HOW HAS DIGITAL TRANSFORMATION CHANGED THE ACCOUNTING PROFESSION PDF Free Download
1 / 45
/45
100%
TALLINN UNIVERSITY OF TECHNOLOGY
School of Business and Governance
Divesh Ramburuth
HOW HAS DIGITAL TRANSFORMATION CHANGED THE
ACCOUNTING PROFESSION
Bachelor’s thesis
International Business Administration (TVTB)
Specialisation – Accounting and Business Intelligence
Supervisor: Vaiva Kiaupaite-Grušniene, PhD
Tallinn 2025
I hereby declare that I have compiled the thesis independently
and all works, important standpoints and data by other authors
have been properly referenced and the same paper
has not been previously presented for grading.
The document length is 10586 words from the introduction to the end of the conclusion.
Divesh Ramburuth (30.04.2025)
Table of Contents
LIST OF ABBREVIATIONS ...................................................................................... 4
ABSTRACT .......................................................................................................... 5
INTRODUCTION .................................................................................................. 6
1. LITERATURE REVIEW ........................................................................................ 9
1.1. The definition and concept of Digital Transformation ............................................. 9
1.2. Theoretical Framework ....................................................................................... 10
1.3. The elements of Digital Transformation in Accounting and their impact ................ 14
1.3.1. Cloud Accounting ............................................................................................................. 15
1.3.2. Robotic Process Automation ............................................................................................ 17
1.3.3. Blockchain Technology ..................................................................................................... 19
2. RESEARCH METHODOLOGY ........................................................................... 21
2.1. Data Collection .................................................................................................. 21
2.2. Data Analysis ..................................................................................................... 22
3. EMPIRICAL PART ............................................................................................ 24
3.1. Findings ............................................................................................................. 24
3.1.1. Interview One ................................................................................................................... 24
3.1.2. Interview Two ................................................................................................................... 26
3.1.3. Interview Three ................................................................................................................. 28
3.2. Discussions ....................................................................................................... 31
3.2.1. Summary ......................................................................................................................... 31
3.2.2. Interpretations ................................................................................................................. 32
3.2.3. Implications ..................................................................................................................... 33
3.2.4. Limitations ....................................................................................................................... 34
3.2.5. Suggestions ..................................................................................................................... 35
CONCLUSION ................................................................................................... 36
LIST OF REFERENCES ........................................................................................ 38
APPENDICES .................................................................................................... 42
Appendix 1. Questions for the Interviews ................................................................... 42
Appendix 2. Interview Transcripts .............................................................................. 43
Appendix 3. Non-exclusive licence ............................................................................ 44
LIST OF ABBREVIATIONS
Abbreviation
Definition
ACCA
Association of Chartered Certified
Accountants
AI
Artificial Intelligence
AIS
Accounting Information System
AML
Anti-Money Laundering
BI
Business Intelligence
CRS
Common Reporting Standard
DT
Digital Transformation
ERP
Enterprise Resource Planning
FATCA
Foreign Account Tax Compliance Act
IaaS
Infrastructure as a Service
ICT
Information & Communication Technology
KYC
Know Your Customer
ORT
Organisational Role Theory
PaaS
Platform as a Service
PEOU
Perceived Ease of Use
PU
Perceived Usefulness
RPA
Robotic Process Automation
SaaS
Software as a Solution
TAM
Technology Acceptance Model
TPB
Theory of Planned Behaviour
TRA
Theory of Reasoned Action
XML
Extensible Markup Language
VCI
Village Credit Institutions
ABSTRACT
This thesis explores the impact of digital transformation in accounting, focusing how it has
reshaped the accounting processes, the benefits and challenges accountants face with this shift
and how the future of the field might look like with the growing use of Business Intelligence
(BI) tools. The research combines a review of relevant academic literature with qualitative data
gathered through semi-structured interviews with accounting professionals from Estonia and
Mauritius. The interviews provided real-world insights into how accountants are adapting to
technologies such as Cloud Accounting and Robotic Process Automation (RPA).
The study also applies the Technology Acceptance Model (TAM) and Organisational Role
Theory (ORT) as theoretical frameworks to analyse how accountants accept and adjust to
digital changes. The results generally supported both models and the findings showed that
while digital tools have improved efficiency and accuracy in accounting tasks, they also require
new skills and bring challenges such as over-reliance on software and slow adoption of
emerging technologies such as blockchain.
Keywords: digital transformation, accounting profession, cloud accounting, robotic process
automation, blockchain, business intelligence (BI), technology acceptance model (TAM),
organisational role theory (ORT)
INTRODUCTION
The COVID-19 pandemic marked a turning point for businesses worldwide, speeding up the
adoption of digital technologies across industries. The accounting profession which was
traditionally reliant on manual data entry and paper-based records, was significantly affected
by this rapid digital transformation. As firms shifted to remote work and sought to enhance
operational efficiency, accounting practices underwent huge changes. The need for real-time
access to financial data, automated reporting, and compliance with evolving regulations pushed
organizations to embrace cloud computing, artificial intelligence (AI), robotic process
automation (RPA), and blockchain technologies (Priyono et al., 2020). What began as an
immediate response to a global crisis has now evolved into a long-term transformation,
reshaping how financial professionals operate and interact with accounting systems.
Digital transformation in accounting is more than just automating existing processes. It
represents a fundamental shift in the way financial data is generated, processed, and analyzed.
The implementation of cloud-based accounting systems, AI-powered analytics, and real-time
financial reporting tools has enabled organizations to improve decision-making and enhance
operational efficiency (Juniardi & Maha Putra, 2024). The integration of cloud accounting
software such as QuickBooks, Xero, and SAP has enabled firms to automate routine tasks
which helps in reducing human error and increasing productivity(Juniardi & Maha Putra,
2024). Accounting professionals now rely on digital tools to streamline bookkeeping, conduct
predictive financial analysis, and enhance regulatory compliance, therefore reducing the risk
of human error and increasing data accuracy (Berikol & Killi, 2021). However, alongside these
benefits, digital transformation has introduced new challenges, such as cybersecurity risks, data
integrity concerns, and the need for continuous technological upskilling among accountants
(Sabuncu, 2022).
The adoption of Accounting Information Systems (AIS) has also had a great impact on
financial reporting and auditing. Traditionally, financial data was manually recorded and
processed, which was time-consuming and prone to inconsistencies. Today, advanced AI-
driven AIS platforms allow for automated data entry, fraud detection, and anomaly recognition,
making audits more efficient and reliable(Meraghni et al., 2021). Additionally, the integration
of blockchain technology in accounting has introduced a new level of transparency and
security, enabling organizations to maintain tamper-proof financial records(Savić & Pavlović,
2023). This shift has redefined the role of accountants, moving them from traditional record-
keeping roles to strategic advisors who fully use digital tools to provide data-driven insights
(Quinn & Murphy, 2023).
While digitalization has brought many advantages, it has also posed significant challenges for
accounting professionals. Many firms, particularly small and medium enterprises (SMEs),
struggle with the high costs of digital transformation, the complexity of new systems, and the
lack of trained employees to manage advanced accounting technologies (Albuquerque Filho et
al., 2022). Furthermore, concerns about job displacement have emerged as AI and automation
take over routine accounting tasks. However, rather than replacing accountants, digital
transformation is reshaping the profession, requiring professionals to develop new skills in data
analytics, cybersecurity, and business intelligence to remain competitive(Berikol & Killi,
2021).
Given the increasing reliance on digital tools in accounting, it is essential to examine the long-
term implications of this transformation. This study explores four key areas to understand how
digitalization is shaping the accounting profession. First, it investigates why digital
transformation in accounting is crucial, particularly in enhancing efficiency, regulatory
compliance, and competitiveness. Second, it examines how digital technologies have reshaped
accounting processes, focusing on automation, AI-driven analytics, and cloud-based financial
systems. Third, it analyzes the advantages and disadvantages of digital adoption from the
perspective of accounting professionals, highlighting both the efficiency gains and the
challenges of adapting to new technologies. Finally, the study explores the future of digital
tools and Business Intelligence (BI) in accounting, assessing the potential impact of AI,
blockchain, and data analytics on financial reporting and decision-making.
To achieve these objectives, this research employs a mixed-method approach, combining a
review of existing literature and case studies with empirical data gathered through interviews
with accounting professionals. By integrating theoretical insights with real-world experiences,
this study aims to provide a comprehensive understanding of the digital transformation of
accounting. The findings will contribute to the ongoing discussion on how businesses and
accounting professionals can successfully navigate digitalization while maximizing its
benefits. Additionally, this study will offer recommendations on strategies for adapting to
technological advancements and the skills necessary for accountants to thrive in a rapidly
evolving digital landscape.
The APA citation style was applied using Mendeley reference management software.
1. LITERATURE REVIEW
1.1. The definition and concept of Digital Transformation
Digital transformation (DT) refers to the integration of digital technology into all aspects of an
organization, fundamentally altering how businesses operate and deliver value to stakeholders.
It is not merely about adopting new technologies but involves a strategic, cultural, and
operational shift that enables businesses to become more efficient, customer-oriented, and
adaptive to changing market conditions. Digital transformation is particularly relevant in
accounting, where traditional manual processes have been largely replaced by automated
financial systems, cloud-based accounting platforms, and artificial intelligence-driven
analytics (Shoikova, 2021).
