Digital Transformation in Accounting

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Digital Transformation in Accounting
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Digital Transformation in Accounting is a critical guidebook for accountancy and digital

business students and practitioners to navigate the effects of digital technology
advancements, digital disruption, and digital transformation on the accounting profession.
Drawing on the latest research, this book:
• Unpacks dozens of digital technology advancements, explaining what they are and
how they could be used to improve accounting practice.
• Discusses the impact of digital disruption and digital transformation on different
accounting functions, roles, and activities.
• Integrates traditional accounting information systems concepts and contemporary
digital business and digital transformation concepts.
• Includes a rich array of real-world case studies, simulated problems, quizzes, group
and individual exercises, as well as supplementary electronic resources.
• Provides a framework and a set of tools to prepare the future accounting workforce
for the era of digital disruption.
This book is an invaluable resource for students on accounting, accounting information

systems, and digital business courses, as well as for accountants, accounting educators, and
accreditation / advocacy bodies.
Richard Busulwa is a Lecturer and Researcher in the Business School at Swinburne

University of Technology, Australia.
Nina Evans is Associate Professor of STEM at the University of South Australia.

Business and Digital Transformation
Digital technologies are transforming societies across the globe, the effects of which are
yet to be fully understood. In the business world, technological disruption brings an array
of challenges and opportunities for organizations, management and the workplace.
This series of textbooks provides a student-centred library to analyse, explore and
critique the evolutionary effects of technology on the business world. Each book in the
series takes the perspective of a key business discipline and examines the transformational
potential of digital technology, aided by real world cases and examples.
With contributions from expert scholars across the globe, the books in this series enable
critical thinking students to excel in their studies of the new digital business environment.
Strategic Digital Transformation

A Results-Driven Approach
Edited by Alex Fenton, Gordon Fletcher and Marie Griffiths
Hospitality Management and Digital Transformation

Balancing Efficiency, Agility and Guest Experience in the Era of Disruption
Richard Busulwa, Nina Evans, Aaron Oh and Moon Kang

Richard Busulwa and Nina Evans
For more information about this series, please visit www.routledge.com/Routledge-New-

Directions-in-Public-Relations--Communication-Research/book-series/BAD
Digital Transformation
in Accounting
Richard Busulwa and Nina Evans

First published 2021
by Routledge
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and by Routledge
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© 2021 Richard Busulwa and Nina Evans
The right of Richard Busulwa and Nina Evans to be identified as authors of this
work has been asserted by them in accordance with sections 77 and 78 of the
Copyright, Designs and Patents Act 1988.
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British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Busulwa, Richard, 1980– author. | Evans, Nina, author.
Title: Digital transformation in accounting / Richard Busulwa and Nina Evans.
Description: Abingdon, Oxon ; New York, NY : Routledge, 2021. | Series:
Business & digital transformation | Includes bibliographical references
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Identifiers: LCCN 2020051665 (print) | LCCN 2020051666 (ebook) |
ISBN 9780367362065 (hardback) | ISBN 9780367362096 (paperback) |
ISBN 9780429344589 (ebook)
Subjects: LCSH: Accounting—Data processing. | Accounting—Computer
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retrieval systems—Accounting.
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Contents
List of figures x
List of tables xii
Acknowledgments xiv
PART I
Digital technology advancements, digital disruption, and digital
business transformation 1
1 Introduction and need for this book 3

Introduction 3
Need for this book 4
Research for this book 5
How to use this book 7
2 IT, information systems, strategic information systems, and digital

technologies 10
Introduction 10
Information systems 10
Information technology and information communications technology 14
Strategic information systems and digital technologies 15
Implications for accountants 16
3 Digital technology advancements and digital disruption:

game-changing opportunities and existential threats 19
Introduction 19
Digital technology advancements and digital disruption 19
Unpacking digital disruption 21
Existential threats and game-changing opportunities 23
vi Contents
4 Digital business, the digital business imperative, and digital business
transformation 29
Introduction 29
Digital business 29
The digital business imperative 33
Digital business transformation 33
PART II
Digital disruption and digital transformation of accounting 41
5 Digital disruption and digital transformation of accounting 43

