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Research Paper | Finance | India | Volume 11 Issue 12, December 2022 | Popularity: 5.6 / 10
The Transformation of Accounting System into Digital Accounting in India
Dr. D. Rajagopal
Abstract: In the current situation, digitalization is crucial to the nation's economic growth. One of the key industries undergoing revolutionary change in the globe is accounting, which has undergone a digital transition. Utilization of technology is digitalization. Digital accounting involves integrating technological elements. Professional practices are being significantly impacted by digital technology, "big data" and predictive analytics at the individual, organizational, national, and international levels. Some experts predict that digitization will completely transform markets, and it has already been observed to alter innovation processes. One sector that has witnessed a rise in digitalization and is anticipated to expand even more is the accounting sector. This study aims to demonstrate how recent technological advancements have changed old approaches. Traditional methods involved upgrading manually while sitting for an hour without any visual aids. The current study examines the current state and future directions of accounting's digitization, as well as the implementation duties and any potential roadblocks that may already be in place. Based on this, a maturity level model was created that categorizes businesses into certain clusters and accounts for the extent of digitalization of their accounting systems at the time. The demand for change brought about by digital technology is being felt by the accounting sectors, like many other industries.
Keywords: Digitalization, Accounting, Block chain, Fibre connectivity, Cloud Accounting, Artificial Intelligence
Edition: Volume 11 Issue 12, December 2022
Pages: 1045 - 1048
DOI: https://www.doi.org/10.21275/SR221219212259
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