Digitalisation has made it possible for businesses to increase overall operational efficiency,
decrease human error, and simplify financial reporting. Consequently, the role of accountants
has evolved beyond bookkeeping and transactional duties to include data-driven insights and
strategic financial advice (The Enterprisers Project, 2019).
While digital transformation may appear to be a recent phenomenon, its foundations lie in the
growing need for businesses to adapt to technological advancements and market changes.
Organizations across all industries are investing in modern digital tools to remain competitive,
and the accounting profession is no exception. Traditionally, financial data management relied
on manual entries, spreadsheets, and localized software, making it time-consuming and prone
to inaccuracies. However, with the rise of cloud computing and real-time data processing,
accountants can now access financial information from anywhere, improving collaboration and
decision-making (McKinsey&Company, 2024). By integrating cloud accounting software like
SAP, Xero, and QuickBooks, businesses are now able to handle repetitive tasks, decreasing
human error and boosting efficiency (Juniardi & Maha Putra, 2024).
Although the phrase "digital transformation" is frequently employed, it might be confusing and
misinterpreted. Even if these terms are related, it's essential to understand the differences
between digital transformation, digitalisation, and digitisation because they have different
meanings. Digitisation refers to the process of converting analogue information into digital
formats, such as scanning paper invoices into electronic records. Digitalisation, on the other
hand, involves using digital tools to improve existing business operations without altering
them. For example, automating data entry in accounting software is a form of digitalisation.
According to (Shoikova, 2021), digital transformation represents a comprehensive update of
business models, operations, and culture to integrate digital solutions into all aspects of an
organization.
Considering the differences between digitisation, digitalisation, and digital transformation, this
thesis will adopt the term "Digital Transformation" throughout the study. This choice is made
because the focus of the research goes beyond simply converting or improving processes; it
looks at the broader changes in accounting practices, business operations, and professional
roles caused by digital technologies. Since digital transformation represents a complete shift in
how accounting is performed and integrated into the modern business environment, it best fits
the objectives and scope of this thesis.
1.2. Theoretical Framework
To understand how the accounting profession has been digitally transformed, the author uses
established theories which explains how professionals adapt to technological changes and how
their roles evolve. This study is based on two key theories: Technology Acceptance Model
(TAM) (Davis 1989) and Role Theory (Biddle 1979).
As technology continues to advance, especially in the fields of information and communication
technologies (ICT), its integration into both personal and professional aspects of life has
become increasingly prevalent. However, the question of whether individuals choose to accept
or reject these technologies remains unresolved. Over the past few decades, researchers have
shown significant interest in exploring this issue, leading to the development of various theories
and models that examine technology acceptance and its effective utilisation. Among these, the
Technology Acceptance Model (TAM), proposed by Fred Davis over twenty-five years ago,
has emerged as a key framework for understanding the factors that influence users' decisions
to adopt or resist new technologies (Davis, 1989), (Marangunić & Granić, 2015).
Although numerous models have been developed to explain and predict how users interact with
systems, the Technology Acceptance Model (TAM) stands out as the most widely recognized
and influential framework within the Information Systems community (Chuttur, 2009). Its
influence in research and practical applications makes it a critical area of study for anyone
interested in understanding the factors that drive user acceptance of technology. Fred Davis
developed the Technology Acceptance Model (TAM) by drawing from two established
psychological theories: the Theory of Reasoned Action (TRA) and the Theory of Planned
Behaviour (TPB), (Marangunić & Granić, 2015). TRA, proposed by Fishbein and Ajzen, posits
that an individual's behaviour is driven by their intention, which is influenced by attitudes and
subjective norms (Ajzen & Fishbein, 1980). However, this model did not account for situations
where individuals had limited control over their actions. To address this limitation, Ajzen later
introduced the Theory of Planned Behaviour (TPB), adding perceived behavioural control as a
key factor that determines whether an individual can successfully carry out a behaviour.
Davis took these theories into consideration but adapted them to focus specifically on
technology adoption. He argued that, instead of general attitudes and subjective norms, two
key beliefs, Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) were more relevant
in predicting whether individuals would accept or reject a new system (Davis, 1989). Unlike
TRA and TPB, which emphasize broader behavioural intentions, TAM simplified the model to
focus on how users perceive a system's utility and usability, which directly impacts their
adoption decisions. According to (Davis, 1989), perceived usefulness has a stronger effect on
behavioural intention than perceived ease of use, meaning that even if a system is somewhat
difficult to use, individuals are likely to adopt it if they find it useful for improving their job
performance.
By modifying TRA and TPB, Davis removed subjective norms from his initial version of TAM,
as he found that perceived usefulness had a stronger impact on behavioral intention. However,
later modifications of TAM, such as TAM2 and TAM3, reintroduced external factors that
influence perceived usefulness, including social influences and facilitating conditions (S & M,
2023).
TAM describes how individuals accept information systems. TAM states that the acceptance
of new technology depends on the users' behavioural intention, which is, in turn, controlled by
the perception of technological usefulness in completing the task and the perceived ease of use
(Davis, 1989). The term "perceived usefulness" refers to an individual's perception of how
using a technology improves performance and Perceived ease of use refers to an individual's
belief that using a system is straightforward or simple. From the research of (Marikyan, 2024),
the authors states that an individual’s decision to conduct a certain behaviour is influenced by
an assessment of the rewards they expect to receive compared to the efforts that they will put
in to perform the behaviour. It is also stated that the use of technology is determined by
evaluating the trade-off between the perceived usefulness and perceived difficulty of using the
system. (Davis, 1989) further explained that systems designed to be easy to use, are more likely
to be seen as useful and creates a positive cycle that strengthens the intention to use the
technology. This positive perception, in turn, increases the chances of the technology being
accepted and adopted by users. In simpler terms, it means that the easier an app is to use, the
more people will find it helpful and be willing to use it.
However, in the context of accounting, it is important to recognise that not all users perceive
usefulness and ease of use in the same way. According to (Calvo-Porral & Pesqueira-Sanchez,
2020), generational differences play a significant role in shaping technology behaviour.
Millennials, often referred to as "digital natives", are generally more comfortable with using
digital systems, as they have been exposed to technology throughout their lives. They tend to
adopt new tools more quickly and with less resistance. Whereas, Generation X professionals,
who were introduced to digital technology later in life, often approach new systems with more
caution and are usually driven by practical purposes such as work-related efficiency and access
to information. Thus, these generational differences influence how different groups within the
accounting profession perceive and engage with new accounting technologies. As a result,
successful implementation of digital tools in the workplace may require targeted strategies that
address the unique expectations and learning needs of each generation.
In recent years, several studies have applied TAM to the accounting field to better understand
how accountants and financial professionals adapt to technological tools. For instance, the
research by (Putu et al., 2019) on Village Credit Institutions (VCI) in Indonesia showed that
both perceived ease of use and perceived usefulness had a positive impact on users' attitudes
towards Accounting Information Systems (AIS). The study highlighted that when accounting
staff feel that systems are easy to use and directly improve their work efficiency, they are much
more likely to adopt them without resistance. Similarly, (Wicaksono et al., 2023) explored the
acceptance of accounting systems in start-up companies and found that the perceived strategic
benefits of the system, such as better financial control and business development, played an
important role in influencing adoption decisions. Moreover, (Lita et al., 2018) focused on the
education sector and found that in schools, perceived ease of use had a strong effect on
perceived usefulness, user attitudes, and eventually the acceptance of financial information
systems. Their research showed that even in smaller or less digitally advanced environments,
the TAM model still provides a reliable framework to understand user behaviour. Hence, these
studies support the idea that the key to technology acceptance lies in making systems that are
not only useful but also simple to learn and use.
On the other hand, Role Theory is a concept in social science that helps explain how people act
in certain social roles. It focuses on how individuals behave based on what is expected of them
in their specific positions (Tandoc & Duffy, 2016). Basically, individuals act in ways that fit
the responsibilities tied to their role in a given context, which, in our case is the accounting
profession. According to sociologist Bruce Biddle, roles provide structure and predictability in
social and professional settings, ensuring that individuals fulfil their duties in a way that aligns
with organisational goals. Biddle also states that there are five major models of the role theory
and each of these models approaches role expectations differently.
These are Functional Role Theory, Symbolic Interactionist Role Theory, Structural Role
Theory, Cognitive Role Theory and Organisational Role Theory (Biddle, 1979). In this study,
Organisational Role Theory is our main focus. Biddle explains that from an organisational
perspective, roles are linked to specific positions and are influenced by the expectations and
norms that exist within that organisation (Tandoc & Duffy, 2016). These expectations are often
explicitly stated in job descriptions or implicitly understood as “how things are done” in that
workplace (Parker & Wickham, 2005). Roles in organisations are structured to maintain
efficiency, but they can also evolve over time due to external factors such as technological
advancements, regulatory changes, and shifting industry demand.
