DIGITALIZED ACCOUNTING AND ORGANIZATIONAL LONGEVITY IN THE CONTEMPORARY CONTEXT

Abstract

Information technology has been growing and developing at a rapid pace, ushering in the digital revolution in our everyday economic, social, and cultural lives. Its influence on accounting study is expanding as the internet, mobile technology, and digital economy tools produce data with a depth, breadth, and diversity. Experts predict that the future of digital accounting will grow at a substantial rate of 8.6 percent. Accounting's Digital Transformation has spread throughout the business world. Accounting is a classic profession, with established accounting rules and concepts that have remained unchanged for many years. Globalization of business, tighter laws, and a plethora of technical solutions and developments, on the other hand, are not obliging the accounting profession. The requirement for quick adaptation and transformation of business practise and business processes without losing essential accounting rules and principles is one of the profession's challenges. This article aims to depict how technology has brought about improvements in recent times using conventional methods, which were originally defined by manually sitting for an hour to upgrade without any visual display. The study looks into the need and future trends of digitalisation in accounting as well as to identify the accounting automation systems those are widely used in present time. Due to digital technology, the accounting industry, like many others, is witnessing a need for transformation. As a result, the aim of this research is to see how digital accounting organisations may put up a general business model in order to be a successful digitalized company.