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

V. Leelavathy (), N. Chithra and V. Nachiammai
Additional contact information
V. Leelavathy: Anna Adarsh College for Women, Assistant Professor, Department of Commerce Marketing Management
N. Chithra: Anna Adarsh College for Women, Assistant Professor and Head, Department of Commerce Marketing Management
V. Nachiammai: Anna Adarsh College for Women, Student (III YEAR), Department of Commerce Marketing Management

A chapter in Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024), 2024, pp 45-56 from Springer

Abstract: 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.

Keywords: Digital Transformation; cloud-based accounting software; automation; Data analytics and business intelligence; digital first business strategy (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-433-4_5

Ordering information: This item can be ordered from
http://www.springer.com/9789464634334

DOI: 10.2991/978-94-6463-433-4_5

Access Statistics for this chapter

More chapters in Advances in Economics, Business and Management Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().