Organisational Role Theory (ORT) was introduced in the 1960s and helps explain how different
factors in the workplace influence a person’s physical and emotional well-being, which then
shapes how they behave at work (Parker & Wickham, 2005). ORT is based on four basic
assumptions: Role-taking, Role-Consensus, Role-Conflict and Role-Compliance. For the case
of digital transformation in accounting, we will choose only the first three assumptions as they
appear more relevant. Role-taking is about how employees take on and accept the roles given
to them in a workplace, as explained by Katz and Kahn back in 1978. In the past, accountants
mainly dealt with tasks like bookkeeping, tax reporting, and financial audits. However, with
the rise of digital transformation, they now need to learn how to use and manage automated
tools. While some accountants are quick to adapt to these changes, others might find it
challenging because they lack the necessary digital skills according to the study of (Parker &
Wickham, 2005).
Moreover, Role-consensus means aligning employer expectations with employee skills. Firms
now expect accountants to use AI and cloud tools, but many feel unprepared due to lack of
training, causing frustration and slow tech adoption (Rizzo et al., 1970). Lastly, Role-conflict
happens when employees face conflicting expectations in their roles (Rizzo et al., 1970). For
accountants, this means balancing traditional tasks like bookkeeping with new tech-driven
responsibilities, which can cause stress and confusion. Many also fear that automation might
replace their core duties, leading to job insecurity and resistance to adopting new
technologies (Parker & Wickham, 2005). However, studies by (Rizzo et al., 1970) have also
shown that organisations which provide structured training and clear communication about
digital transitions experience higher level of role consensus which reduces resistance to change
as well as increases overall productivity.
Hence, the assumptions of the TAM Model as well as that of the Organisational Role Theory
(ORT) provides a framework for understanding how the accounting profession has changed in
terms of digital acceptance of accounting software by accountants, what benefits and
challenges accountants are facing in their routine tasks due to this change and also how their
roles have changed compared to traditional accounting tasks in the past.
1.3. The elements of Digital Transformation in Accounting and their
impact
This chapter examines the key elements of digital transformation in accounting, including
cloud accounting, robotic process automation (RPA), blockchain. Each of these technologies
plays an important role in modernising financial processes, improving efficiency and accuracy
in accounting practices. A detailed explanation on how these technologies have been
implemented, how they work and what impacts they have had on accounting will be provided.
By understanding how these digital solutions are applied in accounting, we can gain deeper
insight into their impact on financial reporting and on other aspects of the accounting
profession.
1.3.1. Cloud Accounting
Cloud computing's introduction is a major factor in the accounting field's digital
transformation. This technology has transformed the management, processing, and storage of
financial data, going from a simple idea to an essential business tool (Pollard, 2024). The very
first time when the term “cloud computing” was mentioned was back in 2008 and it was defined
as a way to store data from many devices situated in various regions (Mihai & Dutescu, 2022).
Cloud accounting refers to the use of cloud-based software to manage financial transactions,
bookkeeping, and accounting processes in real time. Unlike traditional accounting systems,
which require businesses to install software on a specific desktop or local server, cloud
accounting operates on remote servers, allowing users to access financial data from anywhere
with an internet connection. Every cloud platform is offered "as a service" and comes in three
different types: SaaS, PaaS, and IaaS. In accounting, the most popular cloud solution is
Software as a solution (SaaS). SaaS eliminates the requirement for local computer installation
and maintenance by enabling firms to use accounting software online. As opposed to traditional
accounting systems that need to be installed in the workplace, SaaS-based solutions are
subscription-based and give organisations access to financial data in real-time, automated
updates, and multi-user collaboration (Khanom, 2017).
From any device with an internet connection, accountants may handle invoices, payroll, tax
filings, and financial reporting with SaaS accounting platforms like SAP Cloud, Xero, and
QuickBooks Online. SaaS's primary benefit in accounting is that it eliminates the necessity for
manual software updates because the platform is constantly updated and secured by the service
provider. SaaS accounting solutions also easily integrates with other financial applications,
including payment gateways and enterprise resource planning (ERP) systems, which improves
decision-making and streamlines financial workflows (Dimitriu & Matei, 2015).
While SaaS delivers cloud-based accounting applications directly to users, Platform as a
Service (PaaS) provides businesses with the necessary tools and infrastructure to develop,
customize, and deploy cloud-based applications. Accounting companies and financial software
developers who need specialised accounting solutions that go beyond typical SaaS offerings
may find PaaS especially helpful (Khanom, 2017). PaaS's primary benefit is that it makes
software development less complicated while allowing companies to use automation, artificial
intelligence, and machine learning in their accounting systems. PaaS additionally facilitates the
integration of big data analytics into accounting software, enabling businesses to analyse huge
financial datasets and produce forecasted insights for improved financial planning (Dimitriu &
Matei, 2015). Furthermore, PaaS provides a secure and scalable environment for testing and
deploying new accounting technologies, ensuring that businesses remain adaptable to evolving
financial regulations and industry standards (Mihai & Dutescu, 2022).
Additionally, IaaS (Infrastructure as a Service), grant companies access to networking, storage,
and virtual computer resources. IaaS is especially advantageous for large accounting firms that
need flexible computer capacity to manage complex financial procedures. Businesses can use
IaaS to execute sophisticated financial models, store huge quantities of accounting data
securely, and guarantee business continuity through transfer of information and automated
backups (Dimitriu & Matei, 2015).
Before the invention of cloud, accounting softwares were desktop-based. This means that the
software was actually installed and run on an office desktop computer (Keating, 2024). As a
result, businesses were mostly dependent on on-premises installations, manual updates and
system backups which were time consuming and costly as well. However, with the
implementation of cloud-based accounting softwares, accountants, financial managers and
business owners were able to have multi-user collaborations on remote servers in real-time
from different locations. Financial data are securely stored and can be accessed and updated at
anytime from anywhere provided that the user has an internet connection (Dimitriu & Matei,
2015). Furthermore, financial data are protected by cloud encryption, multi-factor
authentication and automated backups which helps in reducing the risk of data losses due to
hardware failure or system crashes (Khanom, 2017).
Accounting firms have recognised cloud technology as a game changer. A study by (Calatrava,
2025) highlighted that 32% of accounting firms had already shifted to the cloud before the
COVID-19 pandemic, and 51% were planning cloud migrations as part of their long-term
strategy. The pandemic further accelerated the adoption curve, as firms required remote access,
real-time financial reporting, and automation to maintain productivity in a disrupted business
environment (Calatrava, 2025). Furthermore, as per the survey conducted by IDG and (Knorr,
2020), 92% of organizations reported being at least “somewhat” in the cloud, showing a
widespread acceptance of cloud computing across industries.
1.3.2. Robotic Process Automation
Robotic Process Automation (RPA) is transforming the accounting profession by automating
repetitive tasks such as data entry, invoice processing, reconciliations, and financial reporting.
With the use of this technology, accounting businesses can increase productivity, lower errors,
and better abide by financial standards. Now that RPA bots can perform these jobs efficiently
and reliably, accountants can focus on more complicated financial analysis and decision-
making rather than wasting hours manually entering figures. RPA is currently included into
many companies' accounting systems, and studies indicate that its use is only increasing as
companies seek to streamline processes and cut expenses (Ayinla et al., 2024).
RPA is implemented in accounting by using a structured approach. Payroll management, tax
calculations, and invoice processing are examples of time-consuming, repetitive, and human
error-prone operations that businesses first identify. Once these tasks are identified, companies
choose the right RPA software, such as UiPath, Automation Anywhere, or Blue Prism, which
can work alongside existing accounting platforms like QuickBooks, SAP, and Xero. The bots
are then trained to conduct these jobs in accordance with predefined criteria, replicating human
actions in digital systems. RPA systems are tested before full implementation to ensure
accuracy and efficiency, and once implemented, they must be monitored continuously to ensure
proper operation and compliance with accounting standards and financial requirements (Kaya
et al., 2019).
RPA's impact on accounting processes has been outstanding. One of the primary benefits is the
ability to accomplish financial activities quickly and accurately. What used to take hours or
even days can now be completed in minutes, reducing the time required for year-end financial
closures. Furthermore, RPA improves accuracy by removing common human errors in manual
accounting, such as inaccurate data entry or misplaced transactions. RPA bots ensure the
accuracy and compliance of financial reporting, tax calculations, and audits by adhering to
strict pre-programmed guidelines. Moreover, RPA assists in fraud detection and compliance
monitoring since bots can scan huge volumes of financial data, come across irregularities, and
flag suspicious activity for further investigation. This increases transparency and minimises
financial risk (Januszewski et al., 2021).
Beyond efficiency and accuracy, RPA also contributes to cost savings. Since software bots can
work 24/7 without breaks, companies can reduce reliance on manual labour for routine tasks,
leading to lower operational expenses. Research indicates that businesses implementing RPA
can experience a 30–60% reduction in processing costs, making it an attractive option for firms
looking to improve profitability. However, while automation reduces the need for accountants
to perform repetitive tasks, it does not necessarily replace human roles. Instead, it shifts the
focus of accountants from routine bookkeeping to higher-value activities such as financial
planning, strategic advisory, and risk management. As a result, accountants must develop new
skills in data analytics, technology integration, and process optimization to stay competitive in
a digitalized industry (Ayinla et al., 2024).