Introduction 43
Digital disruption of accounting 43
Disruption and transformation of the accounting value proposition 50
Disruption and transformation of accounting functions 52
Digital technology advancements anticipated to have a profound direct impact
on accounting 63
6 Impact of digital disruption and digital transformation on accountants 77

Introduction 77
Impact of digital disruption and digital transformation on accountants 77
New or enhanced roles and activities required of accountants 78
IFAC future-fit accounting roles 81
ACCA future career zones 85
New or enhanced digital technology competencies required of accountants 87
An organizing framework for accounting technology competencies 96
PART III
Leveraging digital technologies to thrive in the digital era: roles
of accountants in organization digital business capabilities 109
7 The role of accountants in digital transformation strategy, digital

business strategy, digital innovation, digital learning, adaptability,
and agility 111
Introduction 111
The role of accountants in digital business strategy and digital transformation strategy 111
The role of accountants in digital innovation 115
The role of accountants in organizational digital learning 117
The role of accountants in organizational adaptability, agility, and ambidexterity 119
Contents vii
8 The role of accountants in digital customer engagement, digital
stakeholder engagement, and digital customer experience 125
Introduction 125
Required accounting roles and competencies for digital customer engagement and digital
stakeholder engagement 125
Required accounting roles and competencies for digital customer experience 129
9 The role of accountants in enterprise architecture, technology

sourcing, data analytics, data science, and data management 133
Introduction 133
Required accounting roles and competencies for enterprise architecture management 133
Required accounting roles and competencies for technology sourcing 138
Required accounting roles and competencies for data management, data science,
and data analytics 139
10 The role of accountants in cybersecurity, information privacy,

and digital ethics 144
Introduction 144
Required accounting roles and competencies for cybersecurity 144
Required accounting roles and competencies for information privacy and other digital
ethics issues 148
11 The role of accountants in digital leadership, accelerated change

and transformation, digital risk management, and digital
governance 154
Introduction 154
Required accounting roles and competencies for digital leadership 154
Required accounting roles and competencies for accelerated change and transformation 158
Required accounting roles and competencies for digital risk management and
governance 159
PART IV
Keeping up with digital technology advancements 165
12 Keeping up with digital technologies 167

Introduction 167
Importance and challenge of keeping up with digital technologies 167
Common strategies and practices for keeping up with digital technologies 168
Strategies and practices from the research on technological knowledge renewal effectiveness 168
Strategies and practices from practitioners 170
viii Contents
PART V
Digital technologies deep dive 181
13 Data, data management, data analytics, and data science technologies 183
Introduction 183
Data 184
Big data 186
Data management 188
Business intelligence and business analytics 188
Data analytics and data science 189
Data visualization 191
14 Internet of things (IoT) technologies 197

Introduction 197
The internet of things and the internet of everything 198
Smart buildings, smart workspaces, and smart homes 203
Smart infrastructure, smart cities, and smart government 205
Risks and other issues 207
15 Artificial intelligence technologies 211

Introduction 211
Artificial intelligence and machine learning 212
Knowledge graphs, neural networks, and deep learning 214
Natural language processing, speech recognition, and computer vision 216
Common AI issues and risks 218
16 Video analytics, computer vision, and virtual reality technologies 221

Introduction 221
Video analytics and computer vision 221
Virtual reality, augmented reality, and mixed reality 224
Business value of VR, AR, and MR 226
17 Robotics, drones, and 3D / 4D printing technologies 232

Introduction 232
Robots and robotics 232
Drones 236
3D and 4D printing 240
Issues and challenges 243
18 Network and connectivity technologies 251

Introduction 251
6G, 5G, 4G, LTE, and other cellular networks 251
Contents ix
GPS III, GPS Block III, and low earth orbit (LEO) satellites 254
NBIoT, LTE Cat-M1, LoRaWAN, and other low-power wide-area network
technologies 256
NFC, Smart Bluetooth, iBeacon, and other communication protocols 258
19 Blockchain and other distributed ledger technologies 265

