Accounting Technology Framework and Disruptors

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Accounting Industry Technology Framework

The two primary accounting frameworks are the generally accepted accounting principles (GAAP) as well as the international financial reporting standards (IFRS). Two primary stages of audits used in implementing these frameworks include planning and risk assessment as well as internal controls testing.

Generally Accepted Accounting Principles (GAAP)

  • GAAP is the acronym for Generally Accepted Accounting Principles. GAAP refers to a cluster of accounting standards, as well as a widespread industry standard developed many years ago. GAAP is used by various organizations to organize or group financial data into accounting records properly. GAAP is also used to summarize accounting records into separate financial statements or disclose specific supporting accounting information.

Tasks Performed Under the GAAP Framework

  • Some topics or tasks that the GAAP framework introduces to a company's financial statements include activities to evaluate assets, liabilities, equity, leases, foreign currency, expenses, and income. It also proposes hedging and derivatives, non-monetary transactions, industry-specific accounting factors, business combinations, and fair value.
  • Companies that utilize the GAAP framework are required to evaluate and report their earnings per share, also known as GAAP EPS. These companies may be required to report their Non-GAAP EPS whenever there is a possibility that their GAAP EPS is misleading, or it is not a true representative of their "core" performance.
  • Companies using the GAAP framework are required to file 10-K as well as other related filings in compliance with GAAP as well as other "SEC disclosure requirements."

International Financial Reporting Standards (IFRS)

  • International Financial Reporting Standards (IFRS) is the international framework used in accounting. IFRS is used to organize as well as report financial information accurately. It is the brainchild of the International Accounting Standards Board (IASB) based in London.
  • The IFRS framework is currently the mandatory accounting framework in over 120 countries.

Tasks Performed Under the IFRS Framework

  • All foreign portfolio investments (FPI's) using the IFRS framework in the United States are required to prepare their financial statements in line with IFRS, as demonstrated by IASB. Such FPI's are subject to Rule 405 of the S-T Regulation and must submit their financial statements in XBRL with an IFRS Taxonomy as specified on the website of the Commission.

General Tasks Performed for The GAAP and IFRS Platforms:

  • Some tasks related to tasks implemented though processes of the financial accounting industry that are not dependent on any framework include:

Real-Time Status Confirmation for Financial Matters

  • Some general tasks performed to implement a financial accounting process, regardless of the framework is real-time confirmation of the status of financial matters.
  • Artificial intelligence (AI) can process documents in real-time using natural language processes as well as computer vision. This process can give faster insights into financial positions when compared to manual daily reporting, which is more expensive. One benefit of using AI for real-time financial insights is that it helps companies to be more proactive and makes it more feasible to implement adjustments if acquired data indicates an unfavorable trend.

Automated Authorization or Processing of Documents

  • Regardless of the framework used, financial accounting companies should automate the authorization as well as processing stages of their documents. This process can be implemented using AI technology.
  • AI enhances several internal accounting processes like procurement, purchasing, invoicing, preparation of purchase orders, expense reports, accounts payable as well as accounts receivables, and more.

Audit Compliance through AI

  • Experts recommend the use of artificial intelligence to implement audit compliance.
  • In financial accounting, there are several mandatory internal corporate, state, local, and federal regulations. Fraud accounts for billions of dollars lost every year, and financial services companies often loose about $2.92 in costs for every single dollar of fraud perpetrated.
  • It is vital to use machine learning algorithms to quickly navigate through large volumes of data to identify potential fraud cases or suspicious activities that might otherwise get lost when humans get employed for monitoring. AI can flag potentially fraudulent or non-compliant issues for further review.