Despite its advantages, RPA implementation in accounting comes with challenges. One of the
biggest concerns is integration with existing systems. Many traditional accounting platforms
were not designed to support automation, making it difficult to implement RPA without
significant IT modifications (Kaya et al., 2019). A study on the global impact of RPA in
accounting services found that many firms experienced workforce reductions due to
automation replacing repetitive tasks such as data entry, bank reconciliations, and invoice
processing. As more firms turn to automation, employees also worry that their roles will be
replaced by machines. However, the research argues that automation will not replace
accountants entirely but will redefine their roles, pushing them toward more strategic, advisory,
and analytical responsibilities (Fernandez & Aman, 2018).
Hence, the global impact of RPA in accounting is undeniable, with firms worldwide
experiencing greater efficiency, improved accuracy, and cost savings through automation.
However, the transition to RPA requires companies to carefully manage workforce concerns,
invest in employee training, and ensure smooth integration with existing accounting systems.
1.3.3. Blockchain Technology
Another element in the digital transformation of the accounting field is blockchain. Blockchain
technology has introduced a new approach to accounting by enabling a decentralised,
transparent and secure method for recording financial transactions. Unlike traditional
accounting systems that rely on centralised databases, blockchain operates as a distributed
ledger where financial records are permanently stored and can be verified at any time by
stakeholders (Ghiro et al., 2021). This feature is useful in auditing and fraud prevention as the
data recorded cannot be deleted which ensures the integrity of the financial statements or
reports.
Additionally, one of the most important applications of blockchain in accounting is triple-entry
accounting, which improves the existing double-entry approach by adding a third, irreversible
entry stored on the blockchain. This innovation removes irregularities in financial data,
lowering the likelihood of manipulation while also providing an automatic verification method.
Unlike RPA, which focusses on automating manual activities, blockchain changes the way
transactions are recorded and validated, ensuring that all stakeholders like auditors, regulators,
and financial institutions have access to a single, trustworthy source of information (Pedreño
et al., 2021). Furthermore, before the era of digital accounting, companies used to reconcile
financial transactions at the end of the financial year which could lead to delays or potential
errors in financial reporting. But, with blockchain technology stepping into the system,
transactions are recorded instantly within less time (Giang & Tam, 2023).
In addition to maintaining records, blockchain technology facilitates automated adherence to
financial regulations. Unlike Robotic Process Automation (RPA), which relies on automating
processes to ensure compliance, blockchain achieves this by integrating smart contracts, that
is self-executing agreements with predefined terms into financial transactions. These contracts
automatically enforce tax laws, execute financial deals, and validate payments, lowering the
chances of non-compliance and boosting regulatory efficiency (Bellucci et al., 2022). This is
particularly advantageous for tax reporting, as blockchain systems can instantly compute, log,
and submit tax liabilities in real-time, reducing the need for manual input.
Additionally, the use of blockchain in internal as well as external audits has had a considerable
impact on accounting practices. Regular audits involve manually sampling transactions and
validating records, which takes time and is prone to human mistake. On the other hand,
blockchain allows for continuous auditing, where auditors may access an immediate,
permanent record of all transactions, removing the need for major sampling and lowering audit
expenses (Garanina et al., 2022). This means that blockchain provides a direct visibility into
financial transactions without requiring any third-party verification.
However, despite its advantages, blockchain implementation in accounting faces some
limitations as well. While smart contracts bring many benefits to accounting processes, it is
worth to note that putting them into practice and connecting them with current accounting
systems can be challenging and requires thoughtful planning. This is because smart contracts
might not fully replace traditional accounting methods and, in some areas, where complicated
financial reporting is involved, human expertise might be essential to ensure everything meets
the regulatory requirements (Giang & Tam, 2023).
Moreover, from the study of (Bellucci et al., 2022) “Blockchain in accounting practice and
research: A systematic literature review”, talks about the issue of blockchain scalability. While
it is highly secure and efficient for small-scale transactions, blockchain networks can
experience slow transaction processing speeds when dealing with large volumes of financial
data. It occurs because each transaction has to be validated by several network nodes which
leads to delays in high-frequency accounting operations.
These features make blockchain a game-changing technology that has the potential to
transform how documents, business processes, and financial data are managed. It completely
changes the way information is recorded, stored, and checked, bringing greater trust, security,
and efficiency to fields like finance and accounting. However, the limitations of blockchain
should not be taken lightly by firms and accountants.
2. RESEARCH METHODOLOGY
This chapter explains the research methodology used to examine how digital transformation
has impacted the accounting profession. It details the data collection methods, specifically the
use of semi-structured interviews, and describes the process followed to gather insights from
accounting professionals. Additionally, this chapter also outlines how the collected data was
processed and analysed to draw meaningful conclusions regarding the changes in the roles,
skills and work environment of accountants.
2.1. Data Collection
The data collection approach for this study was structured to capture qualitative perspectives
directly from accounting professionals through semi-structured interviews regarding the
impact of digital transformation on the accounting profession. A qualitative research approach
was adopted, as it allows for an in-depth understanding of the participants' experiences,
perceptions, and opinions. This approach was deemed to be appropriate as the research aims to
explore how accountants perceive the changes in their roles, how they are coping with the use
of digital accounting tools, what benefits and challenges they are facing and the future impact
of business intelligence in the accounting field.
In order to identify and contact suitable interviewees, a purposeful sampling method was used.
According to Creswell (2014), purposeful sampling involves choosing participants based on
their potential to provide valuable insights or perspectives relevant to the research (Graunke,
2018) . This is why this approach was used to ensure that participants had relevant experience
in the accounting profession, particularly in contexts where digital tools and technologies are
used. Potential participants were contacted via email, where they were informed about the
purpose of the research, the nature of the interview, and the confidentiality of their responses.
They were also provided with the flexibility to choose whether they preferred to conduct the
interview online or in person, based on their convenience.
The majority of the interviews were conducted online via Google Meet due to the convenience
it offered for both the interviewer and the participants. However, one participant chose to
conduct the interview in person, highlighting the flexibility provided to ensure the comfort and
willingness of the participants. Each interview lasted approximately around 15 to 30 minutes,
allowing sufficient time to gather detailed insights while respecting the participants' schedules.
At the beginning of each interview, clear instructions were provided to the participants
regarding the research objectives, and they were also informed about the confidentiality of their
answers. It was also specified that the data collected would be used only for academic purposes.
Furthermore, participants were also informed that the interview would be recorded to ensure
accuracy and reliability in the transcription and analysis process and their consent for recording
the session was obtained before proceeding. Moreover, all interviews were conducted in
English to ensure consistency, and the participants were professionals from Estonia and
Mauritius which helps in providing a diverse perspective on how digital transformation is
perceived and implemented across different geographical context.
To ensure that the interviews aligned with the research questions and objectives, the interview
questions were carefully formulated based on the main aims of the thesis which includes
understanding how digital transformation has reshaped the accounting profession, the benefits
and challenges faced by accountants due to the adoption of digital tools and also the future of
business intelligence in the accounting field. Also, the questions were designed to be open-
ended, but follow-up questions were also asked to encourage the participants to share detailed
responses based on their experiences.
Hence, the data collection process was made in a way to ensure reliability of the gathered
information while maintaining ethical considerations like confidentiality, informed consent and
flexibility for participants.
2.2. Data Analysis
After completing the data collection phase, the recorded interviews were transcribed into text
format using an online transcription tool called TurboScribe. This tool helped convert the
spoken content into written form accurately and efficiently, allowing for a more detailed review
and interpretation of the responses. Once the transcripts were prepared, they were carefully
reviewed to begin the process of data analysis.
A thematic analysis approach was used for analysing the collected data. Thematic analysis is a
way to study qualitative data, often used with text-based materials like interview transcripts or
written responses. The researcher carefully goes through the data to spot recurring themes,
ideas or patterns (Caulfield, 2022). Each interview transcript was read multiple times to gain a
full understanding of the content and to become familiar with the insights shared by each
participant.
During the review process, attention was given to repeated ideas, shared experiences, and
common challenges mentioned by the participants in relation to the main focus of the study.
The responses were examined with the aim of identifying meaningful connections between
what the participants said, and the research questions posed in this study. At the same time, any
unique or contrasting viewpoints were also noted, as they provided additional depth and
perspective to the analysis. The thematic analysis made it easier to identify the main points in
the perspectives that were shared from the participants.
The themes will serve as a foundation for the discussions chapter where each theme will be
explored in relation to theoretical framework outlined in the earlier chapters. This method not
only allowed for the comparison of individual experiences but also provided a structured way
to present the data in a meaningful and consistent manner.
Hence, the use of transcription software and thematic analysis help to transform raw qualitative
data into an organised insight. This method of analysis data ensures that the participants’
perspectives were accurately represented.
3. EMPIRICAL PART
This chapter explains in detail the findings that arises from the interviews which were
conducted with the accounting professionals. It outlines the key findings gathered from the
participants. The chapter also includes a discussions sections where these results are interpreted
and examined in the context of the research question as well as the theoretical framework. The
aim of the chapter is to provide a deeper analysis on how the roles, skills and responsibilities
in the accounting profession is being influenced by digital transformation.