Introduction 265
Distributed ledger technology (DLT) 266
Blockchain 267
Types of blockchain 269
Blockchain applications and use cases 270
Blockchain use cases in accounting 273
Risks and issues 275
Index 279
Figures
2.1 Components of an information system 11

2.2 Types of information systems, including example systems and
example users 14
3.1 Digital technology advancements cause digital disruption but can be
leveraged to respond to disruption and recreate value offerings
and capabilities 20
3.2 Kodak failed to effectively respond to disruption from digital cameras
and smartphones, despite creating the technology behind them 24
4.1 Digital business maturity models, like this one, attempt to map where an
organization is along various digital business capabilities or outcome areas 32
4.2 Digital business transformation is not just about using digital technologies;
it is also about changing organization structures, overcoming change
barriers, and managing both digital risks and change risks 35
5.1 Some researchers are proposing the inclusion of an accounting
information systems course or unit in undergraduate accounting
degrees focusing on these identified AIS competency areas 49
5.2 AI and cognitive technologies, drones / robotics, and PPA / RPA can be
combined to give robots / drones the human-like ability to do inventory
counts / verifications 53
5.3 Data mining methods and tools offer new and potentially more efficient /
effective ways to do both retrospective and prospective analysis
and reporting 55
5.4 Data analytics and data science methods and techniques now being
applied to different audit procedures / activities 59
5.5 Cloud computing service models and example vendors 64
6.1 ACCA future career zones 85
6.2 Digital technology competencies within the AAA and IMA accounting
competency framework 88
6.3 The design thinking process and some of each stage’s objectives, artefacts,
and outputs 91
6.4 The Cynefin framework is one of several frameworks that can be used by
individuals and organizations to make sense of information and events in
complex settings 95
6.5 Accounting digital technology competencies 97
7.1 Digital business requires new organization capabilities or digital enhancements
of traditional capabilities to achieve the same or enhanced aims to
traditional business 112
Figures xi
8.1 Traditional customer engagement vs. digital customer engagement 126
8.2 A research-derived taxonomy of digital customer engagement practices 127
9.1 Example enterprise architecture governance model 137
10.1 NIST cybersecurity capability functions and practices 147
11.1 Results of a survey of 3,300 MIT Sloan Management Review readers,
Deloitte Dbriefs webcast subscribers, and other interested parties,
regarding what is different about working in a digital business environment 155
11.2 Results of a survey of 3,300 MIT Sloan Management Review readers,
Deloitte Dbriefs webcast subscribers, and other interested parties,
regarding the most important skill leaders need to succeed in a
digital workplace 156
11.3 Having working knowledge of accelerated change and transformation
methodologies like the Change Acceleration Process can be an invaluable
tool in digital leaders’ rapid change and transformation tool arsenal 158
13.1 An example of different types of data 185
13.2 Example of sources of big data 187
13.3 Data management, business intelligence, business analytics, and data
science overlaps 190
14.1 The internet of everything extends the internet of things by connecting
people, processes, data, and things 199
14.2 Edge computing brings computation and data storage to the locations
where they are needed, instead of requiring sensor data to be sent to
the cloud and waiting for the cloud to send the results of computation
back to the location 201
15.1 Part of a knowledge graph showing information about key figures in
US politics at a point in time 215
15.2 A simple neural network vs. a deep learning neural network 216
15.3 Computer vision can enable self-driving cars to “see” better than humans 217
16.1 An example of VCA / computer vision software developed by Voxel51 222
16.2 An example of VCA / computer vision software recognizing both people
and actions/events 223
16.3 Using a HoloLens 2 headset 226
17.1 Components of a drone 237
17.2 NASA’s proposed space for drone operation: below aircraft space and
above suburban infrastructure and dwellings 239
17.3 Anatomy of a basic 3D printer 241
18.1 How cellular phones work 252
18.2 Low earth orbit (LEO), medium earth orbit (MEO), and highly elliptical
orbit (HEO) 255
18.3 An NFC-enabled phone sets up a current, the NFC tag receives the
“induced current”, and, recognizing it is a valid signal, offers connection
to the phone and begins data transfer 258
19.1 Each blockchain block contains some data, the hash of the block, and
the hash of the previous block 267
19.2 A chain of blocks, with each block other than the genesis block having
the hash of the previous block 267
19.3 The funds transfer process in a traditional digital ledger vs. in a
blockchain network 273
Tables
1.1 Key literatures reviewed at each research stage for this book and the
focus of each literature review 6
5.1 Example digital technology tools used to automate audit tasks 48
5.2 Example applications of RPA in the finance function 69
5.3 Current AI applications as reported by the big four accounting firms 70
6.1 Examples of different corporate accelerator models and their structures,
objectives, and characteristics 93
7.1 Impact of digital technology advancements on digital innovation and
examples of opportunities that can be leveraged 116
7.2 Google and reflect 121
9.1 Example enterprise architecture management activities, tasks, and
artefacts135
9.2 Benefits of effective enterprise architecture management 136
10.1 Ten messages for global leaders from the 2019 World Economic Forum
annual meeting on cybersecurity 146
12.1 Top learning tools sorted alphabetically by learning tool type and their
change in ranking from year to year – part 1 171
13.1 Data-related roles and type of expertise 190