Research Strategy

The research has reviewed typical technology frameworks in the accounting industry. The study also examined why, how, and what type of tasks are completed by identified portions of the accounting industry technology frameworks. The research reviewed accounting tool publications, government agency regulations for the financial accounting industry, and credible media publications, among other resources. This strategy revealed typical technology frameworks in the accounting (finance) industry. It also disclosed some tasks to be completed via the identified portion of the framework based on regulatory requirements. However, there were limited insights on why the tasks identified via the research relative to GAAP and IFRS are essential outside the fact that they are requirements put in place by government agencies. The study includes the reasoning actions or tasks recommended by Bernard Marr & Co (Bernard Marr & Co is a leading independent think tank as well as consulting organization in the world). The reasoning associated with the recommended actions relevant to financial accounting companies were uncovered via this strategy, although they are not specific to any technology framework.
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Accounting Industry Technology Disruptors

Some emerging disruptive accounting industry technology companies or products are Jiffy, Ui Path, Kofax Kapow, Bank of America, and several other products or companies. Several companies in the accounting and financial services sector are leveraging robotics process automation (RPA) to save costs by as much as 80%, save time by 80 to 90%, increase quality, and also scale up their solutions. Robotic Process Automation is becoming a growth strategy for the financial services sector, and experts believe it will make the businesses of industry players that adopt it more competitive for the next two years or more. From about $250 million in 2016, the market size of RPA technology will grow to about $2.9 billion by 2021.

Disruptive Accounting Industry Technology Companies or Products

  • Some disruptive accounting industry technology companies or products are companies offering RPA technologies or products. Between 2008 and 2015, there were a total of about 45 digital solutions using robotic process automation (RPA) in the world. This figure grew to about 55 in 2016, 70 in 2017, 80 in 2018, 90 in 2019, and about 110 in 2020.
  • One emerging use of RPA in 2020 is in distributed ledger applications. Some organizations pioneering the use of RPA for distributed ledger applications in 2020 include Hawaii Revealed and Wells Fargo.
  • As of 2020, distributed ledger technology (DLT) was one of the hottest topics within the financial service industry. However, beyond the hype that typically surrounds the new technology is the potential to create genuine business value.
  • Wells Fargo believes that distributed ledger technology has the potential to positively impact how the financial services sector records and transacts assets as well as manage data. Wells Fargo also recognizes the fact that this "technology is still emerging."
  • Blockchain is the most mature form of RPA and has only existed for about ten years. However, financial organizations need to address vital infrastructure and regulatory constraints so that distributed ledger technology can eventually become part of their everyday operations.
  • RPA technology is used in implementing financial and accounting process automation, accounts payable automation, and in the implementation of adequate finance and accounting workflows for the automation of other processes and services within the financial accounting industry.

Category: IFRS Framework

1. SAP Financial Products Subledger (FPSL)

  • Developed by EY and SAP, Financial Products Subledger (FPSL) is a disruptive technology that brings to the market new capabilities aimed at helping insurers to transform their financial reporting processes and also implement specific accounting policy changes.
  • A collaboration between EY and SAP is helping to transform how insurance organizations would report their financial data from the year 2022. This disruptive solution is coming at a time when new systems and processes would be required to align with some upcoming changes in the financial industry's standards (both international and United States reporting standards).
  • The new standards recently changed are the International Accounting Standard Board's (IASB) IFRS 17 as well as United States GAAP Long Duration Targeted Improvements (LDTI). As from the 1st day of January 2022, all large public insurance organizations using the standards listed above would be required to change how insurance firms recognize, measure, present as well as disclose their insurance assets and liabilities. This new requirement may impact several other aspects of their business reporting processes.
  • The coalition between EY and SAP has utilized a core approach o deliver standardized IFRS 17 and LDTI financial analytics content (known as the EY IFRS 17/LDTI "Intelligent Metrics Navigator"). This solution was developed using the SAP Analytics Cloud and would offer real-time dashboards with vital financial performance drivers relative to IFRS 17/LDTI. The new solution is available in standalone or combined mode with relevant SAP products as well as the EY insurance industry suite of SAP.
  • The solution would enable seamless operational efficiency as well as excellence in several insurance processes. IFRS 17 may be one of the most significant disruptions or changes to affect financial reporting for the insurance industry. The new EY and SAP product will help insurance organizations to address their new standards better and also identify opportunities that transform their operating models, their finance, risk, and analytic functions relevant to their businesses.

