Abstract
Human error in accounting remains a significant challenge, particularly in manual reconciliation and data transfer processes, leading to inaccuracies, inefficiencies, and compliance risks. This paper examines the financial, operational, and reputational risks associated with accounting errors and their impact on compliance with key standards such as MFRS 101 and MFRS 108. Additionally, errors in financial reporting can result in regulatory penalties under the Income Tax Act (ITA) 196, further exacerbating financial strain. To mitigate these risks, this study highlights the necessity of automation in modern accounting processes. Recommendations include leveraging SQL for reconciliation, implementing Power Automate for invoice generation, and integrating ERP systems with SQL to streamline data transfer. These automation strategies enhance accuracy, reduce processing time, and improve compliance with regulatory frameworks. Furthermore, embracing automation aligns with workforce expectations, particularly among younger professionals who prioritize efficiency and innovation in their roles. Organizations that invest in digital transformation not only improve financial accuracy and operational efficiency but also attract and retain top talent. By integrating automated solutions, companies can future-proof their accounting processes, ensuring sustained growth, compliance, and competitiveness in a rapidly evolving financial landscape.
Metadata
Item Type: | Article |
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Creators: | Creators Email / ID Num. Hashin, Nurul Qudsiah UNSPECIFIED Wan Fauzi, Wan Noor Asmuni asmuni@uitm.edu.my |
Subjects: | H Social Sciences > HF Commerce > Accounting. Bookkeeping > Data processing. Including accounting machines, automated accounting systems, and accounting software H Social Sciences > HG Finance > Financial management. Business finance. Corporation finance |
Divisions: | Universiti Teknologi MARA, Kelantan > Machang Campus > Faculty of Accountancy |
Journal or Publication Title: | Accounting Insights Compilation books: A Compilation of Students Practical Papers |
ISSN: | 9786299634010 |
Volume: | 1 |
Page Range: | pp. 112-115 |
Keywords: | Accounting, Accounting errors, Computer systems |
Date: | 25 September 2025 |
URI: | https://ir.uitm.edu.my/id/eprint/125244 |