Transforming the Accounting Profession: Navigating Industry 5.0 and the Post-Digital Landscape

Abstract

The accounting industry is going through a significant revolution as it transitions from the Industry 4.0 paradigm to the new Industry 5.0 paradigm. The context of the post-digital world, where digital technology has integrated intrinsically into the business ecosystem, further accelerates this shift. The purpose of the paper is to define the function of accountants in the context of Industry 5.0 and the evolving commercial and technological environment. The paper’s goal is to highlight data-driven decision-making. The study’s main goals are to evaluate accountants’ productivity and determine whether Accounting 5.0 is more suited to deal with data security challenges, protecting the confidentiality of sensitive financial data, and lowering the possibility of human error. Kruskal-Wallis test has been used to examine the hypotheses on the effect and potential future of the accounting profession in light of technological change, Accounting 4.0, and Industry 5.0.

Keywords: Accounting 5.0, Automation, Data-driven, Decision-making, Industry 5.0, Post-digital landscape.

View PDF