General Disruptions for Both GAAP and IFRS Frameworks

  • A limited number of companies market their accounting industry technologies based on various accounting industry technology frameworks. Only EY and SAP have widely customized a disruptive solution based on an accounting framework. Several other financial accounting solutions services providers (including Deloitte) advertise products that can implement the two primary accounting frameworks identified by the first research brief (GAAPS and IFRS).
  • Deloitte and some accounting services providers often have services that target multiple frameworks. Whether their client is a subsidiary of a foreign organization operating from Russia or is a Russian company, they can provide them with the required services required to automate their financial reporting to satisfy the requirements of "IFRS, GAAP, or other standards." The SAP Financial Products Sub Ledger (FPSL) product advertised by EY and SAP is one of its kind.
  • Hence, in line with several other companies like Deloitte that do not market disruptive software based on various accounting frameworks, some disruptive technologies relevant to both (GAAP and IFRS) accounting frameworks are highlighted below. These disruptive technologies mostly revolve around automating accounting processes through bots and are not in any way "different from" the regular RPA processes and often get customized to fit the automation requirements of specific clients through "customizable workflow[s.]"
  • Some companies or products that leverage these "emerging" and disruptive technologies (RPAs) to offer services in the accounting industry (without specifying the target framework) include:

Jiffy

  • Jiffy artificial intelligence platform was recently named the game-changer in the financial service industry by IDC. The company offers several financial service tools that automate loan processing and forgiveness and is a leader in robotic process automation (RPA) software.
  • Jiffy's AI platform is accelerating finance and accounting. It has helped companies process 6000 journal vouchers per day via automation from the usual 1000 achieved through manual processing (indicating volume handling growth of 600%).

Ui Path

  • Ui Path offers software robots that help financial companies implement process automation in a manner that allows them to gain back their time, which gets lost via manual processes. This process helps such companies do away with repetitive as well as swivel chair work, thereby freeing their staff for other activities.
  • Ui Path helps financial companies implement enhanced automation using drag-and-drop Artificial Intelligence (AI) technology.
  • Ui Path uses RPA technology to offer services to its clients and helps them get started on their "RPA journey."
  • Some financial accounting consulting firms leveraging Ui Path to offer services within the accounting industry include Deloitte, EY, and PwC.
  • In 2019 UiPath emerged as a leader in Gartner's Magic Quadrant Award for companies offering robotic process automation software solutions. With over 2,900 employees, UiPath claims to be the fastest-growing enterprise software organization in history.

Kofax

  • Kofax offers a robotic process automation software that allows businesses to transform their financial processes for improved productivity, reduced costs as well as higher process transparency.
  • Kofax combines RPA, process orchestration, cognitive capture, mobility, and engagement, as well as analytics to deliver dramatic results and ease implementations. These processes help companies to mitigate compliance risk, increase their competitiveness, growth, and profitability.
  • Kofax recently unveiled its latest version of the Kapow software that leverages AI as well as machine learning to automate desktop virtualization and document capture.
  • Accenture is a financial service consultant leveraging Kofax Kapow RPA solutions. Kofax RPA recently won a DM Award in artificial intelligence as well as RPA "Product of the Year" Award.

Bank of America

  • Bank of America has an RPA program that is promising and growing. The bank is implementing robotic process automation through the use of non-invasive software and leverages AI, OCR, and machine learning (ML) technologies.
  • The RPA solution of Bank of America enables it to connect obsolete systems and also patch "data integration holes" without the need to update its core technology. The bank has put robots in place to implement its global payments, service its clients to resolve card as well as mortgage disputes, manipulate data, and also process some exceptions.

