The rapid advancement of technology, including blockchain, artificial intelligence, and data analytics, has revolutionized financial reporting. The question of “What impact do technological developments like data analytics, automation, and blockchain technology have on the effectiveness and precision of accounting procedures?” is significant and addressed in this article. This study analyzes the role of technology in transforming accounting practices. Thus, papers were mined from the Web of Science and Scopus databases respectively using a systematic literature approach. This study is important because it closes the gap between academics and industry, improves technical innovation in financial reporting, and supports policy creation and decision-making. The literature review encompasses an extensive analysis of existing studies related to the integration of technology in accounting. This study identifies ethical issues, stakeholder confidence, transparency issues, and organizational change management techniques as empirical gaps.