DI SUBBAB 2.2 PROFESI AKUNTAN DALAM ERA SOCIETY 5.

0
The Influence of Accounting Technology Developments in Era 5.0 on the Role of
Accountants
The development of accounting technology in the 5.0 era has a significant influence on the
role of accountants in the 5.0 era. This illustrates that the more accounting technology
develops, the more it will influence changes in the role of accountants. The role of an
accountant in the era of society 5.0 is to provide insight into data (Identifying questions about
data, carrying out statistical analysis, checking data quality, interpreting data processing
results), being an advisor (as a general business advisor, as a specialist advisor, taking on the
role of a business partner), partner with technology (manipulating data, working with robots
or similar machines, training artificial intelligence models) and expanding into new areas.
Apart from that, accountants who are experts in providing information require information
technology as a basic requirement in providing financial reports. This requires accountants to
have skills in using digital technology (Butarbutar et al., 2022)
These results are in accordance with research conducted by Özdoğan, B. (2017) which shows
that in the Industrial Revolution 4.0 era, all tasks carried out by the traditional accounting
profession can be carried out by machines but they do not replace the accounting profession
but provide changes in the role of the accounting profession. The accounting profession can
play a role as a financial advisor and tax advisor in an economy that is growing faster due to
the rapid increase in the number of start-up businesses. Apart from that, the accountant's
expertise in managing investments and start-up financing processes will bring a Certified
Public Accountant (CPA) to the position of Chief Financial Officer (CFO) for start-up
companies.
Butarbutar, H. N., Ardana Putri, A. N. I., & Zahra, F. (2022). TRANSFORMASI PERAN AKUNTAN DI ERA SOCIETY 5.0.
Prosiding Accounting Skill Competition 2022, 1(1), 22–42. https://prosidingakt.ukdw.ac.id/index.php/AS IC/article/view/10

DI SUBBAB 2.3 DISRUPSI DALAM PROFESI AKUNTAN

Accountants' Ways to Face the Era of Industrial Revolution 4.0
Helen Brand, chief executive of the Association of Chartered Certified Accountants,
expressed her views regarding how an accountant can face the phenomenon of digital
disruption or industrial revolution as follows, "To become a professional accountant,
accounting skills are needed that are very different from those required just 10 years ago. And
in the next period, everything will change more rapidly because the global economy will
continue to develop more rapidly.
Apart from that, Brand also revealed 7 accounting skills needed by accountants in facing the
era of disruption, namely as follows:
1. Technical and ethical competencies (TEQ) – Skills and abilities to carry out activities
consistently with established standards while maintaining the highest standards of integrity,
independence and skepticism.
2. Intelligence (IQ) – The ability to acquire and use knowledge: think, reason and solve
problems.
3. Creativity (CQ) – The ability to use existing knowledge in new situations, to make
connections, explore potential outcomes, and generate new ideas.
4. Digital quotient (DQ) – Awareness and application of existing and emerging digital
technologies, capabilities, practices, strategies and cultures.
5. Emotional intelligence (EQ) – The ability to identify one's own emotions and the emotions
of others, utilize and apply them to tasks, and organize and manage them
6. Vision (VQ) – The ability to anticipate future trends accurately by extrapolating existing
trends and facts, and filling in gaps by thinking innovatively.
7. Experience (XQ) – Ability and skills to understand customer expectations, meet desired
results and create value.
Mahbubah, Istiyanatul., Yunida Putri, S. (2020). DISRUPSI PROFESI AKUNTAN DI ERA REVOLUSI INDUSTRI 4.0.
Wacana Equiliberium: Jurnal Pemikiran & Penelitian Ekonomi Vol. 08, No. 02
https://journal.uim.ac.id/index.php/equilibrium/article/view/963

