Бизнес вa тaдбиркорлик олий мaктaби

FEATURES OF ACCOUNTING IN THE DIGITAL ECONOMY 
Safarov J.I. – Central Election Commission
of the Republic ofUzbekistan 
Barnayev Z. Sh. – Postgradute in Menejment Faculty, 
Bukhara Engineering-Technological Institute 
One of the main reforms carried out in our country is the digitalization of 
economy. In the current globalization process, competing with countries around the 
world, it is almost impossible not to resort to the digital economy. The digital 
economy serves us not only to communicate with the countries of the world, but also 
to completely get rid of the hidden transparent economy, that is, our economy. 
In the transition to the digital economy, first of all, the digitalization of 
accounting is required. Is the industry generally ready for the transition to a digital 
economy, are there enough professionals and their level and qualifications working 
in the industry. Do the information technologies exist in our country ready for the 
transition to the digital economy? Such questions have become very urgent today. 
So what is the digital economy? Different sources have different approaches to 
this term. According to Sh.Soatova: the digital economy is described as follows - 
these are economic, social and cultural ties, this is an implementation system based 
on the use of digital technologies. It is sometimes also expressed in terms of the 
internet economy, the new economy, or the internet economy.

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According to economist Sh.Mustafakulov: The digital economy is a system that 
can significantly increase the efficiency of storage, sale and delivery of various 
industries, technologies, equipment, goods and services based on the use of the 
results of analysis and processing of large amounts of data. Digital data is an activity 
that is a key production factor. 
In our opinion, the digital economy is an entrepreneur the main factor in the 
production of goods (works, services) in the form of numbers, storage, processing 
and transmission of all data, more efficient solutions for the activities of an economic 
entity using the provider's system. In other words, the digital economy is a system 
for aggregating data in one system, providing online services to customers, 
electronically making all data transfers and payments, e-commerce and other types 
of information exchange between users. 
According to world renowned experts McKinsey, today about 10 percent of 
world GDP falls on digital assets, but the pace of their development in the world 
economy is equal to 30 percent of their increase. The development of digital assets 
is accelerating. 
As a result, cost reduction with the use of information technology in the digital 
economy is achieved optimization and increased efficiency. 
It is well known that the digital economy today also plays an important role in 
creating added value. Various algorithms, processes and digital information are 
becoming key factors in the strategic development of corporate business. Digital 
non-financial factors determine the competitiveness of banks and affect their 
efficiency. 
The development of the world economy and information technology has laid 
the foundation for the development of accounting. This has created opportunities for 
the use of automated accounting systems. 
Today in our country a number of accounting programs are used, for some 
accounting objects, including programs 1uz, 1c, uzasbo, estat and sites my.soliq.uz, 
faktura.uz, Internet banking, didox.uz. The aforementioned programs and sites 
greatly increase the exchange of information between organizations. 
There are the following ways of organizing accounting in the digital economy 
of our country. 
Work by connecting to software database such as 1uz, 1c, uzasbo, estat 
Use of cloud technologies Google drive, Yandex 
Using disk technologies, Onedrive, Dropbox; 
Use of blockchain technology; 
Use of mobile accounting. 
There are pros and cons to using each technology in accounting. Software such 
as 1uz, 1c, uzasbo, estat allows accountants to manage interrelated areas of 
accounting, have up-to-date information for management personnel and make 
management decisions. 
Accounting automation greatly simplifies data processing compared to manual 
processing. Accounting automation automates primary documents, filling in details, 
processing large amounts of data, providing information to users in various forms, 
opportunities, excessive paper consumption, management and subordinates, quick 