3.1. Findings
3.1.1. Interview One
Aleksandr Formenko, our first interviewee has over 22 years of experience in the accounting
field. He is the Chief Executive Officer (CEO) of Finance Pro, a company established in the
year 1988 in Estonia. Aleksandr confirmed that his company uses various digital accounting
tools, but they mostly use Estonian software like Smart Accounts for their main activities, and
they also use Envoice for issuing purchase invoices (Formenko, 2025). Finance Pro also uses
another tool called Toggl which is an Estonian startup tool used for time tracking. This software
allows the company to track working hours of employees accurately and generate reports,
ensuring transparency when billing clients for consulting services. Aleksandr highlighted that
Toggl plays a crucial role in verifying the working hours of accountants, which builds trust
with clients and ensures accurate invoicing. The preference for using simple and efficient tools
like Smart Accounts and Toggle supports the assumptions of TAM which states that that
perceived usefulness and perceived ease of use are key factors in encouraging the adoption of
digital systems (Formenko, 2025).
When it comes to efficiency, Aleksandr states that his company experienced improvements
from the adoption of digital tools after the COVID-19 pandemic. Before digitalisation, the
company was facing some challenges. For example, one challenge mentioned by Aleksandr is
that different clients use different software, and it was difficult for the company to find suitable
accountants that have the necessary skills to work on multiple accounting tools (Formenko,
2025). As a solution to this problem, Aleksandr made a strategic decision to consolidate and
use only one primary accounting software, allowing the team to focus and enhance their
proficiency. The choice was given to the accounting team, and they selected Smart Accounts
for its simplicity and ease of use. This shift has led to significant improvements in terms of
efficiency (Formenko, 2025). Therefore, this reflects the role-consensus concept from ORT,
where the employer and employees mutually agreed on expectations and tools, leading to
greater acceptance and smoother workflow.
Furthermore, Aleksandr also highlights the importance to train and prepare employees so that
they can adapt to digital tools. Finance Pro uses a Ukrainian software called Sintegrum to
manage employee onboarding and training. This system provides automated learning modules
for new accountants, helping them understand company processes before starting work. The
approach reduces the time and resources required for manual training while also saving costs
and ensuring employee quality. This approach has enabled Aleksandr’s company to hire junior
accountants from countries like Ukraine (Formenko, 2025).
However, Aleksandr firmly declined when he was asked whether Finance Pro uses blockchain
for accounting processes. He expressed concerns about the risks associated with
cryptocurrency transactions, particularly regarding liquidity, legal regulations, and compliance
requirements like KYC (Know Your Customer) and AML (Anti-Money Laundering). Although
Finance Pro offers accounting services for cryptocurrency clients, Aleksandr prefers to avoid
engaging directly in crypto payments due to the complexity and potential regulatory challenges.
He emphasized that the risks of holding cryptocurrencies outweigh the benefits for his company
(Formenko, 2025).
While his concerns are valid, it is important to recognise that blockchain in accounting is not
limited to cryptocurrency transactions. As noted in the literature, blockchain can be used for
secure, real-time verification of accounting records, creation unchangeable audit trails, and
improving transparency in financial reporting. Tools built on blockchain can support functions
such as invoice tracking, asset registration, and smart contract execution, all of which are
independent from cryptocurrencies. Therefore, Aleksandr’s response reflects a common
misconception that blockchain is synonymous with crypto, whereas in reality, blockchain has
broader applications that can benefit accounting systems without involving digital currencies.
This distinction is important, especially when evaluating the slow adoption of blockchain
technology in the profession, which may be partly due to limited awareness of its non-crypto
capabilities.
In addition, when asked about whether technology has led to job insecurity among accountants,
Aleksandr did not perceive this as a major issue within his company. He acknowledged that
automation through tools like Envoice and Smart Accounts has reduced manual tasks, but he
believes that accountants still play a vital role in ensuring data accuracy, client communication,
and strategic consulting. However, he also mentioned that certain global software solutions,
such as Xero and QuickBooks, are not fully compatible with Estonia's accounting regulations,
making them less relevant for local use (Formenko, 2025).
Looking towards the future of accounting, Aleksandr believes that the profession will become
increasingly digitalized, driven by advancements in AI technologies. In fact, his company is
already investing in the development of proprietary software that leverages AI to automate
accounting processes (Formenko, 2025). His vision is to expand Finance Pro's operations
across multiple countries, including Finland, Sweden, Latvia, Lithuania, and Poland, to provide
consistent accounting services tailored to each region. In his final advice for future accounting
professionals, Aleksandr recommended pursuing an international accounting qualification,
such as ACCA (Association of Chartered Certified Accountants), which is recognized globally.
According to him, this certification would enhance employability and open doors for working
in different countries (Formenko, 2025).
3.1.2. Interview Two
Next interviewee was Deepak Mantoo. Deepak works as an accountant at Stonehage Fleming
(Mauritius) Limited, which is a global multi-family office firm that offers wealth management,
estate planning, tax advisory, and investment services. Deepak has been working in the
accounting field since 2020 and has acquired around 4 years of experience until now. His
responsibilities include preparing financial statements, handling bookkeeping tasks, managing
compliance with international and local regulations, and assisting with audits for various
entities, including those based in the British Virgin Islands.
When asked about the use of digital accounting tools within his company, Deepak shared that
Stonehage Fleming has significantly embraced digital transformation. He highlighted several
software tools in use, including Microsoft Business Central, which he identified as a cloud-
based accounting system. This platform supports key functions such as managing accounts,
tracking expenses, and generating financial reports. Additionally, Stonehage Fleming uses
Laserfiche for document management and workflow automation, which has helped eliminate
manual processes and improve the accuracy and speed of accounting tasks (Mantoo, 2025).
This supports the theory of TAM as usefulness and ease of use have encouraged the acceptance
of the digital systems by the employees. Deepak also states that Laserfiche has changed the
way documents are stored and accessed by creating a centralised digital space which promotes
team collaboration and remote work flexibility. Another tool mentioned was DocuSign which
is used for digital signatures and approvals making operations more efficient and also reducing
the need for physical presence (Mantoo, 2025).
Moreover, Deepak highlighted that the transition from older complex systems to Microsoft
Business Central has positively impacted the company’s efficiency. He explained that tasks
which previously required manual effort are now completed more quickly and with fewer
errors. For example, the preparation of reports related to FATCA (Foreign Account Tax
Compliance Act) and CRS (Common Reporting Standard) compliance can now be done
automatically by inputting the relevant data and therefore saving time (Mantoo, 2025).
While Deepak recognised the positive impact of automation on the accounting processes, he
also pointed out some concerns, especially regarding the junior accountants. He explained that
some junior staff tend to become overly reliant on software, which may reduce their ability to
understand complex transactions and develop critical thinking skills. He draws attention to the
importance of maintaining a balance between using digital tools and continuing strong
analytical and problem-solving skills (Mantoo, 2025). This observation highlights a potential
role-conflict as explained by ORT, where changing job expectations due to automation create
pressure on junior accountants to balance traditional accounting knowledge with technological
reliance.
However, to address the above-mentioned challenge, Stonehage Fleming, the company where
Deepak works, is providing comprehensive training on digital accounting tools. Training
materials are made readily available on an internal platform, making it easier for employees to
access guidance on specific transactions. He also pointed out that refresher sessions are
regularly held to keep the team up to date with any changes in the systems or processes
(Mantoo, 2025). This structured training approach reflects role-consensus under ORT, where
the organisation actively helps employees align with new digital role expectations, thus
reducing role uncertainty and stress.
Regarding the changes in his personal role, Deepak said that while the core responsibilities of
his position have remained the same, the way he performs his daily tasks has become more
efficient. Digital tools have streamlined the preparation of financial statements and bank
reconciliations. For example, the company recently integrated bank transactions directly into
the software, reducing the need for manual data entry and increasing accuracy. He added that
tasks which previously took several hours can now be completed in about 30 minutes due to
the adoption of digital accounting tools and automation (Mantoo, 2025). Furthermore, Deepak
admitted that he used to face challenges himself from the initial transition to digital accounting
and he states that it requires time and effort to learn how to use the new software. However,
once he became familiar with the tools, he found them quite user-friendly and interesting to
use.
Deepak views digital transformation as an essential aspect for the accounting profession. He
believes it brings greater efficiency, accuracy, and the ability to handle large volumes of data
with ease. He also anticipates that accounting will become increasingly automated due to the
ongoing advancements in technology and the main changes would be in routine tasks like
bookkeeping and data entry. This might shift the focus of accountants towards more strategic
roles, such as data interpretation and advisory services (Mantoo, 2025).
Last but not the least, Deepak recommends the promotion of regular training, user-friendly
software interfaces and a continuous technical support in order to improve the usage of digital
accounting tools. He also puts emphasis on creating a workplace culture that supports
continuous learning, keeps professionals up to date with new technological changes and
ensures systems are well maintained and secure (Mantoo, 2025).
