Revolutionizing Accounting through Digital Transformation: The Impact of Technology

Bernadeth Trisha Marvellyn Surya

doi:10.56741/esl.v3i01.467

Authors

Bernadeth Trisha Marvellyn Surya
bernadeth.surya@student.sgu.ac.id
Swiss German University

Keywords:

accounting technology, artificial intelligence, accounting professionals, blockchain, cloud computing, digital transformation, emerging technologies, machine learning

Abstract

This research paper delves into the transformative impact of digital technologies on the accounting industry, emphasizing the imperative for adaptation in the face of global organizational digitization. Examining the intricate consequences of digital transformation on accounting processes, the study addresses challenges, prospects, and shifts in perspective resulting from technological integration. Employing a questionnaire as the primary data-gathering tool, opinions were solicited from a diverse sample of 120 institutions spanning industries such as communications, insurance, food, and cleaning materials. Utilizing the Rensis Likert five-point rating system, responses were collected from 237 participants out of the 320 electronic questionnaires distributed via email. The findings underscore the necessity of a comprehensive strategy encompassing skill development, technology adoption, cultural change, and proactive engagement with regulatory and technological advances. This approach is essential for successfully navigating the evolving landscape of digital transformations in the accounting industry. Implementing these recommendations positions accountants, companies, and legislators to thrive in the progressively digital financial environment.

Downloads

Download data is not yet available.

Author Biography

Bernadeth Trisha Marvellyn Surya, Swiss German University

is a student majoring in Accounting at Swiss German University, Indonesia. He has a keen interest in leveraging technology for accounting purposes and actively participates in student organizations. (email: bernadeth.surya@student.sgu.ac.id).

References

M. N. Mujiono, “The shifting role of accountants in the era of digital disruption,” International Journal of Multidisciplinary: Applied Business and Education Research, vol. 2, no. 11, pp. 1259–1274, 2021. DOI: https://doi.org/10.11594/10.11594/ijmaber.02.11.18

I. Oncioiu, F. R. Bîlcan, D. A. Stoica, and A. Stanciu, “Digital transformation of managerial accounting-trends in the new economic environment,” EIRP Proceedings, vol. 14, no. 1, 2019.

K. Rostek, “Key technologies in the digital transformation of finance,” Digital Finance and the Future of the Global Financial System: Disruption and Innovation in Financial Services, 2022. DOI: https://doi.org/10.4324/9781003264101-5

P. Gomber, R. J. Kauffman, C. Parker, and B. W. Weber, “On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services,” Journal of management information systems, vol. 35, no. 1, pp. 220–265, 2018. DOI: https://doi.org/10.1080/07421222.2018.1440766

A. F. da Silva, M. J. A. Goncalves, H. N. R. Ribeiro, and J. P. T. Duarte, “The Impact of Digital Transformation on Accounting Work Processes,” Economic and Social Development: Book of Proceedings, pp. 337–346, 2023.

A. Igou, D. J. Power, S. Brosnan, and C. Heavin, “Digital Futures for Accountants,” Journal of Emerging Technologies in Accounting, vol. 20, no. 1, pp. 39–57, 2023. DOI: https://doi.org/10.2308/JETA-2020-088

H. Chin, D. P. Marasini, and D. Lee, “Digital transformation trends in service industries,” Service Business, vol. 17, no. 1, pp. 11–36, 2023. DOI: https://doi.org/10.1007/s11628-022-00516-6

F. Trincado-Munoz, M. van Meeteren, T. H. Rubin, and T. Vorley, “Digital transformation in the world city networks’ advanced producer services complex: A technology space analysis,” Geoforum, p. 103721, 2023. DOI: https://doi.org/10.1016/j.geoforum.2023.103721

O. Dimitriu and M. Matei, “A new paradigm for accounting through cloud computing,” Procedia economics and finance, vol. 15, pp. 840–846, 2014. DOI: https://doi.org/10.1016/S2212-5671(14)00541-3

I. E. Inghirami, “Accounting information systems: the scope of blockchain accounting,” in Digital Business Transformation: Organizing, Managing and Controlling in the Information Age, Springer, 2020, pp. 107–120. DOI: https://doi.org/10.1007/978-3-030-47355-6_8

K. Almadany and R. Khair, “Revolutionizing Accounting and Audit with Blockchain Technology: Scientific Literature Review,” Instal: Jurnal Komputer, vol. 15, no. 01, pp. 33–40, 2023.

D. L. Rogers, The digital transformation playbook: Rethink your business for the digital age. Columbia University Press, 2016. DOI: https://doi.org/10.7312/roge17544

G. George and S. J. D. Schillebeeckx, “Digital transformation, sustainability, and purpose in the multinational enterprise,” Journal of World Business, vol. 57, no. 3, p. 101326, 2022. DOI: https://doi.org/10.1016/j.jwb.2022.101326

S. K. A. Rizvi, B. Rahat, B. Naqvi, and M. Umar, “Revolutionizing finance: The synergy of fintech, digital adoption, and innovation,” Technol Forecast Soc Change, vol. 200, p. 123112, 2024. DOI: https://doi.org/10.1016/j.techfore.2023.123112

V. J. Richardson and M. W. Watson, “Act or be acted upon: Revolutionizing accounting curriculums with data analytics,” Accounting Horizons, vol. 35, no. 2, pp. 129–144, 2021. DOI: https://doi.org/10.2308/HORIZONS-19-020

N. A. Asikpo, “Impact of Digital Transformation on Financial Reporting in the 21st Century,” International Journal of Comparative Studies and Smart Education, vol. 1, no. 1, pp. 34–45, 2024.

R. Manita, N. Elommal, P. Baudier, and L. Hikkerova, “The digital transformation of external audit and its impact on corporate governance,” Technol Forecast Soc Change, vol. 150, p. 119751, 2020. DOI: https://doi.org/10.1016/j.techfore.2019.119751