The role of accountants in promoting SME’s financial digital transformation

Financial digitalization is a critical challenge for small and medium-sized enterprises (SMEs). Many stakeholders in the SME sector are not able to keep pace with digitalization on their own, especially in financial accounting. This research aims to investigate the role of accountants and financial professionals in accelerating the financial digital transition within the SME sector. Specifically, it explores how these professionals can foster a supportive environment for digitalization by promoting relevant attitudes and professional knowledge among the owners and managers of the firms. The study employs questionnaire surveys (managers, accountants) and in-depth interviews with SME managers and leaders of accounting firms. The findings reveal that the digital development and transformation of SMEs can be facilitated through the proactive recommendations, guidance, and expectations of accountants and bookkeeping firms. The targeted support from these service providers enables SMEs to enhance their adoption of digital financial tools, improve the integration of these solutions, and streamline financial processes. Additionally, the research identifies a multiplicative, spill-over effect, where accountants drive broader digitalization within their client networks by disseminating innovative procedures and applications, ultimately benefiting the wider SME ecosystem.