CPA Australia and Shanghai National Accounting Institute Reveal Accounting and Finance Technology Trends

December 21, 2020 - 08:00
CPA Australia and Shanghai National Accounting Institute Reveal Accounting and Finance Technology Trends

SHANGHAI, CHINA - Media OutReach - 21 December 2020 - CPAAustralia and Shanghai National Accounting Institute (SNAI), a leading publicservice institution affiliated with the Ministry of Finance of China, announcedyesterday the publication of a new book titled 10 key technology trends for accountingand finance professionals in China.

Professor Liu Qin, Deputy President of Shanghai National Accounting Institute and Michael Yu, President of CPA Australia's East and Central Committee 2020 joined celebrated the book launch moment together with authors of the book and guests

The bookhighlights the top 10 technologies that had the most impact on the accountingand finance profession in China in 2020 and five key technology trends that arepredicted to influence them in the coming years.


The top 10technologies that had the greatest impact on accounting and financeprofessionals in China in 2020 are: cloud computing, electronic invoicing, bigdata, electronic archiving, robotic process automation (RPA), enterpriseresource planning (ERP) system, blockchain, mobile payments, data mining and computerassisted audit techniques (CAATs). The top five technology trends are: blockchain invoicing,digital currency, Internet of Things (IoT), 5G and distributed ledgertechnology.


Based on in-depthinterviews with various experts from leading companies and universities, thebook showcases how China's leading companies adopted technologies into theiraccounting, financial reporting and strategic planning functions in 2020 andthe opportunities and challenges businesses and accounting and financeprofessionals experienced in using these technologies.


Michael Yu, Presidentof CPA Australia East and Central China Committee, said: "As emergingtechnologies continue to transform the accounting and finance profession, it isimperative for organisations and individuals to keep abreast of the latesttechnology, so that they can identify and adopt those solutions that can leadto improvements in business processes.


"As a globalleading accounting body, CPA Australia is committed to providing thoughtleadership to the business community. We are very honored to collaborate withSNAI to connect the business and research community and gather knowledge tohelp accounting and financial professionals prepare for the future. We lookforward to continuing to working with SNAI and other leading institutes aroundthe world to support our members and the community," Mr Yu said.


"Thanks to thesupport of CPA Australia, we are very pleased to release this book to thepublic today," Professor Liu Qin, Deputy President of SNA, said. "Our main goalin publishing this book is to discover the value that different technologiesand innovations bring, to help accounting and finance professionals gain abetter understanding of the practical applications of emerging technologies,and to highlight the importance of enhancing the digital skills of theaccounting profession."