Effects of COVID-19 Pandemic on the Accounting Profession

The impact of the COVID -19 Pandemic within our society has important effects on aspects of our personal and professional lives along with business and accounting operations. In early 2020 we entered into a global pandemic which changed the accounting industry as we know it. Government agencies mandate lockdowns which force businesses to close their doors and move all functions and operations to be done remotely. Many companies shifted their operations online with the increased adoption of technology and cloud hosting. This overview examines the effects of COVID-19 pandemic on the accounting profession. Firms have been compelled to function remotely as a result of the COVID-19 virus, and technology is the sole reason many businesses and industries were able to continue working remotely during COVID-19. The epidemic has hastened firms' digital transformation and innovation, as well as the accounting profession’s. The scope of this research is to delve deeper into the transformation of the accounting profession and to determine the extent of changes we can expect to remain post pandemic. Our analysis will focus on exploration into the economic factors affecting the supply chain which has disrupted these supply chains significantly, causing shortages of various products all over the world. In this evolving environment, the pandemic has accelerated the digital transformation and innovation in technology in the accounting profession. Accountants are increasingly relying on technology for accounting functions such as communication and repetitive tasks, which allow the accountant to use their skills, knowledge, and professional judgment for more important tasks. Moreover, the impact on accounting in the cultural sense has affected entire communities and individuals both locally and nationally. In addition to affecting business operations and customer interactions, it has also affected interactions between employees and their peers in the workplace. In this transformational stage of the pandemic, there are many uncertainties as to how the accounting professional will evolve. Increased innovation in technology has impacted and changed accounting functions as well as sample testing. Many businesses have maximized their use of cloud technology and have boarded the abilities to collect and analyze data on a much larger scale. Understanding how accounting has altered and adapted is crucial because these changes have created new opportunities that could be used post-pandemic. Therefore, with the help of technology we will conduct surveys coupled with interviews of industry professionals to uncover some of the most significant changes we can anticipate in the future.