Prelims

Half Title Page

Future-Proof Accounting

Title Page

Future-Proof Accounting: Data and Technology Strategies

By

Dr. Mfon Akpan

Methodist University, USA

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Emerald Publishing, Floor 5, Northspring, 21-23 Wellington Street, Leeds LS1 4DL

First edition 2024

Copyright © 2024 Mfon Akpan.

Published under exclusive licence by Emerald Publishing Limited.

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-83797-820-5 (Print)

ISBN: 978-1-83797-819-9 (Online)

ISBN: 978-1-83797-821-2 (Epub)

Dedication

Dr William Louis Campfield, a true trailblazer whose courage and contributions have illuminated the path for countless professionals in the accounting field. Your legacy has continually inspired us to strive for excellence and innovation.

My beloved family – Vivian, Davion, Keturah, and Mfon – your love, support, and belief in my endeavors provide the foundation for all my aspirations. This book is dedicated to you, my guiding stars.

About the Author

Dr Mfon Akpan, the Assistant Accounting Professor at Methodist University, integrates advanced technology into accounting practices. His academic contributions, particularly in artificial intelligence, guide practitioners in adapting to the evolving accounting landscape. Dr Akpan's commitment to innovation sets a new horizon for accounting research and education, inspiring future generations to redefine what is achievable.

Preface

In an era where the only constant is change, the accounting profession stands at a pivotal juncture, facing the dual forces of tradition and transformation. “Future-Proof Accounting: Data and Technology Strategies” seeks to bridge this divide, offering a visionary perspective on integrating cutting-edge data and technology within the realm of accounting.

This work was conceived with a singular purpose: to empower accounting professionals, educators, and students to confidently navigate the uncharted waters of digital disruption. It is a testament to our profession's resilience and adaptability and a guidebook for those committed to staying relevant in a rapidly evolving landscape.

The journey through these pages is expansive and exploratory, beginning with a deep dive into the technological underpinnings of reshaping accounting. From the intricacies of artificial intelligence and blockchain to the transformative potential of cloud computing and cybersecurity, we unpack the complexities and opportunities of these technologies.

As we delve into CPA evolution, narrative underscores a pivotal shift toward a more technologically adept accounting workforce, highlighting the critical skills and knowledge areas essential for modern accountants. The discussion of data analytics and digital transformation sheds light on the essential role of data in driving decision-making and operational excellence.

The exploration extends into the innovative terrains of Ethereum and non-fungible tokens (NFTs), examining their burgeoning impact on accounting practices and their broader implications within the digital asset ecosystem. Through the lens of emerging challenges, such as phishing scams, ransomware attacks, and regulatory compliance imperatives, the manuscript offers a pragmatic approach to navigating the complexities of cybersecurity and legal adherence in the digital age.

In addressing the advent of robotic process automation, smart contracts, and the nuances of sustainability reporting, “Future-Proof Accounting” showcases the myriad ways technology can enhance, augment, and redefine accounting functions. The role of technology consultants and the importance of embracing continuous innovation are highlighted as the cornerstones of a future-proof accounting strategy.

“Future-Proof Accounting: Data and Technology Strategies” is a call to action for the accounting profession to embrace new technologies and data-driven strategies. It invites us to look beyond the horizon, embrace the transformative power of technology, and chart a course toward a future where accountants are not just number crunchers but strategic visionaries and technologically savvy advisors.

As you turn these pages, I invite you to embark on this journey with an open mind and forward-looking perspective. The future of accounting is not just about adapting to change but about leading it.

Welcome to the future of accounting!

Acknowledgments

My heartfelt thanks go to my students for their inspiration, colleagues at Methodist University and the American Accounting Association for their invaluable insights, and the team at Emerald Publishing for their unwavering support. Special gratitude is given to Dr Kim Trottier and Dr Kelly Richmond-Pope for their guidance and mentorship. Each of you has played a pivotal role in bringing “Future-Proof Accounting: Data and Technology Strategies” to life.