Accounting Disrupted - How Digitalization Is Changing Finance

Accounting Disrupted: How Digitalization is changing Finance delivers a powerful analysis of the new technological forces buffeting the accounting profession and identifies key pathways to responding to the challenges. Al Bhimani, distinguished accountant, academic, and author, shows readers how established business fundamentals are being eclipsed and that accounting has not been spared.
 
You'll learn:
* How the new realities of digitalization, including big data and AI, are affecting audit work and financial management practices
* How learning fast about and from more diverse data sources is essential to the new accounting environment
* Why accounting information must start to speak to what will take place rather than about financial activities that have occurred
* What finance must do in a world of changing risks, data growth, fast digitization, and increased regulation
 
The author makes a compelling case that accounting now faces a crunch: it needs to reshape itself from the core because conventional financial analysis is proving too cumbersome and slow for executives in digitalized organizations. In a straightforward and illustrated style packed with case studies and practical examples, he shows readers how big data, blockchain, robotic process automation, and artificial intelligence, can help accountants adapt to new realities.
 
Perfect for finance leaders in both the private and public sectors, Accounting Disrupted also belongs on the bookshelves of accounting students who wish to better prepare for the technological and professional environment in which they'll shortly find themselves.

List of contents

Preface xi
 
Acknowledgments xv
 
About the Author xvii
 
Chapter 1 Accounting Disrupted 1
 
Global Forces Reshaping the Digital Economy 5
 
What Do Businesses Want? 10
 
With Great Data Power Comes Great Responsibility 12
 
Why Data is Growing 13
 
If Finance Stands Still 15
 
Notes 17
 
Chapter 2 Unleashing Digitization 19
 
Why is Finance Changing? 22
 
The Rise of Digital 24
 
Decision-Making and Information: A Warning! 35
 
Notes 38
 
Chapter 3 The Trouble with Finance 41
 
Business is No Longer Linear 43
 
Strategy Folklore 45
 
The Importance of "?s" 50
 
High Sales Volume Means High Profits, Right? 54
 
How Do New Technologies Disrupt Accounting? 56
 
What Now? 60
 
Notes 61
 
Chapter 4 As If Managing Costs Mattered 63
 
Accounting Pillars 66
 
A Risk from Which There is No Return 66
 
Volume is Half the Story 69
 
Growth Through Scope 76
 
Notes 82
 
Chapter 5 Learning is Everything 83
 
Learn Fast: Cut Costs Faster 85
 
Intelligent Learning 87
 
Push the Pedal 90
 
Notes 93
 
Chapter 6 Performance Changes 95
 
New Targets for Performance Management 98
 
Whose Performance, Anyway? 99
 
Operations Get Closer to Strategy 100
 
Incentivizing Digitalization 101
 
Data's Consequences 104
 
Digitalization Makes All Enterprises Unlike 105
 
On Being Data-Centric and Intuitive 106
 
Predictive Performance Management 108
 
How to Track Digitalization 110
 
Notes 111
 
Chapter 7 Digitalization and Auditing 113
 
Big Data: Big Audit Questions 116
 
RPAs, AI, and Audits 118
 
Blockchain is Here 121
 
Notes 128
 
Chapter 8 Better Change Your Mind 129
 
Unite and Conquer: The New Data Mantra 132
 
What Skills? 137
 
Risking Digital 140
 
The Hidden Side of Data: Careful! 144
 
What "New Normal"? 147
 
Notes 150
 
Resources 153
 
Index 157

About the author

AL BHIMANI, PHD, is Professor of Management Accounting at the London School of Economics. He was formerly Head of the Department of Accounting at LSE and Founding Director of LSE Entrepreneurship. He is an internationally sought-after speaker and has written several books, including Management and Cost Accounting (2019).

Summary

Accounting Disrupted: How Digitalization is changing Finance delivers a powerful analysis of the new technological forces buffeting the accounting profession and identifies key pathways to responding to the challenges. Al Bhimani, distinguished accountant, academic, and author, shows readers how established business fundamentals are being eclipsed and that accounting has not been spared.

You'll learn:
* How the new realities of digitalization, including big data and AI, are affecting audit work and financial management practices
* How learning fast about and from more diverse data sources is essential to the new accounting environment
* Why accounting information must start to speak to what will take place rather than about financial activities that have occurred
* What finance must do in a world of changing risks, data growth, fast digitization, and increased regulation

The author makes a compelling case that accounting now faces a crunch: it needs to reshape itself from the core because conventional financial analysis is proving too cumbersome and slow for executives in digitalized organizations. In a straightforward and illustrated style packed with case studies and practical examples, he shows readers how big data, blockchain, robotic process automation, and artificial intelligence, can help accountants adapt to new realities.

Perfect for finance leaders in both the private and public sectors, Accounting Disrupted also belongs on the bookshelves of accounting students who wish to better prepare for the technological and professional environment in which they'll shortly find themselves.

Product details

• Authors: Al Bhimani, Al (London School of Economics) Bhimani
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 31.12.2020
• EAN: 9781119720065
• ISBN: 978-1-119-72006-5
• No. of pages: 192
• Subjects: Social sciences, law, business > Business > Business administration; Rechnungswesen, Digitalisierung, Accounting, Spezialthemen Rechnungswesen, Accounting Special Topics