3.1.3. Interview Three
The third interview was conducted with Signe Pärtelpoeg, a highly experienced Estonian
accountant who has been active in the profession since 2004. Signe holds a unique dual role
because she operates in her own accounting company since 2011 while also working as the
only accountant at a wholesale company in Estonia that distributes home cleaning products to
major retailers. Her career spans over two decades, and throughout that time, she has worked
with a wide range of clients from different countries, including Italy, Colombia, India, Mexico,
Turkey, and Finland.
Signe shared valuable insights about how accounting has changed with technology, focusing
on real-life experiences and practical examples. She mentioned that she uses simple tools like
Google Drive to store a copy of certain documents such as sales invoice and credit note, Merit
Aktiva which is an Estonian cloud-based accounting software and also CostPocket for receipt
management. Signe admitted that these technologies have improved the efficiency and
convenience of her work. For example, before adopting the use of CostPocket, she was
receiving physical receipts from clients which were sometimes in very poor condition and was
making the data entry process time consuming and unpleasant (Pärtelpoeg, 2025). Now, with
clients submitting receipts digitally, the workload is cut down by at least half, even though
occasional issues with poor image quality still require manual corrections. In this case, TAM
is also reflected where the usefulness of tools like CostPocket in reducing workload and
improving convenience leads to greater acceptance and continued usage.
In her current roles, Signe uses software not only for typical accounting tasks, but also for
managing factoring, bank statements, and invoicing. For example, she described how XML
(Extensible Markup Language) files and digital bank integrations allow her to handle hundreds
of pages of bank statements monthly, which would have been nearly impossible to process
manually (Pärtelpoeg, 2025). The fact that workflows became simpler encourages a wider
technology adoption among accountants also illustrates the impact of perceived ease of use
from TAM.
Moreover, when asked about the impact of digital tools on her daily responsibilities, Signe
explained that although the technical side of work has become faster, the core knowledge of
accounting and taxation remains essential. She points out that accountants must still verify
system generated entries to ensure compliance especially when errors or discrepancies tend
occur due to incorrect data input or system glitches. From her experience, software may suggest
incorrect account codes or mismatched dates, and it is the accountant’s responsibility to detect
and correct such issues (Pärtelpoeg, 2025). Therefore, while digital tools reduce the burden of
manual tasks, they also require a high level of accuracy, focus, and judgment from the user.
Thus, this can be a possible limitation of TAM because even when systems are useful and
efficient, human intervention is still important because digital tools do not always guarantee
accuracy.
Furthermore, Signe Pärtelpoeg made it clear that she does not find the work more stressful due
to technology. On the contrary, she feels that the digital shift has made her work more
manageable, especially in handling high volumes of data. However, she pointed out that not all
software is equally user-friendly. She has faced challenges with some systems that would
occasionally generate incorrect reports. Another issue that she mentioned was that some banks
lack proper system integration with the software that she actually uses, and this then forces her
to manually manage or retrieve data that should ideally be automated (Pärtelpoeg, 2025).
She also addressed the importance of training in adapting to new tools. While she received
formal training for Merit Aktiva, she largely relies on her own experience to understand and
navigate other platforms, as most accounting systems share a similar logic. In her opinion,
software should be built in ways that reduce unnecessary complexity and support the
accountant in quickly identifying errors and streamlining processes (Pärtelpoeg, 2025). As a
result, the importance of self-learning and adaptability aligns with role-taking concept from
ORT, where professionals must independently adjust to new roles which are caused by the shift
in technology.
With regards to the skills needed to adapt in the digital transformation of accounting, Signe
believes that modern accountants must be detail-oriented and tech-savvy, able to leverage
digital tools to their advantage while still relying on critical thinking to spot potential mistakes.
She noted that software alone cannot replace human insight, particularly when it comes to
understanding taxes, interpreting data, or advising clients. Therefore, while she sees increased
digitalisation as the future of accounting, she firmly believes in the ongoing need for human
intervention and professional judgment (Pärtelpoeg, 2025).
Looking ahead, Signe predicts that accounting will continue to become more automated and
digital, but she hopes that jobs will not be completely replaced by AI or machines. She restated
that technology is most effective when used to assist human skills, not replace them. In her
final comments, she suggested that software developers and banks should focus more on
improving basic functionalities and integration, as even small improvements in everyday tools
could save a significant amount of time for accountants. Overall, Signe’s interview brought a
grounded and realistic view of digital transformation in the accounting profession (Pärtelpoeg,
2025).
3.2. Discussions
3.2.1. Summary
The main aim of this study was to explore how digital transformation has changed the
accounting profession, with a focus on understanding the changes in accounting processes,
roles, and skill requirements. To achieve this, interviews were conducted with three
professionals working in the accounting field across Estonia and Mauritius. The findings
revealed five key patterns:
1. Widespread use of cloud-based accounting software and automation tools,
2. A shift in accountants’ roles from traditional bookkeeping to more analytical and
advisory functions,
3. Growing reliance on digital skills, especially among younger professionals,
4. The importance of training and user-friendly systems in adapting to digital change,
5. No adoption of blockchain technology, despite its importance in academic discussions
All three participants acknowledged that automation tools such as Smart Accounts, Microsoft
Business Central, Envoice, CostPocket, and DocuSign were helping them to process financial
data faster, reduce manual errors, and collaborate more efficiently with clients and teams. Tasks
that previously took hours, such as preparing financial statements or processing purchase
invoices, could now be completed in less time. However, there was also a shared understanding
that while digital tools bring convenience, they require human intervention. Participants
warned against over-relying on automation, especially among junior accountants, as this may
lead to a lack of understanding of basic accounting principles.
In addition, the role of accountants is also evolving. Instead of being limited to data entry,
invoicing and book keeping processes, they are now increasingly to take on tasks such as
financial interpretation. Moreover, while cloud computing and automation were frequently
discussed and widely implemented in all three workplaces, none of the participants mentioned
any use of blockchain technology. This absence stands out when contrasted with the existing
literature, which often presents blockchain as a potential game-changer in accounting,
particularly in terms of transparency, real-time data sharing, and secure record keeping. The
lack of mention in practice suggests that while blockchain is conceptually accepted in
academia, its real-world application may still be limited, at least within the companies and
regions represented in this study.
3.2.2. Interpretations
The results from the interviews clearly confirms that digital transformation is actively
reshaping the accounting professions, not only by changing how tasks are performed but also
by redefining what it means to be an accountant. Participants described a profession that is
becoming more reliant on technology, where the focus is moving from performing tasks
manually to interpreting data, advising clients, and managing digital systems. This reflects the
shift from a task-oriented profession to a more strategic one, as described in the works of
Priyono et al. (2020), who stated that the adoption of digital tools enables accountants to shift
their roles toward more valuable, decision-support functions.
This shift strongly supports the assumptions of Organisational Role Theory (ORT). The
concept of role-taking is visible in how all three interviewees have had to adapt to changing
expectations, from working with physical documents and Excel spreadsheets to navigating
fully cloud-based platforms and automated systems. Role-consensus was also observed,
particularly in Aleksandr’s case, where the team selected the accounting software together,
ensuring that expectations between management and employees were aligned. However, role-
conflict was evident too. Deepak noted that junior accountants sometimes depend too much
on automation without fully understanding the transactions. Similarly, Signe expressed concern
about needing to verify software-suggested account codes due to occasional system errors.
These are clear examples of conflicting expectations in a digitised workplace because tools are
meant to reduce human effort, but they still demand human intervention and control, which can
lead to confusion about responsibility.
The findings also align closely with the Technology Acceptance Model (TAM). The use of
software such as Envoice, Merit Aktiva, and Toggl was justified by participants not just because
of company policy but because of their perceived usefulness. They saved time, increased
accuracy, and simplified daily operations. Ease of use also played a major role, with
participants preferring platforms that had a simple interface and logical system structure.
Moreover, Deepak’s emphasis on training materials and Aleksandr’s preference for software
that the team felt comfortable with both demonstrate that ease of use significantly affects
acceptance. These insights strongly validate TAM’s core assumptions that perceived usefulness
and perceived ease of use are critical for technology acceptance.
However, the fact that Aleksandr and his company, Finance Pro, decided not to use blockchain
could suggest a possible limitation of the Technology Acceptance Model (TAM) in this context.
Even though blockchain is known to provide benefits such as data security and transparency,
Aleksandr mentioned concerns related to regulations, legal uncertainty, and liquidity issues,
especially with cryptocurrency. Since this view comes from just one participant, it cannot be
used to draw general conclusions, but it does show that sometimes external factors like legal
risks or compliance requirements can affect whether a technology is accepted, even if it is seen
as useful. This might mean that for newer or more complex technologies, TAM alone may not
fully explain adoption behaviour and could be supported by other models that also consider
outside influences.
3.2.3. Implications
These findings carry several important implications for the accounting profession. Firstly, the
findings confirm that digital transformation is not replacing accountants but rather transforming
their work. This has already been discussed in various academic literatures. Tools like RPA and
cloud systems are handling repetitive, rule-based tasks, freeing up time for accountants to focus
on advisory roles. This echoes the argument made by Berikol and Killi (2023), who claimed
that automation creates opportunities for accountants to engage in more value-adding activities,
such as decision-making, client communication, and business analysis.
