Lagodiіenko Nataliіa, Doctor of Economics, Professor of the Department of Accounting and Taxation, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0000-0002-8472-1395
e-mail: besedina77@gmail.com

Sarkova Anastasiia, student of the Faculty of Management, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0009-0006-0679-5934
e-mail: s.sarkova.sar@gmail.com

Prosolov Oleksandr, student of the Faculty of Management, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0009-0000-6539-8943
e-mail: alexandrprosolov@gmail.com

Impact of Digitalization on Accounting: Trends and Challenges

Abstract. Introduction. Digitalization is significantly changing the field of accounting, influencing it through certain trends and at the same time creating new challenges for professionals in this field. This article explores the impact of digitalization on modern accounting, examining key innovations and challenges arising from the integration of digital technologies into the field. The introduction highlights the transformative potential of innovations in the use of robotics, artificial intelligence, cloud technologies, and blockchain in accounting practice.

Purpose. The main purpose of the article is to analyze the current trends of digitalization in the field of accounting, to consider innovations and determine their effectiveness and usefulness for optimizing accounting processes. Also, to identify the challenges arising from the introduction of digital technologies in this area and to highlight the importance of overcoming them.

Results. The study shows that the introduction of automation, artificial intelligence, cloud technologies and blockchain is revolutionizing traditional accounting and reporting methods. The authors identify certain challenges that may arise and propose measures to overcome them, emphasizing the need for proactive strategies.

Conclusions. A comprehensive assessment of the impact of digitization on accounting practices highlights the need to adapt to the changing landscape. The study advocates the need for clearly defined economic growth objectives and emphasizes the critical role of effective governance in overcoming the challenges of digitalization. In addition, the article draws attention to promising areas for further research.

Keywords: digitalization; accounting; robotization; artificial intelligence; cloud technologies; blockchain.

References:

