International Journal of Advanced Culture Technology

The International Promotion Agency of Culture Technology (국제문화기술진흥원)
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The Digital Transformation of Accounting Industry for Small and Medium Enterprises in Vietnam: Challenges and Solutions

  • Received : 2023.05.06
  • Accepted : 2023.06.10
  • Published : 2023.06.30
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Abstract

The industrial revolution 4.0 in general and the trend of the digital economy in particular have affected all aspects of the economy. In the orther hand, Digital Technology has the power to impact the strategies and competitiveness of businesses in the market. It is ever evolving and creating a revolutionary stand for different professions as well. Accounting is considered to be one of the oldest and traditional professions. The rules and methodology of this profession has remained uniform for a long period of time. But due to the advent of the digital technology accounting industry is experiencing some great changes. Challenges for the accounting profession are reflected in the need for rapid adaptation and transformation of business practice and business processes. Gradually it was difficult to manage the accounting of large firms without having any machine help. This profession faced a lot of challenges and required the need to adapt technology. The requirements of finance and digital accounting, as well as the requirements of regional and international financial and accounting integration, require proactive preparation, taking full advantage of the advantages as well as limiting the impacts. disadvantage. The aim of this paper is to analyze and systematize the key challenges that digitalization brings for accounting industry and propose some solution for digital transformation of accounting industry for Small and Medium Enterprise in Vietnam

Keywords

Acknowledgement

This work was supported by Dong Nai Technology University Research Fund in 2022.

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