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exchange of information between organizational units, elimination of arithmetic 
errors, online communication with regulators and banks, the ability to quickly 
respond to changes in legislation. 
Another modern application in the digital economy is blockchain technology. 
Blockchain is the adherence to certain rules for storing information, a chain of 
blocks in a structured continuous sequence (linked list). The connection between 
blocks is carried out not only with the help of numbering, but each block has its own 
sum and the sum of the previous block. To change the data in a block, you need to 
edit all subsequent blocks. Often copies of blockchains are stored on different 
computers independently of each other. It is a unique, non-centralized database 
distributed across computers. Blockchain is often referred to as a «distributed 
database». 
According to the Russian economists N.V.Emelyanov, Y.A.Ermilova, 
technologies such as blockchain are a prerequisite for the digitization of accounting. 
Enterprises must keep records of transactions in a single register and can be 
stored in which distributed and interrelated accounting data is provided as a system. 
The possibility of falsifying and destroying information becomes almost impossible 
due to the distribution system and cryptographic protection. This system is called 
«three-way writing». 
In blockchain technology, there is no need to conduct an inventory with 
counterparties when introducing blockchain technology into an organization's 
accounting system, since the formation and write-off of receivables and payables at 
the conclusion of a transaction is carried out in the same way. The task of the 
accountant will be to correctly classify the acquired or transferred assets and record 
the related income or expenses, make settlements in real time and avoid tax evasion 
as all transactions are digitized. 
One of the most popular digital technologies today is cloud computing. Cloud 
technology is an online storage model in which data is stored on multiple distributed 
servers on the network and made available to clients for use. The peculiarity of using 
this technology is that an organization does not need to buy expensive equipment, 
hire specialists to maintain it, or install specialized software. Internet access is 
sufficient to use cloud services. The simplest examples of cloud technologies are 
virtual memory, for example, Google drive (drive), Yandex drive, Onedrive, 
Dropbox. 
From any device using cloud technologies (laptop, tablet, mobile device), you 
can pay for the desired package, which is also necessary for the user, in addition 
there is an independent choice of available functions (connection speed, memory 
size, computing power, and cloud rental time). 
Digitization of accounting provides the following advantages in this area: 
data flow is accelerated; 
increased data reliability; 
labor productivity increases; 
saves time spent on filling out documents; 
the cost of the goods is accurately calculated; 
the ability to quickly process large amounts of data; 

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Prevents excessive paper consumption; 
arithmetic errors are excluded; 
the importance of space, time and devices in work decreases, i.e. data can be 
accessed anywhere, at any time and through any device (laptop, tablet, mobile 
device) is available; 
availability of a guarantee not to lose data; 
quick flexibility when changing regulatory documents; 
flexibility in accordance with international standards; 
there is no risk of deviation for taxes and other payments to the budget, and so 
on. 
From the above, we can see that digitalization of accounting is very important 
not only for the enterprise, but also for the state. 
The digitization of accounting, along with the advantages in this area, also 
creates a number of problematic situations: 
reduction of jobs, as a result of the automation of all departments, jobs may be 
reduced; 
disclosure of data of business entities as a result of data leakage from the 
common system; 
increasing dependence on software; 
poor quality of Internet services leads to some defects in the system; 
lack of highly qualified personnel in the industry. 
In conclusion, we can say that the economy of our country, digitalization is the 
basis for our entry into the world market, this is one of the factors. The digitalization 
of the economy expands the capabilities of users of accounting, improves the quality 
and efficiency of accounting and forms modern innovative approaches to integrating 
various types of accounting services. 
As a result of the research, we have developed the following suggestions and 
recommendations: 
1. The use of modern information technologies in accounting creates the 
possibility of replacing office work with automated accounting and this improves 
the results of work. At the moment, online accounting of transactions in accounting, 
banks and information technology are included in the daily work of an accountant, 
special online services that allow creating portfolios should be introduced by 
combining industries. 
2. It is necessary to popularize cloud and blockchain technologies in accounting 
in our country. This leads to storage in certain databases, their quick exchange, data 
transparency, avoidance of deviations in taxes and other payments to the budget, and 
also reduces paper consumption, which leads to a slight decrease in enterprises' 
costs. 
3. Implementation of mobile accounting. By creating various mobile 
applications that provide users with a wide range of accounting services. Mobile 
metering reduces the importance of space, time and devices in the user experience, 
i.e. data can be used anywhere, anytime and on any device (tablet, mobile). This 
allows users of accounting information (managers, managers, managers) to make the 
necessary decisions in a timely manner and improve work efficiency. 

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4. Digitalization of the economy will lead to a new level of accounting. In turn, 
it requires the government, industry experts and practitioners to form a model of 
basic concepts, legislation, regulations, guidelines and rules for creating a regulatory 
framework for accounting in the new digital economy.