13.3 Example tools and vendors 192
14.1 Cities around the world and their smart city maturity (e.g. if they have
a smart city roadmap or smart city department, and the presence of key
smart city domains or application areas) 206
15.1 Types of AI, their capabilities, and implications for human beings 213
17.3 Discussion questions 245
18.1 Types of satellite or orbit, and what they are used for 256
Tables xiii
18.4 Discussion questions 261
19.1 Blockchain opportunities and challenges for auditing 274
Acknowledgments
We are thankful to Associate Professor Mary Dunkley and Professor Keryn Chalmers
from Swinburne University of Technology for the support provided in the research and
writing of this book. We are thankful to Kristina Abbots and Christiana Mandizha at
Routledge for providing us with the opportunity to research and write the book; as well
as for being easy to work with. And we are thankful to Natalie Tomlinson and Chloe
James at Routledge for their support with the final editing and production process.
Part I
Digital technology
advancements, digital
disruption, and digital
business transformation
1 Introduction and need for
this book
Introduction
Digital technology advancements such as cloud computing, the internet of things, block-
chain, and artificial intelligence are driving disruptions at organization, society, and industry
level1. These digital technology-related disruptions are commonly referred to as digital
disruption or digital disruptions. At organization level, digital disruption typically manifests
itself as changes in competing products and services, changes in customer expectation and
behaviors, changes in data availability, changes in competing business models, changes in the
competitive landscape, and changes in the bases of competition (or sources of competitive
advantage)2. Irrespective of which of these changes are most pronounced for a particular
organization or industry, digital disruption can render much of existing approaches to value
creation, existing business models, existing approaches to competition, and / or existing
business processes and workflows obsolete. Faced with growing obsolescence in many of
their activities and workflows, organizations can deny / ignore the occurrence of digital
disruption. Or they can accept the occurrence of digital disruption but not the urgent need
to respond to it. Alternatively, they can accept the occurrence of digital disruption, accept
the urgent need to respond to digital disruption, and undertake digital business transforma-
tion to recreate themselves in order to be able to adapt to digital disruption and to leverage
digital technology advancements as a source of competitive advantage, adaptability, and
agility. This process of organizations recreating themselves to adapt to digital disruption,
and to leverage digital technologies for competitive advantage, adaptability, and agility is
most accurately referred to as digital business transformation; even though it is more com-
monly referred to as digital transformation. The term digital transformation is often used
as a broad reference to digitization, digitalization, and digital business transformation. Not-
withstanding this loose use of the term, we hereon use both terms interchangeably, since
digital transformation is a more common term to readers. But, each time we use the term
digital transformation, we strictly mean digital business transformation (we clarify the exact
differences and implications of the differences in chapter 4).
In disrupting organizations’ product / service offerings, as well as the underlying busi-
ness processes and workflows facilitating delivery of those products / services, digital
disruption, in turn, disrupts the professions. That is, it renders significant aspects of the
existing roles and activities performed by particular professions obsolete – thus requiring
them to perform new roles and activities in order to remain relevant. Like organizations,
professions faced with growing obsolescence in existing roles and activities can deny /
ignore digital disruption and the urgency of responding to it, or they can act quickly
to recreate themselves in order to adapt to digital disruption in a timely manner, and to
leverage digital technologies to offer new or significantly enhanced value. As one of these
4 Digital technology advancements
professions, the accounting profession is not immune to digital disruption. In fact, com-
pelling arguments have been made that accounting tops lists of professions most at risk of
digital disruption3,4,5. And institutions, such as the International Federation of Accoun-
tants (IFAC), accounting associations, accounting professional bodies, and accounting
professional service firms, are calling for changes to accounting roles, activities, and com-
petencies in order for accountants to be able to adapt to disruption and reshape their value
proposition. Notwithstanding contentions of accounting being at high risk of losing
relevance due to digital disruption, researchers, governance bodies, and futurists are con-
verging on the view that digital technology advancement and digital business transforma-
tion actually make accountants much more important than ever. This is because digital
business transformation and digital business come with significant financial, technologi-
cal, and strategic risks. Accountants need to play critical roles in helping organizations
to safely undertake digital business transformation, to optimally leverage digital technol-
ogy advancements, and to realize the full benefits of becoming a digital business. But
playing these critical roles requires changes in the roles, activities, and competencies of
accountants. And it requires accountants to understand key digital technologies and their
implications for organizations, to understand digital transformation and digital business
capabilities and practices, and to understand how digital technologies and digital business
capabilities impact accounting value creation and practice.
Need for this book

