Threats and Opportunities in Digitalizing Accounting Systems

Abstract

The challenges and opportunities presented by digital transformation in accounting were the primary focus of this research. The implementation of digital technology into the accounting process ought to result in accurate financial accounts. Before it can generate compliant financial reports, the system needs to be able to satisfy certain criteria. Information of a superior caliber might be obtained from external sources. Research data may be obtained from a variety of sources. The following are examples of secondary sources: books, journals, the Internet, newspapers, and reports. According to this research, digitization has altered the way accountants think and carry out their work. The majority of accountants are familiar with both the benefits and drawbacks of digitalization. Usability, accessibility, and cost-effectiveness are at the forefront of developers’ minds while creating software for digital accounting. Certain research has suggested that a comparison of digital and manual accounting systems has been suggested as a possible solution. The effectiveness of accounting software and its widespread use are both contingent on the user’s level of expertise. The collection of one-of-a-kind data is not only pricey but also time-consuming and requires a COVID- 9. Understanding and utilization of accounting software were both improved as a result of the study. This study takes the viewpoint of accountants to investigate the positives and negatives associated with the use of digital technology in accounting. It demonstrates the limitations and viewpoints of accountants. The findings of this study suggest that accountants who make use of digital accounting software may have a better understanding of both theory and practice. More topics are required for more advanced study. The processes of accounting in the information age are identified in this paper.