BENEFITS OF DIGITALIZATION IN ACCOUNTING FOR ENTERPRISES

Abstract

The article is devoted to the justification of the importance of the implementation of digital technologies in modern accounting processes of enterprises. An analysis of the benefits of digitization and automation of accounting was carried out. The influence of digital tools on the accuracy, speed and availability of information, as well as reducing the risk of errors, is substantiated. The importance of adaptation of enterprises to digital transformation is emphasized. Approaches to the optimal choice of modern accounting technologies are summarized. It is determined that the accounting profession will continue to develop, accountants will receive new knowledge and competencies in order to adequately respond to numerous challenges. The benefits of digitalization in accounting go beyond just increased efficiency. Implementing cloud-based accounting systems allows companies to gain a variety of advantages such as scalability, cost-effectiveness, and enhanced collaboration. Additionally, integrating artificial intelligence into accounting processes enables intelligent data analysis, fraud detection, and predictive analytics. Blockchain technology provides increased transparency, data integrity, and security for financial transactions and record-keeping. However, alongside these benefits, digitalization of accounting also poses challenges that organizations need to address. Data security risks, the need for upskilling employees to adapt to new technologies, and ethical considerations associated with artificial intelligence and automation are some of the challenges that companies face in the era of digital technologies. Organizations must understand and effectively navigate these challenges to harness the full potential of digital accounting technologies. The findings help understand how digitalization is changing accounting and provide recommendations for organizations seeking to effectively use these technologies. The article will be a useful source of information for company managers, accountants, auditors and other members of the business community who are interested in the implementation of digital innovations in the field of accounting.