collect a lot of data in a short duration of time and this
increases the efficiency of accounting processes
Cost reduction: Drones can be automated and this helps reducing the costs in
terms of other transportation modes, man power etc.
Faster inventory management: Drones can reduce the time overhead
caused by people working in inventories by just scanning bar codes in
inventories and handling the management of these resources.
Drones in Asset management: Drones can provide another perspective in
asset management where it provides aerial view of land assets of clients or
customers of the accouting firms.

8. As much as there are advantages, there are some
disadvantages of using drones in accounting:
1. Skilled operators are required to operate the drones
and related equipments
2. Data privacy and security can be compromised by
hacking during storage or transmission
3. Some regulations do not allow the usage of drones in
certain jurisdictions
4. High initial investment
To conclude, drones do have a high potential in the field of
accounting but should be used with stringent security
measure by skilled operators.

9. big data analytics
Big data is the buzzword in the recent days in every industry including
accounting. Data analytics is especially important in accoutnings to figure
of data patterns and improve audit processes.
Some of the advantages of Big data in accounting are:
Faster analysis: Big data helps accountants in faster and more detailed
analysis of their data. They can find data patterns, anomalies etc and give a
detailed report
Fraud detection: With the analysis, big data helps in identify fradulent
patterns in data as well. This helps accounting firms to take the right
action.
Better audit process: Big data offers a possibility to analyse entire database
not just a sample size during auditing. This helps in increasing the efficiency
of audit process.

10. Disadvantages of Big data in accounting:
Security and privacy concern: Since everyting is digital,
this is prone to hacking and security risks.
Higher costs: Higher costs for maintaining and investing
in huge hardware ad software products
Skills and expertise needed since only good data analysts
can perform some complicated analysis processes.
To conclude, big data does have its advantages in
accounting, but if we could overcome the challenges that
come with it, this can be a gamechanger for accounting

11. In conclusion, technology has completely changed accounting practices, enabling
businesses to operate more fast, effective,efficiently, accurately, and securely.
Automation, cloud-computing , big data and analytics, drones and AI/ML are just
some of the technological advancements that are transforming the accounting. As
technology continues to grow rapidly, so too will accounting, as it adapts to new
technologies and emerging trends. It is essential for accountants to stay up-to-
date with the latest technologies and to continuously develop their expertise to
remain competitive in today's fast-paced business world.

12. Thankyou