Accounting in the Conditions of Digitalization

The article examines the most common digital technologies and software products used in accounting that have a significant impact on the development of modern business. The changes in modern accounting practice caused by the digitalisation process are considered. It is found that digital transformation has become relevant not only at the corporate level, but also at the sectoral and even the state level. It is aimed at simplifying the processing of large data sets, automating almost all activities, and improving the interaction between customers and businesses, citizens and the state. The essence and trends of digital transformation processes are disclosed. It is determined that companies are currently offered a wide range of accounting software. In particular, accounting applications are integrated into enterprise management software products used to prepare and publish financial statements in XBRL format, organizing of electronic document management, computer information, reference materials and legal documents. The article analyses the latest advances in the evolution of information technology, including machine learning, blockchain technology and artificial intelligence. These innovations are contributing to a revolution in accounting, making it more efficient, reliable, accurate and cost-effective for business. It has been determined that the digitalization of the accounting business has caused significant changes in the work of accountants, in particular through the automation of many routine tasks. This stimulates the reform of accounting education to meet the future requirements of the accounting services market. The firms providing accounting services should try to be more proactive in implementing changes to meet the anticipated needs of consumers in the future. The challenges for the accounting profession are reflected in the need to rapidly adapt and transform business practices and business processes without abandoning the basic rules and principles of accounting.