Accounting in the conditions of digitalization

Radova Natalia
Ph. D. in Economics, Senior Lecturer of the Department of Banking, Odesa National University of Economics, Odesa, E-mail: radovanatalya1982@gmail.com, ORCID ID: https://orcid.org/0000-0002-4681-4902

Plotnikova Arina
student of the faculty of Finance and Banking, Odesa National University of Economics, Odesa, E-mail:arinaplotnikova23@gmail.com, ORCID ID:

Cite this article:

Radova N., Plotnikova A. (2023) Accounting in the conditions of digitalization. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Vplyv tsyfrovoi transformatsii na bukhhalterskyi oblik; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 11-12 (312-313), pp. 134-141.

Abstract

Globalization and digitalization have brought about changes in economic life and banking activities, which was largely reflected in the practice of accounting at enterprises and banks. Today, modern banks and enterprises are experiencing profound transformational changes through digitization and automation, this digital revolution creates unique challenges and opportunities for accounting and financial management. In recent decades, accounting has been actively moving away from paper accounting in favor of electronic accounting. The latest technologies and the appearance of specialized software have greatly facilitated and improved the work process of a modern accountant. This article explores how technologies such as cloud storage, artificial intelligence, blockchain, software, digital signature, electronic document management, CPM-systems, etc. are transforming traditional accounting. This article also addresses the benefits and challenges of digitization in accounting, including increased automation, increased accuracy, and data security risks, risks of information loss, and high costs of installing and configuring licensed software. Also, the latest technologies dictate changes in the field of competence formation of specialists who must possess special accounting skills. In the process of systematizing information, the authors researching this topic use various general methods of analysis and synthesis, induction and deduction, including empirical, theoretical-cognitive and logical approaches. According to the results of the study, the authors concluded that the significant development of technologies and informatization, as well as the increase of information opportunities in the field of the digital economy, contribute to the modernization of accounting science and stimulate the development of methodology and the organization of the accounting process by enterprises and banks. And they also update the problem of the untimely updating of Ukrainian legislation and international accounting standards relative to modern realities.

Keywords

accounting, information technology, digitization, software, bank, automation.

JEL classification: E400; E500; DOI: https://doi.org/10.32680/2409-9260-2023-11-12-312-313-134-141

UD classification: 339.3.657

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