Data analytics impacts in the field of accounting

Abstract

This research study has focused on the impact of business intelligence and data analytics in the field of accounting. Based on the information collected from scholarly sources, data analytics, and business intelligence is helpful for business organizations in the improvement of their accounting processes and enhancing accuracy in real-time data storing and analysis. The research paper has analyzed the possible impact of big data analytics and business intelligence regarding the transformation of accounting practices. This research paper has also highlighted three main benefits or advantages of data analytics and business intelligence adoptions in accounting systems which include: increasing accuracy, enhancing efficiency, and improvement in the decision-making processes. Based on the research findings we suggest a significant impact of data analytics on the accounting industry which has enabled accounting professionals to draw appropriate decisions based on real-time data. However, some challenges and issues are associated with the implementation and adoption of advanced analytics and business intelligence in accounting systems. These challenges and issues are required to be focused on by the business managers while implementing technological advancement plans in business organizations, especially accounting departments. This research paper has also highlighted the possible issues and challenges with those analytics in accounting systems. The overall objective of this research paper is to review existing literature containing secondary and primary research information on similar research topics.