+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Accounting Disrupted. How Digitalization Is Changing Finance. Edition No. 1

  • Book

  • 192 Pages
  • May 2021
  • John Wiley and Sons Ltd
  • ID: 5837499

Accounting Disrupted: How Digitalization is changing Finance delivers a powerful analysis of the new technological forces buffeting the accounting profession and identifies key pathways to responding to the challenges. Al Bhimani, distinguished accountant, academic, and author, shows readers how established business fundamentals are being eclipsed and that accounting has not been spared.

You'll learn:

  • How the new realities of digitalization, including big data and AI, are affecting audit work and financial management practices
  • How learning fast about and from more diverse data sources is essential to the new accounting environment
  • Why accounting information must start to speak to what will take place rather than about financial activities that have occurred
  • What finance must do in a world of changing risks, data growth, fast digitization, and increased regulation

The author makes a compelling case that accounting now faces a crunch: it needs to reshape itself from the core because conventional financial analysis is proving too cumbersome and slow for executives in digitalized organizations. In a straightforward and illustrated style packed with case studies and practical examples, he shows readers how big data, blockchain, robotic process automation, and artificial intelligence, can help accountants adapt to new realities.

Perfect for finance leaders in both the private and public sectors, Accounting Disrupted also belongs on the bookshelves of accounting students who wish to better prepare for the technological and professional environment in which they’ll shortly find themselves.

Table of Contents

Preface xi

Acknowledgments xv

About the Author xvii

Chapter 1 Accounting Disrupted 1

Global Forces Reshaping the Digital Economy 5

What Do Businesses Want? 10

With Great Data Power Comes Great Responsibility 12

Why Data is Growing 13

If Finance Stands Still 15

Notes 17

Chapter 2 Unleashing Digitization 19

Why is Finance Changing? 22

The Rise of Digital 24

Decision-Making and Information: A Warning! 35

Notes 38

Chapter 3 The Trouble with Finance 41

Business is No Longer Linear 43

Strategy Folklore 45

The Importance of “?s” 50

High Sales Volume Means High Profits, Right? 54

How Do New Technologies Disrupt Accounting? 56

What Now? 60

Notes 61

Chapter 4 As If Managing Costs Mattered 63

Accounting Pillars 66

A Risk from Which There is No Return 66

Volume is Half the Story 69

Growth Through Scope 76

Notes 82

Chapter 5 Learning is Everything 83

Learn Fast: Cut Costs Faster 85

Intelligent Learning 87

Push the Pedal 90

Notes 93

Chapter 6 Performance Changes 95

New Targets for Performance Management 98

Whose Performance, Anyway? 99

Operations Get Closer to Strategy 100

Incentivizing Digitalization 101

Data’s Consequences 104

Digitalization Makes All Enterprises Unlike 105

On Being Data-Centric and Intuitive 106

Predictive Performance Management 108

How to Track Digitalization 110

Notes 111

Chapter 7 Digitalization and Auditing 113

Big Data: Big Audit Questions 116

RPAs, AI, and Audits 118

Blockchain is Here 121

Notes 128

Chapter 8 Better Change Your Mind 129

Unite and Conquer: The New Data Mantra 132

What Skills? 137

Risking Digital 140

The Hidden Side of Data: Careful! 144

What “New Normal”? 147

Notes 150

Resources 153

Index 157

Authors

Al Bhimani London School of Economics.