Examining the Influence and Advantages of Digital Transformation within Accounting Firms: A Comprehensive Analysis

DOI

10.2991/978-94-6463-433-4_5How to use a DOI?

Keywords

Digital Transformation; cloud-based accounting software; automation; Data analytics and business intelligence; digital first business strategy

Abstract

Using cutting-edge digital technologies to transform conventional accounting procedures is known as “digital transformation” in accounting businesses. This evolution seeks to improve precision, effectiveness, and decision-making skills, assisting the sector in navigating the rapidly evolving technological landscape. The use of Cloud-based Accounting Software and Robotic Process Automation (RPA) to automate repetitive operations, and data analytics and business intelligence tools to support well-informed decision-making are some of the key factors driving this transition. According to the Statista.com report, digital transformation reached over $1.3 trillion in 2020, which is 10.4% growth compared to 2019. IDC released the report in October 2020. In 2022, 65% of the world’s GDP will be digitized. A Gartner survey report says intelligent systems will account for 70% of customers’ engagements by 2022. Foundry (an IDG, Inc. company): A digital business study reports that 89% of companies have started creating a digital-first business strategy. In addition, Research and Markets forecasts that the digital transformation market will increase comparatively in the year 2020 ($469.8 billion). In recent years, accounting firms are deliberately spending in digital technologies as part of their digital revolution voyage. The present study focuses on the influence and advantages of digital transformation within accounting firms in the current scenario.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - V. Leelavathy
AU  - N. Chithra
AU  - V. Nachiammai
PY  - 2024
DA  - 2024/06/03
TI  - Examining the Influence and Advantages of Digital Transformation within Accounting Firms: A Comprehensive Analysis
BT  - Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024)
PB  - Atlantis Press
SP  - 45
EP  - 56
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-433-4_5
DO  - 10.2991/978-94-6463-433-4_5
ID  - Leelavathy2024
ER  -