Impact of Technological Advancements in Sri Lanka: Insights from the Accounting Industry

Sammanfattning

The study focuses on investigating how technological advancements such as automations and Artificial Intelligence (AI) affect accounting in private sector organizations in Sri Lanka. With Sri Lanka being a developing economy, adaptations to such advancements comes with its own burdens such as data privacy, transparency, and internal controls. The research intends to study on how technological advancements in the accounting context has impacted the accounting functions in Sri Lankan companies by considering before and aftereffects of the implementations. The research considers six experienced individuals working in the accounting and auditing industry in Sri Lanka, and the data is collected through semi-structured interviews. Based on the findings, it is possible to identify competencies and likeliness to adopt change when technological advancements are implemented. The findings reveal improved quality, performance, and transparency in accounting processes after adopting technology. However, concerns such as resistance and exposure were noted. Younger professionals adapted more easily, and successful transitions were often linked to appropriate training and management support.