IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 9 NO. 6 2024
DOI: 10.56201/wjeds.v9.no6.2024.pg23.34

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Accounting Measures and Process Automation Dividends and Challenges

Dr. Tonye Okiriki, Ateh Warefiniere

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Abstract

The integration of process automation in accounting has reshaped the traditional landscape, bringing both efficiency and challenges. This paper explores the dividends of automating accounting processes, including enhanced accuracy, time savings, cost reductions, and improved decision-making. By utilizing advanced technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), organizations can streamline routine tasks like payroll, invoicing, and financial reporting. Automation minimizes human error, boosts data analysis capabilities, and ensures compliance with evolving regulatory requirements. However, the shift to automation also presents significant challenges. These include the initial costs of implementation, the need for continuous software updates, and the risk of cyber security threats. Additionally, organizations must address concerns about workforce displacement and the requirement for re skilling employees to manage and interact with automated systems. Furthermore, integrating automation into existing accounting systems can create complexities that demand a robust change management approach. This paper reviews the dividends of accounting process automation while acknowledging the operational, ethical, and technological challenges that arise. In conclusion, while automation promises transformative gains, businesses must carefully navigate the challenges to fully realize its

keywords:

Accounting measure, Process Automation, dividends, Challenges.

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