Digitalization of accounting: advantages and challenges in the era of digital technologies

Introduction. In the conditions of the development of society and the transition of enterprises to the information type of economy, there is a need to generate ideas, and creative thinking of personnel, release innovative products, increase the company's intangible assets, and create a positive image as a basis for ensuring the development of entrepreneurial skills. Therefore, the issue of the formation and development of entrepreneurial competencies in the modern conditions of digitalization of the economy is gaining special importance and relevance. The driving force of the digital economy is the demand for innovative digital technologies, which today are used in completely different spheres of social and economic life. Digital transformation of a business, which is a transformation through the revision of its business strategy, models, operations, goals, marketing approaches, and products through the adoption of digital technologies, is impossible without the implementation of digital technologies in the development of the accounting system. However, the digitalization of accounting opens not only new opportunities for enterprises but also creates additional risks. The purpose of the paper is to specify the advantages and disadvantages of using digital technologies in accounting. Results. The conducted research has allowed defining the essence of digitization and outlining the possibilities of its application for the development of accounting in modern Ukrainian enterprises. The state of utilization of contemporary digital technologies in the context of accounting has been diagnosed. The opportunities provided by the implementation of modern digital technologies in the field of accounting have been specified, and the risks associated with the use of such technologies have been identified. The obtained results can be useful for enterprise managers to substantiate the possible directions of digitization of accounting, taking into account the advantages and disadvantages outlined in the paper. Conclusions. The key conclusion from the study is a generalization of the advantages and disadvantages of digitization of accounting. Accordingly, the automation of manual work and optimization of data storage are the main advantages, and the high cost of implementation and provision of technical support is a disadvantage.