The Changing Role of Finance and Accounting in the Digital Economy: Challenges and Opportunities

The influence of digital transformation continues to impact almost all sectors of society, including the finance and accounting area. The igital transformation goes far beyond moving from a traditional economy to a digital economy. It begins with an understanding of digital trends, new technologies, ICT services, cyber policies and many other elements of the internet of things (I.O.T) included in ‘the second machine age’ or ‘fourth industrial revolution’.

Previously, the responsibilities area of finance and accounting professionals asks them to mostly capture and update data, produce reports and do bank reconciliation or bookkeeping activities. However, the current utilization of smart technologies, artificial intelligence, opportunities and benefits seems limitless, for example, the increase in productivity, safer working conditions, as well as creating the opportunity for finance and accountants professional to step up and become knowledgeable in the new technologies, in addition to the creation of more high value jobs resulting from digital transformation.

The financial and accounting roles are no longer just simply checking the numbers and keeping the records, but are more to assist current businesses in optimizing their finances. It will bring new challenges, including the opportunity for this sector to focus on adding value to businesses. When machines take over repetitive, time-consuming and redundant tasks, it will force the finance and accounting professional to do more in-depth, higher level analysis and consultation support for their clients and businesses.
Even though machines will become professional’s most valued colleagues in the future, there’s nothing that can replace the emotional intelligence humans bring to a job, and this includes the finance and accounting sector.”

Dr. Nila Krisnawati Hidayat, SE., MM.
Dean of Faculy of Business & Communication