Nordea Bank

  • Nordea Bank is an advocate of AI and process automation within the financial service industry. The bank utilizes an AI-driven solution to analyze as well as sort customer inquiries, and automatically forward these inquiries to the appropriate points for processing. The process automation software can handle hundreds of queries per second, giving rise to better customer service as well as faster response time.
  • Nordea Bank has turned to RPA (an emerging technology) to enable it to utilize Intelligent Automation and employ robots as virtual employees. The bank reveals that robots have saved it several hours of GDPR-tasks.

OCBC

  • Oversea-Chinese Banking Corporation Limited (OCBC) leverages RPA-powered software solutions known as Bob and Zac. These robots are integrated into the bank's lending as well as finance areas and implement time-consuming and recurring tasks that do not require decision-making.
  • Zac helps in generating daily sales efficiency reports while Bob verifies consumer's eligibility relative to home loan re-pricing, suggests options, and also makes draft recommendations. The Singaporean bank reveals that it now takes just a minute to re-price a housing loan through the assistance of the bots instead of 45 minutes through manual processes.

Deloitte

  • Deloitte is leveraging robotic process automation to implement audits. The company is at a point of transformation and hopes to use RPA to achieve a future where mundane routine and repetitive tasks such as data entry, as well as journal entries, among other tasks known to run quite often, are automated and taken over by robots.
  • Deloitte and several other financial organizations are leveraging RPA, cognitive technologies like natural language processing, natural language generation, machine learning as well as predictive analytics to offer disruptive ("more efficient") services.

App Zen

  • In 2020, AppZen released an enhanced AppZen platform that uses artificial intelligence to automate auditing and several other financial processes.
  • With the new AppZen platform, users can now automatically compare vendor invoices to shipping documents like bills of lading. This automation helps them to quickly compare the number and quantities declared by a shipper, consignee, or carrier to ensure invoice accuracy.

Celonis

  • Celonis provides process mining software solutions. The company has debuted a new collection of operational software, including one that processes accounts payable. The accounts payable processing software is powered using artificial intelligence.
  • The accounts payable application is one of the first operational applications designed to use the enhanced Celonis platform. The release date of the RPA software solution is April 2020.
  • PostFinance relies on Celonis Process Mining to analyze as well as optimize a significant number of its business processes.

FinancialForce

  • FinancialForce is a provider of enterprise resource planning as well as professional services automation technology. The company recently released a cloud-based software to mark the Spring of 2020. The software has added features relative to accounting analytics.
  • The Spring 2020 version of FinancialForce Accounting & Financial Reporting software has personalized analytics features such as customized objects, dynamic workspaces, and an additional income statement feature. The software is compatible with Salesforce's Einstein artificial intelligence (AI) technology.
  • About 50 RPA technologies or products often used (by accounting firms like KPMG, PwC, Accenture, Capgemini, Cognizant, Deloitte, and EY and several other firms) to offer financial accounting automation services. AIMultiple has identified them (AIMultiple is a transparent, objective AI industry analyst) and they are listed as follows:

Another Monday

  • Another Monday is the vendor of a robotic process automation tool that partners with KPMG and PwC to offer RPA services relevant to the financial accounting industry Europe.
  • Some financial accounting industry consulting companies using the RPA solutions of Another Monday to service their clients include KPMG and PwC.

AntWorks

  • AntWorks is a company that offers RPA technology services.
  • AntWorks is used to automate some banking and financial processes like compliance management and production of audit reports, among other services. It offers faster reconciliation as well as reporting in the finance and accounting industry.
  • Players from the financial industry are likely among the customers of RPA solutions like AntWorks as they also use compliance management solutions.

ANTstein

  • According to Ant Works, traditional RPA can only automate tasks. However, Ant Works, through its product known as ANTstein, goes beyond to provide true process automation.

