Adoption of Digital Tools for Accounting Functions—Academicians and Practitioners Perspective

The relentless march of technology permeates every corner of the world, and the business landscape is no exception. This pervasive influence compels firms to embrace technology-driven operations, unlocking a wealth of benefits for both organizations and stakeholders. This influence is not an exception to the accounting and auditing functions of an organization. Therefore, the present study analyses the perception of academicians and practitioners on the adoption of Digital Tools (DT) for accounting functions and assesses the effect of digitization on the overall effectiveness of bookkeeping functions.to achieve the underlying objectives the study used descriptive statistical tools, independent t-test, and simple linear regression analysis. The outcomes revealed that there are significant differences in the opinion on the adoption of DT for accounting and auditing among the respondents and the study also confirms that there is a significant impact of DT on the overall effectiveness of accounting functions. The major contribution of this study is that it suggests business organizations and regulatory authorities the significance of adoption of DT for accounting functions and their potential benefits and opportunities to gain a competitive advantage in the market. Further, from the observation of the results of the study, the regulatory authorities of many countries can formulate a policy in mandating the adoption of such DT for enhancing corporate accountability and transparency in accounting and reporting. This indirectly contributes to the environment by promoting eco-friendly paperless accounting and business reporting practices. It also contributes to the economy of both the organizations individually and the country at large by reducing overall cost.