Digitalization in Accounting

This paper focuses on digitalization in accounting. Many aspects of accounting can be transformed through digitalization, among these are: tax return preparation, confirmation of receivables, investigation of outliers in populations of transactions through data visualization, and preparation of audit reports using AI and Chat GPT. In addition, accountants can facilitate the digital transformation of strategic plans and business models in order to make them more efficient and effective. This paper reviews the theoretical background of digitalization in business organizations, as well as the rationale for increasing digitalization in accounting and the potential areas for increased digitization in accounting. The paper also summarizes some essential technologies useful for digitalization and reviews experiences with digitalization of several large accounting firms.