Cashless Payments in the Accounting System: Current Trends and Challenges

Abstract

The modern development of digital technologies and globalization processes are driving the rapid growth of cashless transactions in business activities. The use of electronic payments, bank transfers, and payment systems significantly simplifies financial transactions, enhances their transparency, and contributes to the optimization of accounting processes. However, alongside the advantages, cashless transactions also pose new challenges, particularly in terms of financial security, accounting risks, and regulatory compliance. The purpose of this study is to analyze current trends in cashless transactions, identify key accounting challenges, and develop recommendations for improving their representation in corporate financial reporting. Scientific and legislative approaches to defining the concept of "cashless transactions" are examined in detail. The specific features of cashless fund management in Ukraine are outlined. Formats of electronic documentation and accounting for settlement operations in remote banking services are identified. Statistical data from the National Bank of Ukraine for the years 2019–2024 on cash and cashless transactions have been analyzed. The trend indicates that the Ukrainian financial system is increasingly shifting towards digital payment solutions, reducing the use of cash and encouraging the spread of modern financial technologies. The study results indicate that the key challenges in accounting for cashless transactions include: (1) discrepancies in the regulatory framework governing various forms of cashless payments; (2) risks associated with cyber threats and fraud; (3) insufficient adaptation of accounting systems to new digital financial instruments. The findings show that the implementation of digital technologies and the automation of accounting processes contribute to the more efficient management of corporate financial flows. The need for improving the legislative framework, adapting accounting standards to the realities of the digital economy, and actively implementing automated accounting systems is emphasized. Specific measures are proposed to enhance the efficiency of accounting for cashless operations, which will promote the transparency and reliability of financial reporting in enterprises.