1. Isaacson, W. (2015). Innovators: as a group of hackers, geniuses and gurus, it has made a digital revolution. SIMON & SCHUSTER.
2. Encyclopedia of Information Science and Technology. Fourth Edition. IGI GlobaL.
3. Verneeten, F. & Heinen (2021). Managing digital transformation. Strategic Finance. https://www.sfmagazine.com/articles/2021/february/managing-digital-transformation.
4. Phornlaphatrachakorn & NaKalasindhu K. (2021). Digital Accounting, Financial Reporting Quality and Digital Transformation: Evidence from Thai Listed Firms. The Journal of Asian Finance, Economics and Business. https://www.kci.go.kr/kciportal/ci/sereArticleSearch/ciSereArtiView.kci?sereArticleSearchBean.artiId=ART002744560.
5. Howell, J. (2015). Moving to the cloud. Strategic Finance. https://www.sfmagazine.com/articles/2015/june/moving-to-the-cloud/
6. Frey, C. & Osborne, M. (2017). The future of employment: How susceptible are jobs to computerisation?. Technological Forecasting and Social Change, 114, 254-280. https://doi.org/10.1016/j.techfore.2016.08.019.
7. Oschinski, M. & Wyonch, R. (2017). Future stock? The impact of automation on Canada’s labour market. Institute C.D. https://www.cdhowe.org/sites/default/files/attachments/research_papers/mixed/Update_Commentary%20472%20web.pdf.
8. Kim, Y. J., Kim, K., & Lee, S. K. (2017). The rise of technological unemployment and its implications on the future macroeconomic landscape. Futures, 87, 1-9. https://doi.org/10.1016/j.futures.2017.01.003.
9. Bukalo, (2013). Automation of accounting in modern conditions. Collection of scientific papers of the Cherkasy State University of Technology. Series: Economic sciences, 33(2), 56-59. http://nbuv.gov.ua/UJRN/Znpchdtu_2013_33(2)__12.
10. Strategic market research. (2023). Robotic Process Automation: Top Statistics, Trends & Application. https://www.strategicmarketresearch.com/blogs/robotic-process-automation-statistics.
11. Paranytsia, N., Bulychov, O. and Okhmak, O. (2021), Advantages and risks of application of cloud technologies in the field of accounting. Ekonomika ta derzhava, 4, 128–131. DOI: 10.32702/2306-6806.2021.4.128.
12. Kravchenko, O. & Shapoval, O (2023. March 2). Areas of blockchain application in accounting. Finance, banking system and insurance in Ukraine: state, problems and prospects of development in a crisis economy: mater. VI International. science and practice Internet conference, Dnipro, P. 25-26. https://dspace.dsau.dp.ua/bitstream/123456789/7337/1/23_Finance%2C%20banking%20system%20and%20insurance%20in%20Ukraine_%20state%2C%20problems%20and%20prospects%20development% 20 in%20crisis%20economy_.pdf.
13. Ghnedina, K. & Naghornyj, P. (2023, June 23). Prospects for the use of artificial intelligence in accounting, taxation, auditing and enterprise management. Modern crisis phenomena in the economy and problems of accounting, control and analytical support of enterprise management: materials of the XV International. scientific and practical conf. Lutsk. 29-32. http://surl.li/oakfb.
14. Mordor Intelligence. (2023). AI In Accounting Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028). https://www.mordorintelligence.com/industry-reports/artificial-intelligence-in-accounting-market
15. Live business. (2023). Top 10: Accounting programs for Ukraine. https://www.livebusiness.com.ua/ua/tools/accounting/
16. Deloitte Deutschland. (2020). Deloitte 2020 Global Blockchain Survey. https://www2.deloitte.com/content/dam/insights/us/articles/6608_2020-global-blockchain-survey/DI_CIR%202020%20global%20blockchain%20survey.pdf.
17. Wetzig, C. (2022, November 10). 15 Alarming Cybersecurity Facts and Statistics. https://thrivedx.com/resources/article/cyber-security-facts-statistics.
18. Tierney (2023). Data Security Explained: Challenges and Solutions. https://blog.netwrix.com/2021/07/26/data-security
19. Qasim, A., & Kharbat, F. (2020). Blockchain technology, business data analytics, and AI: use in the accounting profession. Journal of Emerging Technologies in Accounting, DOI:10.2308/jeta-52649.
20. (ISC)2 Cibersecurity Workforce Study. (2022). https://www.isc2.org/-/media/Project/ISC2/Main/Media/documents/research/ISC2-Cybersecurity-Workforce-Study.pdf .
21. Richins, G., Stapleton, A., Stratopoulos, T. C., & Wong, C. (2017). Big Data Analytics: Opportunity or Threat for the Accounting Profession? Journal of Information Systems, 31(3), 63–79. https://doi.org/10.2308/isys-51805.
22. Brink, W. & Stoel, M. (2019). Analytics knowledge, skills, and abilities for accounting graduates. Advances in Accounting Education: Teaching and Curriculum Innovations. DOI:10.1108/S1085-462220190000022002.
23. Goh, C., Pan, P., Sun, S., Lee, B., and Yong, M. (2019). Charting the future of accountancy with AI. CPA Australi https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=2833&context=soa_research.
24. International Data Corporation. (2023). Worldwide Digital Transformation Spending Forecast to Continue Its Double-Digit Growth Trajectory. According to IDC Spending Guide. https://www.idc.com/getdoc.jsp?containerId=prUS51352323.
25. , Shvets, V. (2005, March 25–26). Evolution of the accounting and analytical system of economic entities in Ukraine. Accounting and analytical systems of business entities in Ukraine. International of science practice conference. Lviv: LNU named after I. Franko. Intereco. https://econom.lnu.edu.ua/course/oblikovo-analitychni-systemy-071-oblik-i-opodatkuvannia.
26. Škovrlj, (2019). The Ethics of Artificial Intelligence Doctoral dissertation. Faculty of Economics and Business. https://repozitorij.efzg.unizg.hr/en/islandora/object/efzg%3A3165.