Impact of digital transformation on accounting: trends and challenges

Abstract

The rapid development of the information potential of the digital economic space in Ukraine, the issue of digitalization of the accounting system is becoming of paramount importance are given. The situation is stimulated by the rapid innovation and technological progress and digital transformation of all spheres of social life, as well as the trend of Ukraine's integration into the European economic area. The purpose of the paper is to analyze the current role of digital transformation tools on accounting and to predict the development of its impact in the future. The paper analyzes and assesses the risks caused by the active implementation of digitalization technologies in accounting. The author identifies a number of dangers that will accompany the further rooting of artificial intelligence in information systems, and proposes a number of preventive measures that should be applied within the framework of the general trend of digitalization of accounting. The study was conducted using scientific methods of cognition: abstract and logical and comparative analysis, abstraction, induction and deduction, as well as methods of specification and formalization. It is established that the digital transformation of accounting is positioned as a mandatory optimization stage in the development of the modern business environment. It is substantiated that modern information technologies make it possible to significantly simplify the collection, storage and transfer of accounting information through the introduction of special industry-specific software products. The main digital trends in the process of digitalization of accounting are analyzed, reflecting the vector of the overall development of a sustainable financial environment and the sharing economy. It is proved that the growing use of digital tools makes it possible to make accurate and effective decisions in complex analytical processes. The results of the study may be of practical value for the process of improving the modern accounting system in the context of globalization of digitalization and artificial intelligence technologies. The paper analyzes the feasibility and prospects of applying innovative AI capabilities in the accounting, as well as means and technologies to ensure an appropriate level of security and protection of personal information.