Although interdisciplinary, digital transformation and digital business have strong roots
in the disciplines of information systems, information technology, computer science,
computer engineering, and software engineering. These disciplines are notorious for
their specialized terminology, jargon, acronyms, and abbreviations – which can often
get in the way of understanding critical digital technology issues and their implications.
This challenge is compounded by the proliferation in digital technologies, and the pace
with which innovations in these technologies are occurring. Even IT professionals can
easily get overwhelmed by the slippery terminology, concepts, and issues. But while
in the past accountants could get away with relegating such digital technology issues
to the “techies” in order to focus on accounting specific activities, they now need to
make sense of the specialized terminology, and to understand critical digital technology
issues and their implications. They then need to be able to draw on this understand-
ing to effectively leverage digital technologies to deliver on the evolving accounting
value proposition. Unfortunately, in our review of more than 250 undergraduate and
postgraduate accounting degrees and courses around the world, we found that, at best,
most degrees and courses tended to only cover traditional information systems and IT
concepts (e.g. hardware, software, networks, operating systems, ERP systems, databases,
decision support systems, etc.), with little mention of emerging technologies or of digital
transformation and digital business concepts and issues. In doing so, we contend that they
miss opportunities to help accountants make sense of the slippery terminology related to
digital transformation and digital business, to understand the different digital technologies
and their implications for digital business transformation and digital business, to under-
stand how all of this impacts accounting value creation and practice, and to build future
accountants’ ability to keep up with accelerating digital technology advancements. Seiz-
ing these missed opportunities is critical to ensuring accountants are optimally positioned
to effectively participate in their organizations’ digital transformation and digital business
Introduction and need for this book 5
efforts. This, in turn, is critical to ensuring accountants remain invaluable to maximizing
their organizations’ long-term survival.
Filling these gaps is the focus of this book. That is, the book explores digital technol-
ogy advancements and digital disruption from the perspective of the accounting profes-
sion. It explains the concepts of digitalization, digital business, and digital transformation;
and how these concepts interact with different digital technologies to impact the role of
accountants and the accounting value proposition. As a part of this, the book unpacks more
than 36 key digital technology advancements (e.g. internet of things, artificial intelligence,
robotics, blockchain, augmented reality). It explains how they work, their implications
for organizational strategy and operational processes, and their implication for accounting
value creation. The book then explains the role accountants can play in undertaking digital
business transformation and leveraging digital technology advancements to enable their
organizations to simultaneously pursue efficiency, agility, and customer experience – so
as to gain competitive edge today and guard against disruption tomorrow. To conclude, a
framework is provided that accountants can use to effectively develop required digital tech-
nology competencies and to keep up with accelerating digital technology advancements.
Research for this book

