Revolutionizing Accounting with the Internet of Things(IoT): Benefits, Challenges, and Future Directions

The Internet of Things (IoT) is rapidly emerging as a transformativetechnology with the potential to significantly impact various businessfunctions, including accounting. This paper explores the integration ofIoT within accounting practices, highlighting both its benefits andchallenges. IoT enables real-time data collection, automates accountingprocesses, and enhances transparency and audit accuracy, offeringsignificant opportunities for improving efficiency and decision-makingin financial management. However, challenges such as cybersecurityrisks, system integration issues, and a lack of relevant skills within theaccounting workforce present obstacles to its widespread adoption.Through a comprehensive review of existing literature, this studyidentifies these opportunities and challenges, offering practicalrecommendations for organizations seeking to harness the full potentialof IoT in accounting. Key recommendations include strengtheningcybersecurity measures, investing in infrastructure, addressing the skillsgap, and fostering collaboration between accounting professionals andtechnology experts. The paper concludes by emphasizing the need forfurther research into the long-term effects of IoT on accounting practicesand financial reporting, and the importance of regulatory frameworks tosupport the secure and effective adoption of this technology.

کلیدواژه ها:

Internet of Things (IoT) ، Accounting ، Benefits ، Challenges