Resumen de Digital technologies in accounting and reporting: benefits, limitations, and possible risks

Olena Yarmoliuk, Anton Abramov, Tetiana Mulyk, Nadiya Smirnova, Nataliia Ponomarova

• Digital technologies are the need of the hour in the accounting field in the current 4th industrial revolution. Digital transformation positively and negatively affects all areas of business. The new technologies are disrupting the accounting field. Digital transformation is pressuring accounting practitioners and graduates to learn digital skills but despite the emergence of new technologies in the accounting field, it is unfortunate that not much is known concerning the impact of digital technologies in the accounting field. This paper critically examines the contribution of digital technologies in accounting and reporting focusing on its advantages, limitations, and possible risks. A systematic literature review methodology, inductive approach and thematic analysis was adopted. Despite the limitations of digital technologies in accounting like poor data governance systems, cyber-attacks, and infringement of privacy, it emerged that digital technologies play a significant role in the provision of real-time accounting data and information, automation of routine accounting activities, visualization of accounting information, augmenting big data analysis, and eliminating errors as well as improving efficiency in accounting.  Digital technologies are transforming the accounting arena by boosting efficiency and effectiveness. We recommend accounting professionals, practitioners and policy makers should invest in new  digital technologies.