Corporate Accounting and Reporting in the Era of Digital Transformation: Innovations and Prospects

Abstract

The digital transformation of business processes has significantly impacted on corporate accounting and financial reporting. The present paper explores the usage of digital technologies: Artificial Intelligence (AI), Blockchain and Enterprise Resource Planning (ERP) systems, in the accounting departments of medium and large companies. The study assesses these tools in terms of their impact on the accuracy of reporting and uncovers the challenges associated with their implementation. A mixed methods approach, using structured surveys and semi-structured interviews, was adopted. The sample consisted of 42 medium-to-large-sized Ukrainian enterprises, mainly from manufacturing and financial sectors, that responded to surveys filled out by their CFOs and accounting department heads, as well as interviews with the accounting managers of ten of these companies. Descriptive test statistics and paired-sample t-tests were used to analyse quantitative data, and thematic coding was used to analyse qualitative data. This holistic approach included measurable efficiencies and the organizational and behavioural factors influencing digital adoption. The findings suggest that process optimization and reducing errors are beneficial, especially in companies that are implementing automation and AI-driven solutions. Yet, there are still several implementation challenges, such as high implementation costs, inadequate regulations, and a shortage of skilled personnel. The results of this research reveal how digital technologies have changed accounting practice and provide direction for future research.