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

In: Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024)

Author

Listed:
  • 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)

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.

Suggested Citation

  • V. Leelavathy & N. Chithra & V. Nachiammai, 2024. "Examining the Influence and Advantages of Digital Transformation within Accounting Firms: A Comprehensive Analysis," Advances in Economics, Business and Management Research, in: N. V. Suresh & P. S. Buvaneswari (ed.), Proceedings of the International Conference on Digital Transformation in Business: Navigating the New Frontiers Beyond Boundaries (DTBNNF 2024), pages 45-56, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-433-4_5
    DOI: 10.2991/978-94-6463-433-4_5
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