Technological advancements on selected accounting practices : a study on big data analytics, automation, and artificial intelligence in Sri Lanka

Abstract

Technology has been shaping the world day by day with modern inventions. Individuals, organizations, and industries have changed according to developments. Big data analytics, automation, and artificial intelligence (AI) are in the process of changing accounting practices continuously and embracing the profession widely. Though there are higher interventions, the impact of these technologies on efficiency, accuracy, and productivity of accounting practices remains unclear. By identifying the level of impact, organizations can actively use these technological advancements in operations. Further, it helps to formulate strategies and maintains its competitive edge. Objectives are to identify the current integration of technological advancements in accounting practices, investigate the efficiency, accuracy, and productivity of these technologies, identify the challenges and barriers that arise when integrating these technologies, to come up with strategies to overcome challenges, and increase integration of technological advancements. Primarily integration of big data analytics tools and AI seems low with accounting practices. Main issues with lower integration are lack of skilled personnel and cost and resource constraints. Big data analytics tools are mainly used for data visualizations and AI use of predictive analytics for financial decisions. However, automation is widely used by accounting professionals. To investigate the efficiency, accuracy, and productivity of technological advancements, hypothesis was developed and tested. Outcomes show, integration of big data analytics tools significantly increases the efficiency of financial reporting, integration of automation significantly increases the accuracy of financial data and information, and integrated AI software significantly increases productivity of professionals. Therefore, organizations need to prepare their future and strategies to get the most from these advancements. Main challenges and barriers to integration of technological advancements are lack of technical skills and expertise, change management and user resistance, and data quality and standardization issues. To overcome those challenges. there must be training and developments, collaborations with industry professionals, partnering with technology vendors, and standardizing data and systems This study highlights the need for enhanced integration of Big Data Analytics, Automation, and AI in selected accounting practices. Addressing challenges like skill shortages, change management, user resistance, and data standardization can significantly boost integration. Organizations must invest in training and strategic partnerships to fully capitalize on these technological advancements.