Management accounting information systems in the context of the Fourth Industrial Revolution

deciding prosperity and success of the business. 4.0 industry will also change the role of management accountants in management accounting information system. Smart devices will gradually reduce the necessity of management accountants. Then, they will take another role in consulting rather than performing their usual accounting tasks, which should be done by smart devices. This reveals a step by step change in the role of management accountants. Initially, they are simply management accounting practictioners. After that, due to appliances of information technology, they have to equip themselves with knowledge and skill of systematic software because their role now will be bot practictioners and consultants. In higher level, when information technology thrives with great advantages, they will work as consultants only. The role of information technology staff will be appreciated when information technology devices are applied into management accounting. They should have skill of hardware, software, network and knowledge of systems like systematic integration and systematic development methods. 3.2. Impact on Data component of management accounting information system Due to the influences of 4.0 industry, data of management accounting information system will be an indispensible part from other systems of the business. It will be completely integrated with other departments. The data will be stored in a place that every department and branch can access to the information to analyse it. This results in avoiding differences in different reports in the same business, saving cost and time for gathering and 270 systematizing data in each specific area. The forth industrial revolution will bring about a huge amount of data, of which the collection, analysis and processing will help to buid up new kind of knowledge, assisting decision making and creating competitive advantage. Data storage might work under two forms which are paper-based and file-based. 4.0 technology will foster file-based storing, which avoid overlapping and at the same time, improving data control capability. However, security and safety of computer network is another issue that should be paid attention to. 3.3. Impact on Procedure component of management accounting information system Procedures of management accounting information system include the sequence and techniques to identify cost, measure the implementation and control, analyze data for decision making, provide management accounting report, give feedback on management accounting. All of these stages will be quickly performed through an automatic system of modern and smart equipment. Traditional management accounting techniques will be replaced by modern ones because they are no longer effective in meeting the demand of strong business changes. There will be emerging techniques like operation-based accounting, operation-based management, target cost, Kaizen costing, balanced scorecard, strategic management accounting, etc. In my opinion, it is impossible to perform those new techniques without the integration of information technology. Thus, in addition to the business environment, information technology is another factor that has huge impact on changing the process and techniques of management accounting. Changes in terms of information technology would have an impact on management accounting in regard of new accounting measurements. Thanks to the forth industrial revolution, it is certain that the advanced development of information technology will involve the process and technique of new management accounting to meet the demand of continuously providing information for business managers. 3.4. Impact on Information technology component of management accounting information system Information technology covers hardware, software and network, which will not be performing tools of management accounting staff anymore, but become smart equipment. The supercomputers will be programmed to work automatically from collecting to processing, analyzing data and providing information required by the managers. The computer system will be inserted with sensors, which makes it possible to give response as a “human”. The hardware and software will be integrated thanks to internet connection. The cloud-based internet system will create excellent opportunities for storing and effectively using big data established by the forth industrial revolution. The cloud-based solutions will be more and more important to the forth industrial revolution. 3.5. Impact on Internal control component of management accounting information system Internal control in business under the context of 4.0 industry is the cooperation between business operation control and strict information control. In management 271 accounting information system, 4.0 industry will help to reduce the burdern of controlling management accounting practice. The reason for this is that smart facilities will replace humans in controlling management accouting. Therefore, there will be no more faults in inserting data like missing data, inserting incorrect data. At the same time, information security will be extremely important. Wireless revolution will increase dangers of invading information and business tips. Problems of network security, information confidentiality will be more significant to ensure perfectionism of business operation. Network attacks might paralyze the manufacturing process of any business at any time. 4. Conclusions The forth industrial revolution sets a big challenge but also a great opportunity for businesses in Vietnam. In regard of management accounting information system in business, the forth industrial revolution has impacts on every component including people, data, procedure, information technology and internal control. In order to make these impacts become motivations for business development, each business itself has to step by step study from and cooperate with others to apply modern information technology in the world on a strong and wide basis. At the same time, knowledge and skills to utilize information technology should be improved by all individuals in the system, including managers and management accounting staff. It is necessary for the business to establish a working environment that encourages staff to self study, improves themselves and develops their adaptability. This is a really important factor in transforming business culture, which is digital-based. The awareness of impacts of 4.0 industry would help businesses in Vietnam to get ready for welcoming both opportunities and facing challenges to create breakthrough in their operation. 5. References Bodnar, George H. and William S. Hoopwood. (2010), Accounting Information Systems, 10th Edition, Prentice Hall. National Agency for Science and Technology Information (2016), Recapitulation “The Forth Industrial Revolution” Đặng Thị Thúy Hà (2016), Completion of Accounting Information System in Logistics Businesses in Vietnam, PhD dessertation, National Economics University, Hanoi Hansen, Don R. & Maryanne M. Mowen (2007), Cost Management Accounting And Control, South Western College Publishing. Horngren, Charles T. Sundem, Gary L and Stratton, William O (1999), Introdution to Management Accounting, 11th Edition, Prentice Hall International. 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