Arago's Hiro

  • Arago's Hiro helps organizations to implement end-to-end robotic process automation and increase their end to end process automation "rates from 30% to 90%."
  • Arago's Hiro is used to deliver several solutions in the financial service industry.

Argos Labs

  • Argos Labs allow organizations to implement process automation robots on various platforms like Windows, Linux, Android, iOS, and macOS.

Atos Syntel SyntBots

  • Atos Syntel SyntBots offers IT operations, product engineering, and robotic process automation technologies and products that allow organizations to transform their businesses through intelligent automation.

Automai RPA

Automation Anywhere

  • Automation Anywhere offers a powerful business process automation software using robotic process automation to enable organizations to have access to tools to create their software robots and automate any business process. The company empowers organizations to have a digital workforce via the use of RPA.
  • Some financial accounting industry consulting firms using Automation Anywhere RPA solutions include Accenture, Deloitte, EY, KPMG, and PwC.

AutomationEdge

  • AutomationEdge is an AI-driven and integrated automation platform that brings together all the vital technologies needed to automate an enterprise via RPA. It helps companies to go beyond RPA.

Be Informed

  • Be Informed provides a platform that lays the foundation for automated robotic processes and decision-making. It helps organizations to automate their decision-making processes no matter how complex.

Blue Prism

  • Blue Prism offers enterprise-grade Intelligent Automation software for the implementation of RPA. Its solutions are available on-premises, via the cloud, and as hybrid or integrated SaaS solutions.
  • Some consulting companies in the financial and accounting services industries using Blue Prism to support their customers are Accenture, Deloitte, EY, KPMG, and PwC.

Celaton inSTREAM

  • Celaton inSTREAM offers intelligent robotic process automation software solutions that are relevant to the future. It's software solutions deliver efficiencies and guaranteed business values for organizations using it.

Cicero Automation

  • Cicero provides an intelligent analytics platform for the automation of business processes. Its software solution lies on top of a customer's existing systems to bring them greater automation as well as insight.

ClearSoftware ClearProcess

  • ClearSoftware ClearProcess enables process automation at an unprecedented scale. It allows organizations to scale their robotic processes to cover hundreds of thousands of users utilizing mission-critical business processes.

CloudStorm

  • CloudStorm offers an all-in-one robotic process automation software solution for businesses with or without a Center of Excellence (CoE).

Contextor

  • Contextor has an RPA technology that helps business software users by saving the efforts needed on repetitive tasks. The solutions offered by the company can enable both attended and unattended RPA within or across applications. Contextor's customers account for over 100,000 business processes automated via the use of robots.
  • Some consulting companies in the financial accounting sector using Contextor to service their clients are Accenture and EY.

Cortex Intelligent Automation

  • Cortex Intelligent Automation software helps organizations to go beyond mere automation functions and the market hype associated with desktop automation. Cortex Intelligent Automation software allows organizations to use RPA to implement a wide variety of software bots.

Datamatics RPA

  • Datamatics RPA offers software bot solutions to ease the automation of robotic processes. Some of its platform solutions include TruBot, TruCap+, TruBot Neuro, and TruBot analytics.

EnableSoft Foxtrot

Epiance Epigenie RPA

  • Epiance's Epigenie RPA is a robotic process automation software solution that facilitates the creation of workflows with dynamic decision points or branches. It enables the integrated automation of scripts as well as performance enhancement forms.
  • Some companies in the financial industry using Epiance's Epigenie RPA software are Fidelity National Financial and Barclays, Commerz Bank.

Exilant Fusion

  • Exilant Fusion provides a technology that leverages RPA (Robotic Process Automation) to do away with systemic waste and also create lean systems through the optimization, transformation, and non-intrusive automation of existing business processes.
  • Domain Expertise, a Financial Industry Regulatory Authority (FINRA) certified-consulting company, uses Exilant Fusion for its RPA-based solutions.