Secondly, the study shows that training and ease of implementation are critical for successful
digital adoption. It has been noticed in the case of Deepak’s company, which has invested in
internal digital training platforms which helped employees to adapt to tools like Business
Central and DocuSign. Aleksandr also uses Sintegrum for onboarding and training new
employees. These practices support the findings of Ayinla (2024) and Dimitriu(2015), who
both argued that user training and digital confidence are vital for reducing resistance and
ensuring effective system use.
Another implication is the absence of blockchain despite its potential benefits in terms of
transparency and security. While literature by Pascual Pedreño (2021) and Garanina (2022)
argue that blockchain can revolutionise audits and recordkeeping, real-world interviews show
that practical implementation is still low and this shows that there is a mismatch between theory
and practice. The possible reasons behind this might be due to scalability issues or lack of
regulatory clarity as highlighted by Bellucci (2022). This happens especially in smaller firms
or regions with less developed digital infrastructure. Although academic literatures state that
blockchain has the ability to create permanent records and reduce fraud, the companies of the
interviewees have not yet adopted it.
Finally, the findings underline the importance of human intervention which means that digital
transformation does not eliminate the need for accountants. All three interviewees mentioned
the need to double-check system outputs, validate reports, or manually correct suggested
entries. Hence, this reveals that digital tools are not flawless, and that the role of the accountant
remains essential in ensuring the accuracy, legality, and reliability of financial data. This
supports the perspective of the literature by Khanom (2017) which states that technology
should support and not replace the accountant’s judgement.
3.2.4. Limitations
While this study provides valuable insights into how digital transformation is reshaping the
accounting profession, it is important to recognise its limitations. The sample size was limited
to three interviewees from two countries, which restricts the generalizability of the results.
Although efforts were made to select participants with different levels of experience and from
different types of companies, the findings may not reflect the full diversity of experiences
across industries or geographical regions.
Additionally, the study focused only on interviews with two accountants and one chief
executive officer, and did not include the perspectives of other relevant stakeholders such as IT
teams, finance directors, or clients, all of whom play a role in shaping how digital tools are
implemented and used. Furthermore, the interviews were also conducted in English, which may
not have been the first language of the participants, potentially limiting the depth of some
responses.
Another limitation is the limited data on blockchain and AI-based tools, which are widely
discussed in the literature but were not found to be in practical use by the participants. This
made it difficult to assess how emerging technologies are being implemented and whether they
are causing changes in roles or expectations in the same way cloud and automation tools are
doing.
3.2.5. Suggestions
Looking ahead, future research could benefit from involving a larger and more diverse group
of participants across different countries and sectors to provide a broader understanding of how
digital transformation is unfolding in the accounting profession. It would also be useful to
explore the perspectives of other stakeholders, such as auditors, tax authorities, or IT
specialists, to gain a more complete view of how digital tools are being adopted and integrated
in practice. In addition, since technologies like blockchain and artificial intelligence were not
widely mentioned or used by the participants in this study, further research could focus
specifically on the real-world adoption of these advanced tools, including the barriers and
conditions that influence their implementation. By addressing these areas, future studies can
help build a deeper and more balanced understanding of the ongoing changes in the accounting
profession.
CONCLUSION
This thesis aimed to explore how digital transformation has changed the accounting profession,
with a focus on the evolving roles, processes, skills, and challenges faced by accounting
professionals. The research also examined the practical advantages and disadvantages
associated with the adoption of digital tools, as well as the future impact of business
intelligence (BI) technologies in the accounting field.
Based on the findings from both the literature review and interviews conducted with
professionals in Estonia and Mauritius, the research has successfully addressed the main
research question. It has shown that digital transformation is actively reshaping the accounting
profession through the widespread use of cloud accounting systems, automation, and digital
document management tools. These tools have led to improved accuracy, speed, and flexibility
in accounting tasks. More importantly, they have changed the expectations placed on
accountants, who are now increasingly involved in advisory and analytical work, rather than
only performing traditional bookkeeping tasks.
The study has also met its specific objectives. It has demonstrated why digital transformation
in accounting is crucial in today’s environment, how accounting processes have evolved as a
result of technology, and what benefits and limitations accountants face due to this shift.
Furthermore, the research has provided insights into the anticipated future role of BI and
automation in the profession. These findings reflect what has been discussed in the academic
literature and offer a practical understanding of how these changes are being experienced in
the workplace.
Moreover, the results supported the theoretical framework. The Technology Acceptance Model
(TAM) helped explain how perceived usefulness and ease of use affect technology adoption in
accounting. Organisational Role Theory (ORT) helped to understand how accountants are
adapting to their changing roles, including where alignment (role-consensus) exists and where
tensions or conflicts arise. Together, these frameworks provided a useful lens for interpreting
the data.
One of the most unexpected findings was the absence of blockchain technology in the
experiences of the interviewees, despite its strong presence in academic studies. This gap
between theory and practice suggests that while blockchain holds strong benefits, its adoption
is still limited, possibly due to regulatory or infrastructural challenges.
Although this research offers valuable contributions, it is not without limitations. The study’s
sample size was small, and the results may not be generalised across all accounting
professionals or regions. It was also limited to the perspectives of practitioners and did not
include the views of other stakeholders. Nonetheless, the findings provide a meaningful
snapshot of how digital transformation is currently being experienced in the profession as the
research was carried with people from two different countries which are Estonia and Mauritius.
In conclusion, this research confirms that digital transformation is not eliminating the
accounting profession but is transforming it. The role of the accountant is becoming more
dynamic, combining technical knowledge with digital adaptability, strategic thinking, and
continuous learning. As technology continues to advance, accountants and organisations that
embrace these changes with the right training and support will be best positioned to succeed in
the evolving landscape of accounting.
LIST OF REFERENCES
Albuquerque Filho, A. R., Borges, F. R. de S., Silva, M. F. da, & Araújo, D. L. (2022).
Benefícios e dificuldades da era digital: uma percepção dos profissionais de
contabilidade de Fortaleza/CE. Revista Brasileira de Contabilidade e Gestão,
11(20), 030–045. https://doi.org/10.5965/2316419011202022030
Ayinla, B. S., Atadoga, A., Ugochukwu Ike, C., Leonard Ndubuisi, N., Franca Asuzu,
O., & Adura Adeleye, R. (2024). The Role Of Robotic Process Automation
(RPA) In Modern Accounting: A Review -Investigating How Automation
Tools Are Transforming Traditional Accounting Practices. Engineering Science
& Technology Journal, 5(2), 427–447. https://doi.org/10.51594/estj/v5i2.804
Bellucci, M., Cesa Bianchi, D., & Manetti, G. (2022). Blockchain in accounting practice
and research: systematic literature review. In Meditari Accountancy Research
(Vol. 30, Issue 7, pp. 121–146). Emerald Group Holdings Ltd.
https://doi.org/10.1108/MEDAR-10-2021-1477
Berikol, B. Z., & Killi, M. (2021). The effects of digital transformation process on
accounting profession and accounting education. In Accounting, Finance,
Sustainability, Governance and Fraud (pp. 219–231). Springer Nature.
https://doi.org/10.1007/978-981-15-1928-4_13
Biddle, B. (1979). Role Theory: Expectations, Identities and Behaviors (1st ed.).
Academic Press.
Calatrava, M. (2025, April 8). Perspective from Accounting Firms. Retrieved April 15,
2025, from https://www.thesagenext.com/blog/cloud-computing-for-
accounting-firms
Calvo-Porral, C., & Pesqueira-Sanchez, R. (2020). Generational differences in
technology behaviour: comparing millennials and Generation X. Kybernetes,
49(11), 2755–2772. https://doi.org/10.1108/K-09-2019-0598
Caulfield, J. (2022, May 5). How to Do Thematic Analysis | Guide & Examples.
Retrieved April 20, 2025, from https://www.scribbr.co.uk/research-
methods/thematic-analysis-
explained/#:~:text=Thematic%20analysis%20is%20a%20method,meaning%20
that%20come%20up%20repeatedly.
Chuttur, M. (2009). Association for Information Systems AIS Electronic Library (AISeL)
All Sprouts Content Sprouts Overview of the Technology Acceptance Model:
Origins, Developments and Future Directions. http://aisel.aisnet.org/sprouts_all
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease Of Use, And User Accep
Perceived Usefulness, Perceived Ease of Use, and User Acceptance of
Information Technology.
Dimitriu, O., & Matei, M. (2015). Cloud Accounting: A New Business Model in a
Challenging Context. Procedia Economics and Finance, 32, 665–671.
https://doi.org/10.1016/s2212-5671(15)01447-1
Fernandez, D., & Aman, A. (2018). Impacts of Robotic Process Automation on Global
Accounting Services. Asian Journal of Accounting and Governance, 9, 123–
132. https://doi.org/10.17576/ajag-2018-09-11
Formenko, A. (2025). Author’s interview. Chief Executive Officer at Finance Pro Ltd.
Garanina, T., Ranta, M., & Dumay, J. (2022). Blockchain in accounting research:
current trends and emerging topics. In Accounting, Auditing and Accountability
Journal (Vol. 35, Issue 7, pp. 1507–1533). Emerald Group Holdings Ltd.
https://doi.org/10.1108/AAAJ-10-2020-4991
Ghiro, L., Restuccia, F., D’Oro, S., Basagni, S., Melodia, T., Maccari, L., & Cigno, R.
