According to Mr Dang Van Thanh, chairman of the Vietnam Association of Accountants and Auditors, accounting is among the leading pioneer in applying new IT (VAA). Recently, a conference co-organized by the Department of Accounting and Auditing Regulations, and the Association of Chartered Certified Accountants (ACCA) has been held recently, discussing on the opportunities and challenges of Industrial 4.0 to the accounting and auditing sector in Hanoi.

Due to the incorporation of information technology, the accounting process along with the majority of accounting practices. Faster and more simple processing has been enabled due to the technology of Big data, which allows customers to access to a large amount of data in just in a short time. According to VACPA’s survey conducted by the Association of Certified Public Accountants, most accounting and auditing firms have stated that the fourth technology revolution is expected to have a profound influence on the sector. It has become an effective tool for accounting and auditing firms to significantly improve the quality of their services, allowing them to expand their markets to other countries thanks to the advancement of the Internet. The advantages of new technology application can be named as follows: facilitating the exploitation of data, improving the credibility and reliability of reporting, introducing the automatic systems of auditing and accounting which quickly respond to the on-demand request. It is expected that in the upcoming 3 to 10 years, we will see more smart software and systems coming, mostly replacing the old manual task, automating complicated processes. According to Mr Narayanan Vaidyanathan, head of ACCA’s business insights, usage of cloud computing in accounting has already been developed in many countries all over the world due to the availability of accessing necessary information regardless of the place. On the other hand, the fourth industrial revolution have created many challenges on the issue of security, especially the requirement to maintain safety in information management regarding the activities of payment, investment. Therefore, the financial systems of the modern time must obtain some special characteristics to ensure security and privacy of confidential accounting and financial information. In order to exploit the advantages and reduce the negative impacts of the revolution, it is crucial to innovate and set up accounting processes in all tasks including collecting, processing and importing/ exporting financial documents. In the upcoming time, more policy will be applied to further enhance the usefulness of accounting information resulted from the application of IT in information analysis and evaluation. At the same time, it is crucial to take into account of the risks of leaking information and accounting data via the internet. Evaluation also need to be done through researches. Based on the current Vietnam situation, the policy system of tax and finance will play a significant role in the way they mobilize and allocate resources, supporting different sectors in participating in Industry 4.0. According to the Department of Financial Informatics and Statistics (Ministry of Finance), the financial sector is in the initial phrase of e-government application, gradually developing towards e-Government and e- Finance system. If you want to update your organization with the latest technology in accounting and finance, contact with S4B Vietnam for the complete service package regarding accounting and finance.