NEW PARADIGM IN ACCOUNTING INFORMATION SYSTEMS – THE ROLE OF THE LATEST INFORMATION TECHNOLOGY TRENDS

Abstract

The purpose of this paper is to identify the impact and benefits of the latest information technologies on Accounting Information Systems (AIS). Taking into account the numerous papers related to new technologies and their application in the accounting profession within Industry 4.0, and conducted survey about perception of practitioners in Republic of North Macedonia, this paper summarizes the characteristics and key benefits of some of the new technologies for the functioning of AIS in the digital age. First of all, the evolution of AIS is elaborated, based on theoretical and empirical analysis of the accounting process from the appearance of the first AIS up to nowadays’ services and techniques available for supporting the accounting function. The first technology to be elaborated is Big Data and its potential to change the business landscape, especially in the field of automating operation processes, customer engagements, and predictive decision-making process. Secondly, the Blockchain Technology as an example of Distributed Ledger Technology (DLT), which adoption brings new possibilities in eliminating or redefining the role of entities external to the company. Cloud Computing i.e. Cloud Accounting is the third technology which is elaborated in this paper through the services it offers on the cloud, especially the way AIS process, store and backup the sensitive and confidential data. Last but not least, Artificial Intelligence (AI), a technology that could change the professional services, the need, and opportunities that are provided for a solution to the current accounting issues. In summary, taking into account the relevant literature and the perception of the respondents-practitioners, increased use of these technologies is necessary because their application reduces costs; increases transparency and confidence in information; flexibility, i.e. no time and space restrictions on their use, etc., which is especially useful in the current state of Pandemic, caused by the virus COVID-19.