Lo. (2021). What is a Blockchain? A Definition to Clarify the Role of the
Blockchain in the Internet of Things. http://arxiv.org/abs/2102.03750
Giang, N. P., & Tam, H. T. (2023). Impacts of Blockchain on Accounting in the
Business. SAGE Open, 13(4). https://doi.org/10.1177/21582440231222419
Graunke, S. (2018, December 20). Using Qualitative Sampling to Your Advantage.
https://www.airweb.org/article/2018/12/20/using-qualitative-sampling-to-your-
advantage
Januszewski, A., Kujawski, J., & Buchalska-Sugajska, N. (2021). Benefits of and
obstacles to RPA implementation in accounting firms. Procedia Computer
Science, 192, 4672–4680. https://doi.org/10.1016/j.procs.2021.09.245
Juniardi, E., & Maha Putra, D. (2024). Digital Transformation in Accounting:
Navigating the Future of the Profession Through Systematic Review and Meta-
analysis. KnE Social Sciences. https://doi.org/10.18502/kss.v9i20.16467
Kaya, C. T., Turkyilmaz, M., & Birol, B. (2019). RPA Teknolojilerinin Muhasebe
Sistemleri Üzerindeki Etkisi. Muhasebe ve Finansman Dergisi, 235–250.
https://doi.org/10.25095/mufad.536083
Keating, R. (2024, June). What is Cloud Accounting & How Does it Work? Retrieved
April 12, 2025, from https://gocardless.com/guides/posts/what-is-cloud-
accounting-and-how-does-it-
work/#:~:text=Cloud%20accounting%20(or%20online%20accounting,stored%
20on%20a%20cloud%20server.
Khanom, T. (2017). Cloud Accounting: A Theoretical Overview. IOSR Journal of
Business and Management, 19(06), 31–38. https://doi.org/10.9790/487x-
1906053138
Knorr, E. (2020). Home • Cloud Computing • The 2020 IDG Cloud Computing Survey.
https://images.idgesg.net/images/article/2020/06/2_increasing-cloud-
investments-100847577-orig.jp
Lita, C., 1*, P., Dian, S., & Prajanti, W. (2018). Acceptance of Financial Accounting
Information System at Schools : Technology Acceptance Model. 109 JEE, 7(2),
109–120. http://journal.unnes.ac.id/sju/index.php/jeec
Mantoo, D. (2025). Author’s Interview. Accountant at Stonehage Fleming (Mauritius)
Limited.
Marangunić, N., & Granić, A. (2015). Technology acceptance model: a literature review
from 1986 to 2013. Universal Access in the Information Society, 14(1), 81–95.
https://doi.org/10.1007/s10209-014-0348-1
Marikyan, D. & P. S. (2024). Technology Acceptance Model: A review. In S.
Papagiannidis (Ed). https://open.ncl.ac.uk
McKinsey&Company. (2024, August 7). What is digital transformation? Retrieved
March 15, 2025, from https://www.mckinsey.com/featured-insights/mckinsey-
explainers/what-is-digital-transformation
Meraghni, O., Bekkouche, L., & Demdoum, Z. (n.d.). Economics and Business: Impact
Of Digital Transformation On Accounting Information Systems- Evidence From
Algerian Firms. 35, 249–264. https://doi.org/10.2478/eb-2021-017
Mihai, M. S., & Dutescu, A. (2022). How cloud accounting and integrated services
based on AI can impact accounting companies? Proceedings of the
International Conference on Business Excellence, 849–858.
https://doi.org/10.2478/picbe-2022-0079
Parker, M., & Wickham, M. (2005). Organizational Role Theory and the Multi-Faceted
Worker. https://hdl.handle.net/102.100.100/493082
Pärtelpoeg, S. (2025). Author’s Interview. Chief Executive Officer and Accountant,
Anonymous Company.
Pedreño, E. P., Gelashvili, V., & Nebreda, L. P. (2021). Blockchain and its application
to accounting. Intangible Capital, 17(1), 1–16. https://doi.org/10.3926/IC.1522
Pollard, B. (2024, February 8). How Cloud Computing is Changing the Accounting
Industry. Retrieved April 12, 2025, from https://adivi.com/blog/cloud-
computing-is-changing-the-accounting-industry/
Priyono, A., Moin, A., & Putri, V. N. A. O. (2020). Identifying digital transformation
paths in the business model of smes during the covid-19 pandemic. Journal of
Open Innovation: Technology, Market, and Complexity, 6(4), 1–22.
https://doi.org/10.3390/joitmc6040104
Putu, I., Nyoman, J. I., Yasa, P., & Devi, S. (2019). The Analysis of Technology
Acceptance Model (TAM) on The Use of Accounting Information System.
Quinn, M., & Murphy, B. (2023). Accounting history in a digital age: Empirical
experiences, improving methods and unlocking new research avenues.
Accounting History. https://doi.org/10.1177/10323732231203011
Rizzo, J. R., House, R. J., & Lirtzman, S. I. (1970). Role Conflict and Ambiguity in
Complex Organizations. In Quarterly (Vol. 15, Issue 2).
S, S. J., & M, V. (2023). The Impact of Remote Work on Employee Productivity and
Well-being: A Comparative Study of Pre- and Post-COVID-19 Era.
https://doi.org/10.21203/rs.3.rs-2926406/v1
Sabuncu, B. (2022). The effects of digital transformation on the accounting profession.
Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi,
15(1), 103–115. https://doi.org/10.25287/ohuiibf.974840
Savić, B., & Pavlović, V. (2023). Impact of Digitalization on the Accounting Profession.
In Contributions to Finance and Accounting: Vol. Part F233 (pp. 19–34).
Springer Nature. https://doi.org/10.1007/978-3-031-23269-5_2
Shoikova, E. (2021). Digital Transformation Concept. Retrieved March 25, 20205, from
https://transformwork.eu/wp-content/uploads/2023/04/digital-transformation-
concept-note.pdf
Tandoc, E. C., & Duffy, J. A. (2016). Keeping Up With the Audiences: Journalistic Role
Expectations in Singapore. In International Journal of Communication (Vol.
10). http://ijoc.org.
The Enterprisers Project. (2019, November 12). What is digital transformation? Your
top questions answered. Retrieved March 15, 2025, from
https://enterprisersproject.com/downloads/digital-transformation-cheat-
sheet?sc_cid=70160000000h0axaaq
Wicaksono, A. R., Maulina, E., Rizal, M., & Purnomo, M. (2023). Technology
Accepted Model (TAM): Applications In Accounting Systems. Journal of Law
and Sustainable Development, 11(5). https://doi.org/10.55908/sdgs.v11i5.547
APPENDICES
Appendix 1. Questions for the Interviews
1. What is your role and position occupied in the company?
2. How many years of experience do you have in the accounting field?
3. Could you tell me more about your company? When was it established? In which field
does it operate and what major services they provide?
4. Does your company use digital accounting tools like cloud computing, RPA,
Blockchain? If yes, which one do you use? Can you name some of them?
5. How has digital transformation changed your company’s accounting tasks? Is there any
increase in terms of efficiency? Reduction in manual tasks? Did the work became more
complex and stressful?
6. How do you perceive the impact of automation on accounting jobs? Positive or
Negative?
7. Has your role changed due to the adoption of digital accounting tools?
8. What are the biggest challenges you face in adapting to digital accounting?
9. Has your organisation provided any training on digital accounting tools? What skills do
accountants need?
10. Do you think digital transformation is beneficial for the accounting profession overall?
11. Where do you see the future of accounting in the next 10 years? Do you have any
suggestions to improve the adoption of digital tools in accounting?
Appendix 3. Non-exclusive licence
A non-exclusive licence for reproduction and publication of a graduation thesis1
I, Divesh Ramburuth
1. Grant Tallinn University of Technology free licence (non-exclusive licence) for my thesis
How has Digital Transformation changed the accounting profession, supervised by Vaiva
Kiaupaite-Grušniene,
1.1 to be reproduced for the purposes of preservation and electronic publication of the
graduation thesis, incl. to be entered in the digital collection of the library of Tallinn University
of Technology until expiry of the term of copyright.
1.2 to be published via the web of Tallinn University of Technology, incl. to be entered in
the digital collection of the library of Tallinn University of Technology until expiry of the term
of copyright.
2. I am aware that the author also retains the rights specified in clause 1 of the non-exclusive
licence.
3. I confirm that granting the non-exclusive licence does not infringe other persons' intellectual
property rights, the rights arising from the Personal Data Protection Act or rights arising from
other legislation.
30.04.2025
1 The non-exclusive licence is not valid during the validity of access restriction indicated in the student's
application for restriction on access to the graduation thesis that has been signed by the school's dean, except in
case of the university's right to reproduce the thesis for preservation purposes only. If a graduation thesis is based
on the joint creative activity of two or more persons and the co-author(s) has/have not granted, by the set deadline,
the student defending his/her graduation thesis consent to reproduce and publish the graduation thesis in
compliance with clauses 1.1 and 1.2 of the non-exclusive licence, the non-exclusive license shall not be valid for
the period
