The Effect of Industry 4.0 on Accounting in Terms of Business Management

Abstract

While the studies on the use of smart robots in the production, which is known as the Industry 4.0 revolution, continue rapidly, the competition race is in the right proportion with this and businesses that do not want to fall behind the age have to follow the developments in Industry 4.0 and adapt. This chapter examines the Industry 4.0 revolution and its effect on accounting. Incorrect information from one of the business departments affects the entire system. Especially in the accounting department, which records the financial movements of the business and reports the results of them, and which is effective in making decisions that affect the whole business based on these results, the use of smart systems helps to reduce human-made mistakes and the system to act faster while also the systems used in traditional accounting are abandoned. However, brain power is still required, which must analyze the results. While the revolution is still developing, there are a lot of theories about the future. The expected outcome of these is that with the revolution, the need for brain power to analyze system outputs will increase, even if the need for human labour in the industry decreases. In this context, especially those who perform the accounting profession must constantly renew themselves. © 2020 by Emerald Publishing Limited.