Impact of Digitalization in Finance & Accounting

In this article, I focused primarily on the impact of digitization on financial and accounting firms. Digital finance has increased in the past few decades by avoiding the difficulties of economic development. Entrepreneurs can now use technology to improve their skills. The technology revolution has occurred in markets and industries since the emergence of community and organizational societies. Recently, with the growth of digitized market, technological revolution is proceeding. This has changed the digital business of analogue. Digitization is a structural change in the industry and the economy is affected by it. This required us to maintain competitiveness in many industries and adopt digital technology to overcome these technological changes. Adapting to the technological revolution puts pressure on business strategies and companies need to model new strategies. Along with digitization, new requirements have emerged so that companies can create new business models, how to organize activities to manage value chain and business strategy. Digitization changes the process of innovation, and some experts believe that this will change the entire market. The accounting industry is one of the industries that are expected to grow and grow more digitally. The accounting industry is like many other industries that feel the need for change due to digital technology. Therefore, this study aims to investigate how a digital accounting corporation builds a common business model to become a digitized company. The discovery of digitization has changed the way the business is negotiated with the financial industry. Accountants can store large amounts of data on computers, perform complex calculations, and manage financial transactions. Today, information technology enables an impossible global economy decades ago, and digitization affects both business and personal financial management. Research has shown that digitization has a direct impact on how companies strategically organize their businesses. Much of the impact on digitized finance and accounting has a direct impact on strategy, actions and processes. Digitization requires a corporate culture that is compatible with digitization. Some of the results are as follows. Digitization provides accountants with digital accounting tools, knowledge and communication channel exchanges. We will put pressure on our employees to have different knowledge of the technology than any other company. Digitization is expected to affect offerings to customers. There are also more key partners, specific customer segments, cost structures and specific revenue streams to digitize for digitization.Key words: Finance, accounting, financial and accounting digitization, business modeling tools.