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Abstract

This critical review delves into the pivotal role of Big Data Analytics (BDA) in reshaping the landscape of accounting, with a focus on enhancing accuracy and efficiency. Big Data Analytics has emerged as a transformative force, revolutionizing traditional accounting practices and ushering in a new era of data-driven decision-making. The review critically evaluates the impact of BDA on various facets of accounting, emphasizing its role in elevating accuracy and efficiency. The review begins by elucidating the fundamental principles of Big Data Analytics and its relevance to the field of accounting. It explores how BDA harnesses vast datasets, both structured and unstructured, to unveil valuable insights and patterns. Central to this review is the examination of how BDA contributes to overcoming the challenges associated with the volume, velocity, and variety of financial data. A critical analysis of the impact of BDA on accuracy in accounting practices forms a substantial part of the review. It investigates how BDA tools, powered by advanced algorithms and machine learning, enhance precision in tasks such as financial reporting, auditing, and risk management. The discussion delves into the potential for BDA to identify anomalies, reduce errors, and provide a more nuanced understanding of complex financial dynamics. Efficiency gains through BDA constitute another key focal point. The review scrutinizes how BDA streamlines time-consuming tasks like data entry, reconciliation, and financial analysis. It delves into the acceleration of reporting timelines, facilitated by real-time data processing and continuous monitoring, ultimately enabling accountants to shift their focus from routine activities to strategic endeavors. While extolling the merits of BDA, the review critically addresses potential challenges. Ethical considerations, data security concerns, and the necessity for workforce upskilling are discussed in the context of responsible BDA integration. The review concludes by contemplating the future trajectory of BDA in accounting, envisioning a landscape where human expertise and technological innovation converge to redefine the profession's possibilities, setting the stage for a more accurate, efficient, and resilient accounting ecosystem.
Keywords:  Efficiency, Big Data, Analytics, Accuracy, Accounting.