G1ant

  • G1ant boasts of the most secure, as well as an auditable RPA tool available on the market. It offers an open-source code as well as robotic process automation technology.

SolveXia

  • SolveXia is a robotic process automation (RPA) software used by financial departments in Australia, the United Kingdom, South Africa, and the United States.

GIBots

  • GIBots provides an enterprise robotic process automation software solutions that enable the automation of financial processes.
  • Monotonous activities in the banking and finance sector often require RPA software solutions like GIBots.

GridOne

  • GridOne AutomateOne offers automation systems as well as servomechanisms using various software, artificial intelligence (AI) as well as data science.

Help Systems Automate

  • Help Systems Automate provides robotic process automation technologies that help organizations to streamline their workflows with the use of a scalable digital workforce.

Ikarus

Infosys EdgeVerve and Systems Assistedge

  • AssistEdge and Infosys offer a leading cohesive automation platform designed to provide a holistic suite of automation services and AI capabilities. They allow enterprises to scale their current skills to become "tomorrow's digitally-enabled" enterprises.

IntelliBot

  • Intellibot provides an RPA platform that allows organizations to focus on their businesses rather than on the technology needed to run their operations. Its solutions are scalable and cloud-friendly.

Jacada

Jidoka

  • Jidoka is a Java-based, containerized RPA technology or platform that runs on the cloud. Appian has purchased (and now owns) the Jidoka platform.

Kryon Systems Leo

  • Kryon offers an AI-based full robotic process automation, which enables the direct deployment of process discovery and analytics solutions within a single RPA platform.

NICE Systems RPA

  • NICE provides a robotic process automation (RPA) technology or software that makes routine desktop tasks more comfortable to implement, while also making such tasks faster and error-free. The process leads to improved efficiency and customer satisfaction.

Nividous RPA

  • Nividous provides RPA solutions that help companies improve their process throughput. It also allows organizations to save efforts and enhance compliance and auditing.

NTT-AT WinActor

  • WinActor is a core RPA technology that was developed by NTT Laboratories. The technology automates repetitive tasks to free up time and resources for more creative work.

Olive AI

  • Olive offers an artificial intelligence RPA platform that can help various organizations to automate their entire workflows.

OnviSource

  • OnviSource provides enterprise transaction management and process automation technology. The software allows contact centers as well as back offices to efficiently and cost-effectively manage their process transactions without mistakes.

OpenConnect AutoiQ

  • OpenConnect AutoiQ is one of the highly-rated RPA solutions. It is ranked 31st among robotic process automation (RPA) solutions. In August 2019, ActiveOps Ltd acquired OpenConnect. ActiveOps Ltd leverages OpenConnect AutoiQ and ConnectiQ to provide RPA solutions across various platforms.

OpenRPA

  • OpenRPA provides a free and open-source enterprise-grade robotic process automation (RPA) software solution. The source codes needed to implement RPA solutions for an enterprise using this method are available to the public free of charge.

Pega Robotic Automation

  • Pega provides a platform for robotic process automation to help organizations work smarter and faster.
  • Some companies offering accounting, auditing, and reporting services that leverage the solutions of Pega Robotic Automation include Accenture and EY.

Perpetuuiti

  • Perpetuuiti offers a platform that provides employees with a digital (robotic) workforce of intelligent digital interns that enhances and augments their human employees by combining AI, ML, RPA as well as analytics to automate their end-to-end business functions.

Redwood Software

  • Redwood Software implements RPA as a process solution to reduce the cost required to process financial accounting invoices by 60%.
  • Some financial accounting or audit, and tax services consulting companies leveraging Redwood Software include Deloitte and KPMG.

Softomotive ProcessRobot

  • Softomotive ProcessRobot provides a leading class enterprise RPA platform. This RPA platform often gets utilized in the implementation of enterprise-grade security as well as controls. The RPA platform provides organizations with links to some of the "best-of-breed AI technologies."
  • ProcessRobot helps organizations to reduce their operational costs, increase their efficiency, improve productivity as well as accelerate performance.

