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

SHANGHAI, CHINA – Media OutReach – 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.

Professor Liu Qin, Deputy President of Shanghai National Accounting Institute and Michael Yu, President of CPA Australia’s East and Central Committee 2020 joined celebrated the book launch moment together with authors of the book and guests

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.”