Digital Transformation and Blockchain Technology: A New Horizon for Cost and Managerial Accounting (Published)
Its importance is highlighted by exploring the role of digital transformation and blockchain technology in developing cost and managerial accounting systems, and the resulting improvement in information accuracy and transparency, as well as providing institutions with a cognitive and applied framework that enables them to effectively employ these technologies to address the challenges of traditional systems, such as slow information flow, frequent errors, and weak reliability. This leads to future developments, as it supports the transition towards a smart and secure accounting environment, capable of keeping pace with banking technology requirements and enhancing the competitiveness of institutions and banks. Aim Understanding the concept of digital transformation and blockchain, their most important characteristics in the accounting field, and analysing the impact of digital transformation on the speed and accuracy of cost and managerial accounting data, as well as studying the role of blockchain in enhancing the reliability and transparency of accounting information and evaluating the effectiveness of integration between digital transformation and blockchain in developing cost accounting systems, leading to the provision of practical recommendations for applying these technologies in various business environments, including banks. Problems Due to rapid developments in information technology, many institutions and banks still use traditional accounting systems, particularly cost and managerial accounting. This negatively impacts the processing and flow of cost data and increases the likelihood of errors in calculating or estimating product costs or providing banking services. This raises several questions, as follows: How does digital transformation contribute to improving the accuracy and efficiency of cost and managerial accounting systems?To what extent does the integration of digital transformation and blockchain technology create added value compared to implementing each separately and enhancing transparency and reliability in cost and managerial accounting?Hypothesis Digital transformation and blockchain technology contribute to improving the accuracy of accounting information, enhancing its transparency, and raising the efficiency of administrative decisions in cost and managerial accounting systems. Results Total Difference Ratio between current system, and digital transformation technology, and blockchains is 0.728 approximately 73%.
Keywords: Digital Transformation, blockchain technology, cost and managerial accounting systems
Review of Management Accounting in a Digital Economy (Published)
The paper gives an overview of the transformation in management accounting practices in a digital economy. Advanced technologies such as big data analytics, cloud computing, artificial intelligence, and blockchain digitised traditional accounting ways by providing real-time data processing, enhanced decision-making, and strategic insights. The review focuses on how technological innovations have changed data collection, analysis, and reporting links, moving attention away from record-keeping to predictive and prescriptive analytics. Discussions are the automation of routine tasks, real-time financial reporting developments, and increased involvement of management accountants in strategic planning and risk management. The review talks about cloud accounting systems, machine learning in managing costs, blockchain for financial transparency and security, and how digital transformation opens up some critical challenges related to data privacy concerns, security risks, and massive upskilling on the part of accounting professionals. The paper addresses these issues by examining strategies to mitigate identified risks and bridging skill gaps through specific training and educational efforts. It further reviews the emerging trends in predictive and prescriptive analytics and discusses their potential applications in Management Accounting. The review sheds light on changing regulatory scenarios that will impact digital practices in accounting. The implications of this digital transformation are huge and thus require a rethink in the role of management accounting within organisations. It calls for management accountants to reposition themselves in the field and stay relevant by embracing new technologies while attaining strategic competencies, enabling them to drive value creation against the drastic changes in the digital age.
Keywords: Artificial Intelligence, Digital Transformation, big data analytics, cloud accounting, machine learning, strategic planning