THE RISE OF INTERNET OF THINGS (IoT) AND ITS APPLICATIONS IN FINANCE AND ACCOUNTING

Abstract

Purpose- The purpose of this study is to analyzethe usage of internet of things (IoT) on finance and accounting.Internet of things refers the interconnection between devices via internet including mechanical and digital objects. The advancements including internet, wireless communication, microelectromechanical systems (MEMS) andradio frequency identification (RFID) created a world of interconnected devices, with IoT this interconnection covers everyday objects. In this study it is examined the areas where IoT can be used to facilitate finance and accounting. Methodology- In this studya descriptive research approach has been followed. In this research, it has been summarized the relevant sources of literature from a critical point of view; it has been reviewed main concepts and aimed to explain the concept with a finance and accounting perspective. Findings- Research findings has been listed in two parts. 1stfindings on the relationship between internet of things and finance and 2nd findings on the relationship between internet of things and accounting. In both business branch, internet of things has a wide area of research. Conclusion- As a result of the study, it was evaluated that the concept of Internet of Things, which symbolizes the communication of objects used in daily life via internet, can have a wide range of usage in the field of finance, primarily in banking, and will also have an effect on increasing the level of automation in accounting activities through the data transferred directly from the objects.

Keywords

• Internet of things,finance,accounting

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