The research for this book consisted of six stages. In stage 1, we undertook a review of the
relevant and seminal information systems research on digital technology advancements,
digital disruption, digital transformation, and digital business. The purpose of this stage
was to understand the implications of these concepts for organizations and for the profes-
sions. In stage 2, we undertook a review of the accounting and accounting information
systems research on the implications of digital technology advancements and digital busi-
ness transformation for accounting. The aim of this stage was to understand accounting
researchers’ perspectives on how digital technology advancements and digital business
transformation were changing the accounting value proposition and, therefore, what the
implications were for accounting roles and competencies. In stage 3, we reviewed research
reports by key accounting professional institutions / stakeholders investigating the impli-
cations of digital transformation and digital technologies for the accounting profession.
These stakeholder reports included reports by institutions such as the International Fed-
eration of Accountants, accounting associations, accounting professional bodies, account-
ing professional service firms, and accounting recruitment firms. The aim of this stage
was to understand these different stakeholders’ perspectives on how digital technologies
were changing the accounting value proposition and the required technology competen-
cies of accountants. In stage 4, we sought out industry case studies of accountants per-
forming the changed accounting roles and activities, of accountants leveraging emerging
digital technologies to deliver enhanced value, of accountants leveraging their new or
enhanced digital technology competencies, and of organizations benefiting from the new
or enhanced value created by accountants. The aim of this stage was to find practical
examples of accountants effectively participating in their organizations’ digital transforma-
tion and digital business capabilities. In stage 5, we reviewed relevant academic and non-
academic literature on digital technology competencies required of accountants in order
to play a sufficient role in digital business transformation and digital business. The aim of
this stage was to identify key competencies and propose a framework for their develop-
ment. Finally, in stage 6, we reviewed more than 250 accounting degrees and courses /
units to explore the degree and nature of digital technology competencies embedded
within those degrees and units. The aim of this stage was to understand the breadth and
depth of digital technology, digital transformation, and digital business-related compe-
tencies within accounting degrees and courses / units. See Table 1.1 for a summary of the
research activities undertaken at each stage of the research process.
Table 1.1 Key literatures reviewed at each research stage for this book and the focus of each literature review
Research stage Research activity
Stage 1 Review of the information systems academic research for discussions of:
• The relationship between traditional information systems concepts
and contemporary digital business concepts
• The link between digital technology advancements and digital disruption
• The need for digital transformation and digital business
• The capabilities required for digital transformation and digital business
• The accounting roles and competencies required for digital transformation and digital business
Stage 2 Review of the accounting and accounting information systems research discussing:
• Technology and information systems competencies required by accountants
• Digital technology advancements
• Digital transformation and digital business
• Digital transformation and digital business capabilities
• Impact of digital technology advancements, digital transformation, and digital
business on the roles of accountants
• Impact of digital technology advancements, digital transformation, and digital
business on the required competencies of accountants
Stage 3 Review of the key accounting professional bodies / institution research reports discussing:
• Implications of digital technology advancements, digital transformation, and digital
business for accounting value creation
• Implications of digital technology advancements, digital transformation, and digital
business for accounting roles and competencies
• Key digital technology advancements impacting accounting value creation
• Example use cases of different digital technologies in accounting value creation
Example professional bodies / institutions included the International Federation
of Accountants (IFAC), accounting associations, accounting professional bodies,
accounting professional service firms, and accounting recruitment firms
Stage 4 Review of industry case studies focusing on:
• Digital transformation initiatives and the roles of accountants in these initiatives
• Approaches to building digital business capabilities and the roles of accountants in
these approaches
• Digital business and digital technology roles and competencies required of accountants
• Digital transformation and digital business challenges, benefits, and lessons learned
Stage 5 Review of academic and non-academic literature discussing:
• Digital technology competencies required of accountants in order to play a sufficient
role in digital business transformation and digital business.
• The rationale for each required digital technology competency
Stage 6 Review of accounting IT / IS / technology degrees and courses around the world for:
• Key topics taught
• Presence and approach to teaching contemporary digital technology concepts and tools
• Presence approach to teaching digital disruption concepts / issues
• Presence and approach to teaching digital transformation concepts / issues
• Presence and approach to teaching digital business concepts / issues
• Presence and approach to teaching digital business capabilities concepts and issues
• Presence and approach to teaching required accounting digital technology competencies
How to use this book
This book is organized into five parts. Part I provides an overview of key digital technol-
ogy concepts and their implications for accountants. In this part we unpack, delineate, and
accurately contextualize key digital technology, digital business, and digital transformation-
related terms that accountants and other accounting profession stakeholders will be repeat-
edly exposed to. Having a clear understanding of these terms is crucial to understanding
digital business transformation, digital business, and the implications of different digital
technology advancements for accountants. Part II discusses the effects of digital disruption
on accounting value creation and on the roles and activities facilitating this value creation.
It explains the implications of digital disruption for the accounting value proposition, for
accounting functions (e.g. financial accounting, management accounting, audit, tax), for
accounting roles, and for accounting competency requirements. An organizing framework
