THE DEVELOPMENT OF MANAGERIAL ACCOUNTING IN THE ERA OF DIGITAL TRANSFORMATION

Abstract

The article studies how the digital transformation influences the management accounting processes by identifying the opportunities and challenges posed by the introduction of new sophisticated digital technologies into the management accounting processes, and the degree to which management accountants are able to cope with this accelerated process. In the study, an extensive exploration of literature on digital transformation in management accounting was done by reviewing academic papers and literature on the topic. The article also introduces a suggested model on how to develop management accounting processes by integrating digital technology in the process and the role played by management accountants in this process. The analysis indicates that digital transformation has a great impact on the performance and accuracy of management accounting processes and helps to properly distribute the resources and minimize the operational costs. Moreover, implementing artificial intelligence and prediction data analytics will contribute to better decisionmaking, intensified risk management, and improved inventory control. On the other hand, the findings also focus on overcoming issues associated with skills development, data analysis, and cybersecurity to take advantage of all the opportunities of digital transformation. Thus, the implementation of modern technological achievements into the management accounting and the continuous improvement of the technological competence of the management accountants are the issues, which should be taken seriously by organizations to become competitive and succeed in the age of the digital transformation.