IDEAS home Printed from https://ideas.repec.org/a/eco/journ2/2022-05-19.html
   My bibliography  Save this article

The Impact of Digital Transformation in the Accounting System of Fuel and Energy Complex Enterprises (International Experience)

Author

Listed:
  • Liudmyla Zakharkina

    (Department of Financial Technologies and Entrepreneurship, Sumy State University, 2, Rymskogo-Korsakova St., 40007 Sumy, Ukraine,)

  • Pavlo Rubanov

    (Department of Financial Technologies and Entrepreneurship, Sumy State University, 2, Rymskogo-Korsakova St., 40007 Sumy, Ukraine,)

  • Balsheker Alibekova

    (Department of State Audit , Faculty of Economics, L.N. Gumilyov Eurasian National University 010000, Kazakhstan,)

  • Oleksii Zakharkin

    (Department of Financial Technologies and Entrepreneurship, Sumy State University, 2, Rymskogo-Korsakova st., 40007 Sumy, Ukraine)

  • Luiza Moldashbayeva

    (Department of Accounting and analysis, L.N. Gumilyov Eurasian National University Kazhymukana 11, Nur-Sultan, 010008, Republic of Kazakhstan)

Abstract

The global fuel and energy market occupies a significant position in international trade, which encourages companies in the industry to carry out a digital transformation in the supply chain and accounting of related transactions. Digital transformation occurs through the introduction of modern information technology, which leads to increased productivity at all stages of the supply chain in the fuel and energy sector and simplified accounting of transactions. Positive processes are characterized by the convergence of markets, and negative processes are characterized by the fragmentation of energy markets and their isolation at the national level. To solve these problems in the field of accounting, it is necessary to constantly improve ERP systems based on the creation of a unified ecosystem of the fuel and energy sector. The world practice of using Enterprise Resource Planning products in the fuel and energy sector is considered. Based on the trend and structural analysis world oil and gas imports have been investigated to determine the dynamics and geographical structure of the fuel and energy market. The forecast of the dynamics of oil imports is made. The article proposes a functional model of the supply chain in the energy sector based on blockchain technology. The article defines digital technology with a focus on blockchain and artificial intelligence. The process method is used in the formation of an invoice generation model. The advantages of ERP systems are identified and global experience in invoice generation in accounting is summarized. The OpenText Vendor Invoice Management (VIM) software product is characterized, allowing its integration with the SAP ERP invoice accounting and payment system. The main issues of digital transformation in the accounting system, stimulating the improvement of specialists' competencies when working with digital platforms, are identified.

Suggested Citation

  • Liudmyla Zakharkina & Pavlo Rubanov & Balsheker Alibekova & Oleksii Zakharkin & Luiza Moldashbayeva, 2022. "The Impact of Digital Transformation in the Accounting System of Fuel and Energy Complex Enterprises (International Experience)," International Journal of Energy Economics and Policy, Econjournals, vol. 12(5), pages 152-161, September.
    • Handle: RePEc:eco:journ2:2022-05-19
    as