MASIH 2.3
Current Issues for the Accounting Profession
Sustainability reporting or sustainability report is a form of report carried out by a company
in order to disclose or communicate to all stakeholders regarding Environmental, Social and
Good Governance (LST) performance in an accountable manner (OJK, 2017). Industry 5.0
focuses on sustainability (Demir & Cicibas, 2019). One way to achieve this sustainability is
through developing current business processes. This development includes the application of
bio-economy (Schütte, 2017), namely the intelligent use of biological resources for industrial
purposes so that a balance is achieved between ecology, industry and economy.
Al-Faruqi (2019) stated that the basic foundation in society 5.0 is the principle of balance
which seeks to harmonize economic development (both from energy needs, food needs,
equality of welfare, etc.) with the resolution of social problems (the impact on surrounding
environment, industrialization which affects employment opportunities, quality of human
resources, etc.) so that it can be well integrated. This is also related to the Sustainable
Development Goals, which are currently becoming a goal that society wants to achieve
globally.
Apart from that, an issue that is no less important is cyber security. Current trends show that
in the future data and operational processes will increasingly be transferred into digital form,
which unfortunately is also vulnerable to new forms of corruption and fraud (Kruskopf et al.,
2020). Therefore, cyber security is an inevitable part of current and future strategic planning.
Companies must invest in and manage these new risks of cybercrime (Gupta, 2015).
Accounting firms do their best to protect their business. A rapidly growing feature of
artificial intelligence is anomaly detection. Accounting firms use these machine learning
applications to prevent cybercrime and to identify outliers in data, such as in the case of
identifying fake invoices for their clients.
Prakosa, D. K., & Firmansyah, A. (2022). Apakah Revolusi Industri 5.0 Dapat Menghilangkan Profesi Akuntan?. Jurnalku, 2(3),
316-340. http://jurnalku.org/index.php/jurnalku/article/download/282/233
MASIH 2.3
The American Institute of Certified Public Accountants (AICPA) states that the accounting
and financial professions are experiencing shifts and losing roles due to technological
changes (Setiawan, 2019). In this 4.0 revolution, the challenge for accountants is how an
accountant can master technology. If an accountant cannot master technology and is unable to
adapt, it is inevitable that he will lose relevance in his work (Tikurante et al., 2020).
It is certain that the role of accountants will change following developments in the future
(Rosmida, 2019). Technological developments are changing the world and various fields in it
so quickly. This incident shows that humans and technology are both developing and need
each other and cannot be avoided (Sumarna, 2020). Disruptive innovation, creative
innovation and sustaining innovation are developments that require humans to evolve as if
the latest machines are competing to increase the efficiency of the industrial world.
Ayu Pitria. N. G., & Mahyuni. L. P. (2022). Cloud Accounting Dan Disrupsi Pekerjaan Akuntan. E-Jurnal Ekonomi Dan Bisnis
Universitas Udayana Vol. 11 No. 06, June 2022, pages: 741-750. https://ojs.unud.ac.id/index.php/EEB/index

DI SUBBAB 2.4 STRATEGI DALAM UPAYA MENGHADAPI TANTANGAN

INDUSTRI 5.0
Competencies Required by Accountants
Miller (2019) emphasized several skills that all accountants need to be successful in their
role. An accountant needs to have several skills in facing the industrial revolution 5.0. First,
attention to detail. Accounting professionals must pay strong attention to detail in order to
keep information accurate and organized. With so much financial data to analyze, it is easy
for mistakes to occur; however, simple mistakes can lead to much bigger problems if not
caught. Second, business acumen. To be effective in this role, an accountant must understand
the basic functions of a business to analyze and interpret financial data accurately. Having a
solid foundation in business provides context to the financial information that accountants
work with every day. Third, computer literacy. Professionals in this field must be able to use
advanced accounting software and other computer-based tools to work effectively. As
technology expands the scope of the profession, knowledge of trending technologies along
with some competitive advantages is required by accountants (Akhter & Sultana, 2018).
Fourth, analytical skills. The collection and analysis of financial data is a large part of
accounting and is an important aspect of identifying patterns and potential problems. In fact,
the application of data analytics to the accounting field is a growing trend in the industry that
is expected to have a growing impact in the future. More in-depth studies reveal that
technology cannot replace human emotional intelligence and critical thinking abilities in the
near future (Akhter & Sultana, 2018). According to ICAEW (2018), artificial intelligence has
expanded its scope although it cannot replace the need for expert knowledge and critical
thinking skills. The accounting profession will develop significantly over the next decade, so
that all professional accountants are expected to look beyond the numbers, be able to
collaborate, and think and behave more strategically (ACCA, 2016). Fifth, communication
skills. Accountants must be able to listen carefully to gather facts and figures accurately from
clients, managers, or other stakeholders. They must also be able to clearly articulate the
results of their work and present their findings in written reports. Sixth, mathematics skills. A
common misconception is that you have to be good at math to be an accountant. It is true that
mathematical skills are important for analyzing, comparing and interpreting data and
numbers; However, complex math skills are not usually required to become an accountant.
Akhter & Sultana (2018) further identified several qualities that need to be developed by the
accounting profession to survive in the long term, namely the ability to adapt. Accountants
need to develop the ability to meet new challenges and responsibilities with added value and
flexibility beyond the historical job description. Apart from that, an accountant must have
critical thinking skills. Accountants need to focus on critical thinking and decision making
rather than data entry. It is time for every accountant to reflect on their work, identify the
opportunities that machine learning can offer them, and focus less on the tasks that can be
automated and more on the human aspects of their work (Marr, 2017). An accountant must
also have technology skills. CPAs need to develop technological knowledge to work with
data analytics and artificial intelligence. Communication skills are also important for an
accountant. Good communication skills along with close relationships with clients help
accountants to achieve trust and survive. Next, accountants need to have the ability to make
judgments. Accountants need to develop creative analytical skills along with the experience
to make professional judgments.
Meanwhile, to face the challenges of the society 5.0 era, Rosmida (2019) emphasized that
accountants need to do the following five things: invest in developing digital skills, apply
new technology prototypes, learn by doing, education based on international certification, be
responsive to changes in industry, business and technology development, as well as
curriculum and learning based on human digital skills (for educational institutions).
Prakosa, D. K., & Firmansyah, A. (2022). Apakah Revolusi Industri 5.0 Dapat Menghilangkan Profesi Akuntan?.
Jurnalku, 2(3), 316-340. http://jurnalku.org/index.php/jurnalku/article/download/282/233