Abstract

The trends of business in the present digital era have changed significantly with the advent of e-commerce, network marketing, business process reengineering, franchising, M-commerce, knowledge process outsourcing, etc. These have been allowing companies to reach a global audience, and geographical boundaries are no longer an issue. Even small businesses can now advertise and sell their products to customers worldwide. The evolution of technology is another contributing factor that's reshaping the business landscape, industries, systems, and processes, and converting a majority of manual tasks into automated functions. This tremendous shift has enhanced businesses' productivity and has made them more efficient. Artificial intelligence technology is also making inroads into almost every industry, including accounting. In line with the changing facets of the business, the accounting system and practices have been continuously updated to match the business trends. The accounting industry is the catalyst of a sustained boom, which signifies consistent growth in the industry in consonance with the growth of business dynamics. Nowadays, accountants are trendy and modernized with the latest information about the market and the business environment. They are required to know the inherent details related to the business accounts and the tasks needed to manage the growing numbers efficiently.