is provided for making sense of digital technology competencies required of accountants.
Part III introduces accountants to key organizational digital business capabilities and dis-
cusses the roles of accountants in helping organizations to build and sustain these digital
capabilities. It also discusses examples of the key technology-related competencies accoun-
tants require for each particular capability. Part IV discusses the challenges of keeping
up with digital technologies, and also discusses strategies and practices accountants can
leverage to keep up with digital technology and digital business advancements. Finally,
part V unpacks more than 36 different digital technologies and explains what they mean,
how they work, their implications for accountants and for the accounting value proposi-
tion, how they might evolve in future, and what accountants should look out for as these
technologies evolve. At the end of each chapter are interactive and reflection activities
and exercises that include a Google and reflect section, a discussion questions section, and an
example tools and vendors section. The Google and reflect section provides common ter-
minology or language for each discussed topic and encourages students to use a search
engine to find their meaning. The discussion questions section provides questions to test
or extend understanding and to stimulate reflection. And the example tools and vendors
section identifies some common vendors of different technology platforms and tools to
enable readers to look further into particular platforms and tools. Below, we briefly discuss
how the different anticipated users of this book can use it.
Accountants
Each chapter of this book is able to be read as a stand-alone chapter. Thus, accountants
wanting to understand foundational digital technology, digital transformation, and digital
business-related terminology can go straight to part I; or to the specific chapter or term.
Accountants already having this background and wanting to better understand the impli-
cations of digital disruption, digital transformation, and digital business for the account-
ing value proposition and for accounting roles and activities can go straight to part II; or
to a specific discussion in part II as outlined in the table of contents. Accountants only
interested understanding their role in helping their organization to build or sustain a spe-
cific digital business capability can go straight to the chapter on that capability. Accoun-
tants only interested in what digital technology competencies are required of them or
how to develop them can go straight to chapter 6 and chapter 12. And accountants
wanting a quick introduction to, or overview of, a particular digital technology can look
for the relevant chapter on that technology in part V. Readers should notice that we have
unpacked each part and chapter extensively in the table of contents and index to enable
them to go straight to the information they need (e.g. a specific terminology, a specific
technology, a specific accounting function, a specific competency).
Accounting instructors
Accounting instructors can use this book as the principal book for courses or units focus-
ing on the impact of and role of technology in accounting. For example, each chapter can
form a topic to be covered over a 12-week semester. Used this way, the book will pro-
vide future accountants with a comprehensive and integrated understanding of key digi-
tal technologies, their interrelationships with digital transformation and digital business
concepts, how they can optimally be leveraged by organizations, the role of accountants
in enabling this, the competencies required to do so, and how to cultivate those compe-
tencies. We strongly suggest that every accounting program needs such a course / unit.
Alternatively, instructors can use the book as a supplementary text in any accounting
course / unit; particularly for modules / topics discussing the implications of particular
digital technologies for an accounting issue / practice or the types of tools and use cases
applying to an accounting issue / practice (e.g. in a financial accounting unit, instruc-
tors may direct students to the discussions on the impact of digital technology advance-
ments and digital disruption on financial accounting practice; as well as to the sections
of the book introducing students to the digital technologies of particular relevance to
financial accounting). Used this way, the book can enable instructors to direct students
to a particular digital technology implication (e.g. need to provide interactive / layered /
customizable financial reports), or to direct them to a use case related to that implication
(e.g. leveraging XBRL to provide interactive / layered / customizable financial reports),
or to direct them to an explanation of how a relevant digital technology works (e.g. how
XBRL works).
Accounting students
Students investigating a particular digital technology, a particular digital transforma-
tion or digital business concept / issue, or the implications of a particular digital
technology or digital business issue for accounting will find this book invaluable. The
book aims to explain digital technology, digital business / digital transformation con-
cepts, and their application to accounting in simple terms. Students can also use the
book as a credible reference resource for digital technology-related assessment activi-
ties. For more proactive students, a cover-to-cover read of the book would provide
an invaluable lens for understanding digital technology advancements, digital busi-
ness transformation, and digital business. We anticipate this lens would enable such
students to optimally position themselves for career success, and to have an “unfair”
competitive advantage.
Researchers
Accounting researchers interested in undertaking research at the intersection of digital
business transformation or digital technology advancements and accounting may find this
book an invaluable starting point for an overview of key terminology, concepts, issues,
and implications.
Notes
1 Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal
of Strategic Information Systems, 28(2), 118–144.
3 Nagarajah, E. (2016). Hi robot: What does automation mean for the accounting profession?.
Accountants Today, 34–37. Retrieved November 29, 2019, from https://www.pwc.com/my/en/
assets/press/1608-accountants-today-automation-impact-on-accounting-profession.pdf
4 Halal, W., Kolber, J., Davies, O., & Global, T. (2017). Forecasts of AI and future jobs in 2030: Mud-
dling through likely, with two alternative scenarios. Journal of Futures Studies, 21(2), 83–96.
5 Jensen, B., & Koch, M. (2015). Man and machine: Robots on the rise? The impact of automation on
the Swiss job market. Deloitte. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/
ch/Documents/innovation/ch-en-innovation-automation-report.pdf
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Digital Transformation in Accounting is a critical guidebook for accountancy and digital

