REAL-TIME ACCOUNTING: CHANGING ACCENTS FROM CONTROL TO INFORMATION FUNCTION

DOI: 10.31673/2415-8089.2025.043804

Abstract

In the contemporary landscape of the economy's digital transformation, a noticeable decline in
the effectiveness of traditional accounting as a source of reliable and up-to-date information for
informed management decisions has been observed. Conventional accounting, which predominantly
focuses on its control function and the retrospective recording of transactions, often fails to provide
the timely information essential for agile operational management. This deficiency frequently leads to the duplication of functions and the fragmentation of information flows across an organization.
The solution to this pressing problem lies in the transition to real-time accounting. This
innovative approach significantly enhances the timeliness and relevance of accounting information,
thereby making it invaluable for enterprise management in making critical decisions. Such a
paradigm shift simultaneously strengthens the function of prompt informational support for
management and other stakeholders, all while diligently preserving the fundamental control function
of accounting. The advancement of real-time accounting directly aligns with the strategic objectives
of Ukraine's economy, which include reducing the administrative burden on businesses, ensuring the
transparency of economic processes, fostering the development of digital infrastructure, and
facilitating integration into the European economic space. This approach is fully consistent with the
European Real-Time Economy (RTE) model, which is already being successfully implemented in the
Baltic region countries as a powerful tool to support productivity, innovation, and competitiveness,
particularly for small and medium-sized enterprises.
The concept of "real-time accounting" has been a subject of discussion since the 1970s, but it
has gained unprecedented relevance with the rapid development of information and communication
technologies, notably cloud solutions, blockchain technologies, and Enterprise Resource Planning
(ERP) systems. Recent studies by both Ukrainian and Western scholars unequivocally confirm the
heightened attention given to real-time accounting within the context of enterprises' digital
transformation. The emphasis is increasingly placed on the shift towards "continuous auditing" and
real-time reporting, leveraging ERP systems, cloud platforms, and big data analytics to ensure
constant data availability and control. In the European discourse, the concept of the Real-Time
Economy (RTE) is actively evolving, envisioning an environment where accounting serves not only
as a source of financial information but also as a crucial instrument of digital management.
Keywords: real-time accounting, real-time economy, accounting information systems,
accounting innovation, accountants professional development.

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