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

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CHINA – 21 December 2020 – CPA Australia and Shanghai National Accounting Institute (SNAI), a leading public service institution affiliated with the Ministry of Finance of China, announced yesterday the publication of a new book titled 10 key technology trends for accounting and finance professionals in China.

The book highlights the top 10 technologies that had the most impact on the accounting and finance profession in China in 2020 and five key technology trends that are predicted to influence them in the coming years.

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

Based on in-depth interviews with various experts from leading companies and universities, the book showcases how China’s leading companies adopted technologies into their accounting, financial reporting and strategic planning functions in 2020 and the opportunities and challenges businesses and accounting and finance professionals experienced in using these technologies.

Michael Yu, President of CPA Australia East and Central China Committee, said: “As emerging technologies continue to transform the accounting and finance profession, it is imperative for organisations and individuals to keep abreast of the latest technology, so that they can identify and adopt those solutions that can lead to improvements in business processes.

“As a global leading accounting body, CPA Australia is committed to providing thought leadership to the business community. We are very honored to collaborate with SNAI to connect the business and research community and gather knowledge to help accounting and financial professionals prepare for the future. We look forward to continuing to working with SNAI and other leading institutes around the world to support our members and the community,” Mr Yu said.

“Thanks to the support of CPA Australia, we are very pleased to release this book to the public today,” Professor Liu Qin, Deputy President of SNA, said. “Our main goal in publishing this book is to discover the value that different technologies and innovations bring, to help accounting and finance professionals gain a better understanding of the practical applications of emerging technologies, and to highlight the importance of enhancing the digital skills of the accounting profession.”