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The impact of digitalization on the accounting profession in Romania - a quantitative research

Author

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  • Mihaela Ionela Socoliuc

    (Stefan cel Mare University, Suceava, Romania)

Abstract

The intensification of business globalisation, the large-scale extension of digitalisation in the business sphere, and the acceleration of technological progress as a result of research-development-innovation, are strongly influencing and impacting on the strategic and competitive objectives of companies, and implicitly on business models, leading to a redesign of management strategy towards the market, and towards traditional business models that are progressively replaced by other business models, in a new optic based on maximising competitive advantages. The aim of this research is to provide a comprehensive perspective on the impact that the digitisation process is having on business and implicitly on the accounting profession from the perspective of accounting professionals. The methodology of the study was based on the use of a quantitative research using a questionnaire as a research tool, in order to collect the data necessary to achieve the purpose and which was addressed to accounting professionals in Romania, namely in the north-east of the country. The results of the research highlighted the primary role of accounting professionals in the context of paradigm shifts from traditional to digitized accounting, to ensure a high level of service to management, with notable effects on business sustainability. The study is highly useful for the state and regulatory bodies that can adapt their future policies and strategies in the field of accounting and taxation, the academic world that must urgently adapt its university curriculum to the new realities imposed by the expansion of the phenomenon of digitization in accounting practices, as well as the management of entities that must identify the real opportunities of the use of digitization in the entity with medium and long-term effects on the creation of added value for it.

Suggested Citation

  • Mihaela Ionela Socoliuc, 2023. "The impact of digitalization on the accounting profession in Romania - a quantitative research," Journal of Financial Studies, Institute of Financial Studies, vol. 15(8), pages 132-154, December.
    • Handle: RePEc:fst:rfsisf:v:15-special-december:y:2023:i:8:p:132-154
    DOI: 10.55654/JFS.2023.SP.22
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    References listed on IDEAS

    as
    1. Sean Stein Smith, 2018. "Digitization and Financial Reporting – How Technology Innovation May Drive the Shift toward Continuous Accounting," Accounting and Finance Research, Sciedu Press, vol. 7(3), pages 240-240, August.
    2. Gulin, Danimir & Hladika, Mirjana & Valenta, Ivana, 2019. "Digitalization and the Challenges for the Accounting Profession," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, pages 502-511, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    3. Eleonora P. Stancheva-Todorova, 2018. "How Artificial Intelligence Is Challenging Accounting Profession," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 12(1), pages 126-141.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    accountants’ perception; digitization of the accounting profession; accountants’ skills; redesigning the accounting. profession.;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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