Impact of Advanced Technologies on the Accounting Sector in Developing Nation: Evidence from Fiji

Abstract:

The emergence of advanced technologies (blockchains, machine learning, data mining, cloud computing) in Fiji’s accounting sector have revolutionized how accounting works. It has increased data accuracy, human efficiency, enhanced real time data exchange and risk management and reduced costs. However, there have also been some negative impacts such as redundancy of basic accounting roles, increased data security threats, increased set up and training costs. This study examines the positive and negative impacts of adoption of new technologies by the accounting industry in Fiji and puts forward some recommendations on how these challenges could be effectively addressed so that, rather than being perceived as a threat, humans’ partner with these software and tools to reap the maximum benefits. Practical Contribution: The findings help stakeholders to implement effective business strategies to enhance positive impacts and mitigate negative impacts of advanced technologies especially in developing nations. Theoretical Contribution : This research contributes an empirical study to the literature on advanced technologies and accounting in developing nations.