    Download full text from publisher

    File URL: https://www.econjournals.com/index.php/ijeep/article/download/13317/6912
    Download Restriction: no
    File URL: https://www.econjournals.com/index.php/ijeep/article/view/13317
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Florin Mihai & Ofelia Ema Aleca & Andrei Stanciu & Mirela Gheorghe & Mirela Stan, 2022. "Digitalization—The Engine of Sustainability in the Energy Industry," Energies, MDPI, vol. 15(6), pages 1-17, March.
    2. Sucharita Gopal & Joshua Pitts & Zhongshu Li & Kevin P. Gallagher & James G. Baldwin & William N. Kring, 2018. "Fueling Global Energy Finance: The Emergence of China in Global Energy Investment," Energies, MDPI, vol. 11(10), pages 1-25, October.
    3. Duch-Brown, Néstor & Rossetti, Fiammetta, 2020. "Digital platforms across the European regional energy markets," Energy Policy, Elsevier, vol. 144(C).
    4. Lyu, Wenjing & Liu, Jin, 2021. "Artificial Intelligence and emerging digital technologies in the energy sector," Applied Energy, Elsevier, vol. 303(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pengfei Zhou & Mengyu Han & Yang Shen, 2023. "Impact of Intelligent Manufacturing on Total-Factor Energy Efficiency: Mechanism and Improvement Path," Sustainability, MDPI, vol. 15(5), pages 1-22, February.
    2. Heymann, Fabian & Milojevic, Tatjana & Covatariu, Andrei & Verma, Piyush, 2023. "Digitalization in decarbonizing electricity systems – Phenomena, regional aspects, stakeholders, use cases, challenges and policy options," Energy, Elsevier, vol. 262(PB).
    3. V. I. Blanutsa, 2022. "Geographic Research of the Platform Economy: Existing and Potential Approaches," Regional Research of Russia, Springer, vol. 12(2), pages 133-142, June.
    4. Chwiłkowska-Kubala, Anna & Cyfert, Szymon & Malewska, Kamila & Mierzejewska, Katarzyna & Szumowski, Witold, 2023. "The impact of resources on digital transformation in energy sector companies. The role of readiness for digital transformation," Technology in Society, Elsevier, vol. 74(C).
    5. Fareri, Silvia & Apreda, Riccardo & Mulas, Valentina & Alonso, Ruben, 2023. "The worker profiler: Assessing the digital skill gaps for enhancing energy efficiency in manufacturing," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    6. Krzysztof Bartczak & Stanisław Łobejko, 2022. "The Implementation Environment for a Digital Technology Platform of Renewable Energy Sources," Energies, MDPI, vol. 15(16), pages 1-16, August.
    7. Nguyen Thanh Viet & Alla G. Kravets, 2022. "The New Method for Analyzing Technology Trends of Smart Energy Asset Performance Management," Energies, MDPI, vol. 15(18), pages 1-26, September.
    8. Zhao, Guanjia & Cui, Zhipeng & Xu, Jing & Liu, Wenhao & Ma, Suxia, 2022. "Hybrid modeling-based digital twin for performance optimization with flexible operation in the direct air-cooling power unit," Energy, Elsevier, vol. 254(PC).
    9. Bhagwan, N. & Evans, M., 2023. "A review of industry 4.0 technologies used in the production of energy in China, Germany, and South Africa," Renewable and Sustainable Energy Reviews, Elsevier, vol. 173(C).
    10. Teresa Pakulska, 2021. "Green Energy in Central and Eastern European (CEE) Countries: New Challenges on the Path to Sustainable Development," Energies, MDPI, vol. 14(4), pages 1-19, February.
    11. Cezar-Petre Simion & Cătălin-Alexandru Verdeș & Alexandra-Andreea Mironescu & Florin-Gabriel Anghel, 2023. "Digitalization in Energy Production, Distribution, and Consumption: A Systematic Literature Review," Energies, MDPI, vol. 16(4), pages 1-30, February.
    12. Jing Wang & Yubing Xu, 2022. "How Does Digitalization Affect Haze Pollution? The Mediating Role of Energy Consumption," IJERPH, MDPI, vol. 19(18), pages 1-15, September.
    13. Natalia A. Chernysheva & Victoria V. Perskaya & Alexander M. Petrov & Anna A. Bakulina, 2019. "Green Energy for Belt and Road Initiative: Economic Aspects Today and in the Future," International Journal of Energy Economics and Policy, Econjournals, vol. 9(5), pages 178-185.
    14. Huang, Chenchen & Lin, Boqiang, 2023. "Promoting decarbonization in the power sector: How important is digital transformation?," Energy Policy, Elsevier, vol. 182(C).
    15. Lin Wang & Yugang He & Renhong Wu, 2024. "Digitization Meets Energy Transition: Shaping the Future of Environmental Sustainability," Energies, MDPI, vol. 17(4), pages 1-25, February.
    16. Latifa A. Yousef & Hibba Yousef & Lisandra Rocha-Meneses, 2023. "Artificial Intelligence for Management of Variable Renewable Energy Systems: A Review of Current Status and Future Directions," Energies, MDPI, vol. 16(24), pages 1-27, December.
    17. Robert Szydło & Sylwia Wiśniewska & Małgorzata Tyrańska & Anna Dolot & Urszula Bukowska & Marek Koczyński, 2021. "Employer Expectations Regarding the Competencies of Employees on the Energy Market in Poland," Energies, MDPI, vol. 14(21), pages 1-21, November.
    18. Jemma J. Makrygiorgou & Christos-Spyridon Karavas & Christos Dikaiakos & Ioannis P. Moraitis, 2023. "The Electricity Market in Greece: Current Status, Identified Challenges, and Arranged Reforms," Sustainability, MDPI, vol. 15(4), pages 1-40, February.
    19. Kyriaki Psara & Christina Papadimitriou & Marily Efstratiadi & Sotiris Tsakanikas & Panos Papadopoulos & Paul Tobin, 2022. "European Energy Regulatory, Socioeconomic, and Organizational Aspects: An Analysis of Barriers Related to Data-Driven Services across Electricity Sectors," Energies, MDPI, vol. 15(6), pages 1-25, March.
    20. Chankook Park, 2022. "Expansion of servitization in the energy sector and its implications," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 11(4), July.

    More about this item

    Keywords

    digital transformation; energy sector; energy supply chain; Enterprise Resource Planning; accounting; invoice;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eco:journ2:2022-05-19. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ilhan Ozturk (email available below). General contact details of provider: http://www.econjournals.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.