DIGITALIZATION OF ACCOUNTING PROCESSES AND FINANCIAL FORECASTING: THE EXPERIENCE OF EU MEMBER STATES
Abstract
Digitalization constantly changes the processes of formation, processing, interpretation, exchange and use of information in the field of accounting and financial forecasting. The advantages of digitalization are accompanied by challenges, which is why the experience of European countries is extremely valuable for Ukraine on the way to restoring and implementing European integration aspirations and reforms. The article considers the features and advantages of digitalization of accounting processes and financial forecasting of economic entities in the EU, the current state in this area, provides an overview of obstacles, problems and possible ways to overcome them. The review of scientific sources indicates significant achievements in the implementation of modern technologies, such as ERP systems, cloud services, big data analytics, artificial intelligence and blockchain. Research shows that these technologies significantly improve the efficiency of accounting processes and the accuracy of financial forecasts, contributing to automation, increasing accountability according to user needs, improving transparency and optimizing costs. In addition, digitalization allows more integrated use of accounting data for management and financial forecasting needs. It is determined that digitalization in the EU faces problems of cybersecurity, high costs for the introduction of new technologies, different levels of digital maturity among member countries, as well as unification of standards and regulatory requirements. The integration of advanced technologies requires significant investment and training, which is a barrier for small and medium-sized enterprises. The diversity of national laws makes it difficult to harmonize digital solutions at the European level, reducing the effectiveness of interstate financial cooperation and data exchange. These challenges can be overcome through harmonisation of regulatory requirements at EU level, increased investment in cybersecurity and digital technologies, and through the delivery of training programmes to improve digital literacy of workers. In addition, the creation of common standards and platforms for data exchange will contribute to more efficient integration of digital solutions into the financial sector. Using the experience of the EU member states in digitalization of accounting and financial forecasting will allow Ukraine to increase the accuracy and efficiency of financial processes, optimize accounting operations, reduce risks and improve data transparency. This will contribute to making sound strategic decisions, ensuring cybersecurity and attracting investments for the sustainable development of the financial sector in the context of digital transformation.
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