Softomotive WinAutomation

  • Softomotive WinAutomation is the best desktop automation tool in the world. It is a powerful, robust, as well as a secure to use RPA platform that is Windows-based and supports the building of software robots. The solution provides server-less desktop automation tools relevant to professionals as well as small teams.

Symphony Ventures

  • Symphony Ventures is a global leader in the field of enterprise digital transformation. The company recently partnered with Automation Anywhere (a leader in RPA solutions in the world) to offer AI technologies. The partnership empowers Symphony Ventures to implement management services through industry-leading RPA as well as Intelligent Automation technologies.

TagUI — AI Singapore

  • TagUI offers an open-source RPA tool that helps organizations to automate their repetitive and time-critical tasks. The company has its headquarters in Singapore.

Verint

  • Verint provides robotic process automation solutions that take care of repetitive and time-demanding processes and give employees time to focus on some other complex as well as customer-related activities. The solution uses software robots.
  • A financial accounting services partner or company using Verint to automate their processes is Accenture.

VisualCron

  • Visual Cron offers automation, integration as well as task scheduling software tool for Windows. Through RPA, Visual Cron guarantees a better return on investment and increased as well as consistent quality, round-the-clock employee availability, among other benefits.
  • Some financial accounting consulting service companies like PwC offer 24 hours, seven days a week (round-the-clock) customer support, and can use VisualCron since it guarantees consistent quality and round-the-clock availability of support services, among other benefits.

WINWAI

  • WINWAI offers robotic process automation (RPA) solutions by combining AI and action modules for the automation of organizational workflows and the creation of office-working robots.
  • Financial companies also have workflows and can utilize WINWAI for the automation of their workflows.

WorkFusion

  • WorkFusion provides pre-built automation solutions using RPA to transform business operations faster than ever. WorkFusion was recently recognized as the cognitive leader in RPA platforms by Zinov Zones. Solutions using WorkFusion are easy to implement, and Accounts Payable teams often configure them without requiring IT support.
  • Some financial service partners or companies using WorkFusion to automate their processes include Deloitte and PwC.

Research Strategy

The research has examined emerging disruptive accounting industry technology companies or products. It also examined the categories discovered in the prior research to which the uncovered technologies belong (namely GAAP and IFRS frameworks). Resources reviewed by this strategy include credible news and media publications, market analyst reports, the website of technology service companies (within the accounting industry), and several other resources. The research brief considers disruptive technologies or disruptive companies as those displacing established technologies or bringing new ways of doing things in the accounting industry. These technologies include but are not limited to artificial intelligence (AI). Several companies are using artificial intelligence to revolutionize the financial sector and are changing business models. More than half (59%) of leaders within the financial accounting industry agree that robotic process automation (via AI) is a disruptive and emerging technology and will make businesses more competitive within the next two years. The research includes a source older than the usual 24-moth credibility range because it contains the definition of a term (disruption). The study considers emerging technologies or products as those new technologies or products just beginning to exist. Artificial intelligence (AI), machine learning (ML), and robots are "new" technologies in the field of accounting and "not that long ago," were considered among things found only in science fiction films. A limited number of resources revealed technology products specifically for the accounting industry. The study contains disruptive accounting industry technology companies or products, even where they have features that are also used by other industries. Due to the limited number of RPA bot solutions specific to the financial sector, the research assumes that all RPA bots are beneficial to the financial industry or sector. "Automating an accounting process" through bots is not in any way "different from" the RPA processes used across other fields, and various industries can use the same RPA software solutions. Only EY and SAP have widely publicized a customized disruptive solution based on an accounting framework. Several other organizations offering financial accounting industry solutions services (like Deloitte) advertise only products that can implement all accounting frameworks identified by the first research brief (namely GAAPS and IFRS).
Sources
Sources

From Part 02