With the information revolution, the scope of accounting has become more dynamic and comprehensive. Execution of work along with their reporting in the financial statements, have all been integrated and simultaneously done now. With the example of a diagram of an Accounts Payable (AP) process, it is understood that the IoT enables the system to ensure less human interference as the devices are capable of communicating with one another independently. Although automation reduces the requirements of skilled human resources to a great extent, in terms of accuracy and transparency, the accounting profession as a whole has become much more vibrant. The adoption of Accounting Information System (AIS) by the business entities necessitates the need of harmonisation of accounting theory and practice across the nation which would lead to uniformity in reporting of financial statements resulting in smoother flow of resources to them.