This book is an invaluable resource for students on accounting, accounting information

Richard Busulwa is a Lecturer and Researcher in the Business School at Swinburne

Nina Evans is Associate Professor of STEM at the University of South Australia.

Strategic Digital Transformation

Hospitality Management and Digital Transformation

Digital Transformation in Accounting

For more information about this series, please visit www.routledge.com/Routledge-New-

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1 Introduction and need for this book 3

2 IT, information systems, strategic information systems, and digital

3 Digital technology advancements and digital disruption:

5 Digital disruption and digital transformation of accounting 43

6 Impact of digital disruption and digital transformation on accountants 77

7 The role of accountants in digital transformation strategy, digital

9 The role of accountants in enterprise architecture, technology

10 The role of accountants in cybersecurity, information privacy,

11 The role of accountants in digital leadership, accelerated change

12 Keeping up with digital technologies 167

14 Internet of things (IoT) technologies 197

15 Artificial intelligence technologies 211

16 Video analytics, computer vision, and virtual reality technologies 221

17 Robotics, drones, and 3D / 4D printing technologies 232

18 Network and connectivity technologies 251

19 Blockchain and other distributed ledger technologies 265

2.1 Components of an information system 11

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1 Introduction and need for this book 3

5 Digital disruption and digital transformation of accounting 43

6 Impact of digital disruption and digital transformation on accountants 77

12 Keeping up with digital technologies 167

14 Internet of things (IoT) technologies 197

15 Artificial intelligence technologies 211

16 Video analytics, computer vision, and virtual reality technologies 221

17 Robotics, drones, and 3D / 4D printing technologies 232

18 Network and connectivity technologies 251

19 Blockchain and other distributed ledger technologies 265

2.1 Components of an information system 11