In every field, there is a touch of technology. Technologies are ever-changing and every field gets ready to adapt to them very rapidly. What matters the most is how rapidly new technologies are adopted to stay competitive in the economy. In the same way, technology has transformed the business environment to a larger extent. Especially digital transformations in business operations are occurring at lightning speed. Digital technologies are not only adopted in the core operational areas of the organizations, but also in the main functions such as human resources, purchasing, accounting, and finance. All the systems and processes in accounting are digitalized at a rapid pace. The organizations have fallen under paperless accounting and implemented digital solutions such as accepting invoices and other files by means of an interface directly into the accounting system, data quality management, process automation, integrated consolidation system, real-time reporting or digital reporting, and cloud computing.
Accountants in this digital era should be tech-savvy to be responsive to the transformations in the accounting profession. An accountant must possess both digital accounting skillsets and traditional accounting skillsets. Otherwise, his competencies will be obsolete in this digital era. So, here comes the contribution of educational institutions toward upgrading accounting graduates. The present accounting curriculum is not in line with the market needs of the accounting profession. Accounting graduates are not capable of handling technology-based accounting systems and processes right after their graduation. Therefore the present study is exploring on the developments in the accounting profession due to digitization and suggest what advancements need to be done to the accounting curriculum to suit the real world and make accounting graduates employable right after their graduation.
Purpose
The purpose of present study is to highlight the developments in the accounting profession and to show whether there is a need for redesigning accounting curriculum in India or not, through studying the earlier literatures and the perception of academicians and professionals.