Chapter 8

What Affects the Choice for Digitalization

of Business Records? Evidence from Micro
and Small Enterprises

Sakti Ranjan Dash1,*, Maheswar Sethi1,

Sabat Kumar Digal2 and Jagannath Behera3
1
P. G. Department of Commerce, Berhampur University, Bhanja Bihar,
Berhampur, Ganjam, Odisha, India
2
P. G. Department of Commerce, Ramadevi Women s University,
Vidya Vihar, Bhubaneswar, Odisha, India
3
Department of Commerce, S. V. M. Autonomous College,
Jagatsinghpur, Odisha, India

Abstract

This paper aims to make an intensive investigation to check the

awareness level of digitalization among the micro and small enterprises
of Jagatsinghpur municipality in the state of Odisha. Further, we examine
the influence of factors like the role of record keeper, turnover, and
investment level on digitalization choice for business records. For the
study, 51 valid responses collected through a structured questionnaire
from micro and small enterprises have been analyzed. The result reveals
that around 69% of enterprises are still following manual records, while
approximately 31% of enterprises are adopting digitalization of business
records. The results of binary logistic regression reveal that business
records maintained by the owner negatively influence the adoption of
digitalization. In contrast, turnover and a level of investment of more than
25 lakhs positively impact the adoption of digitalization of business
records.

In: Artificial Intelligence and Digital Diversity Inclusiveness

Editors: Richa Goel, Sukanta Kumar Baral and Ramamurthy Venkatesh
ISBN: 978-1-68507-786-0
© 2022 Nova Science Publishers, Inc.
136 Sakti Ranjan Dash, Maheswar Sethi, Sabat Kumar Digal et al.

Keywords: digitalization, micro and small enterprises, challenges of

digitalization

JEL Classification: M40; M41; M49; O33

Introduction

A business record is a document that stores all the operating information.

According to Federal Deposit Insurance Corporation & U.S. Small Business
Administration (2013), an effective record system of a business is responsible
for the success of that business, irrespective of its type, i.e., sole
proprietorship, partnership, or corporation. Business records are highly
indispensable for decision making, and it also helps in fulfilling the legal
requirements of the business, ensuring transparency, accuracy, and protecting
stakeholders interest (Chachage and Ngulube, 2006). The volume of business
records increases exponentially when a business idea metamorphoses into a
start-up and subsequently progresses to an established business. That
voluminous record takes in terms of its storage space,
safety, maintenance, etc. So, it creates a challenge before the entrepreneur
strikes a balance between cost and benefit for maintaining such records. In this
regard the role of digitalization is highly crucial as it removes all such struggle
by ensuring ease and safety such as storing information safely, saving money
& time, improving customer service, minimizing storage space, meeting
regulatory compliance, reducing paper waste, and increasing file accessibility,
is the use of digital technologies to change a business
model and provide new revenue and value-producing opportunities; it is the
process of moving to a digital business (Gartner, 2020). Now digitalization
is not an option rather a fundamental requirement. Even if the enterprise is
performing well offline today, it has to go with the trend to sustain in the future
(Jaiswal and Pandey, 2020). In business research, recent scientific studies have
also evidenced that digital transformation and strategies are the highest current
research topics (Bharadwaj 2020.; Pagani 2013; Woodard et al., 2013; Hess et
al., 2016; Mithas 2016, Tafti et al., 2015; Becker 2020). Therefore,
digitalization should be adopted by every type of business irrespective of their
size, nature, and amount of investment.
Micro, Small, and Medium Enterprises (MSMEs) are considered as the
prominent contributor to economic growth in India by creating employment
opportunities and effectively utilizing skills and resources. As per the MSME
 What Affects the Choice for Digitalization of Business Records? 137

Annual Report 2019-20, India has 633.88 lakhs MSMEs, among which 630.52
lakhs operate as micro, 3.31 lakhs as small, and 0.05 lakhs as medium
enterprises creating 11.10 crore jobs and contributing 37.54%. to GDP
(Ministry of MSME, 2020). It is already overdue for MSMEs to cope with the
updated technology and leverage the benefits to explore the market and
venture out their business in new domains (Arora and Rathi, 2019).
Visualizing such market needs, a number of digital recording systems have

etc., for
small and medium-size business. But, despite many advantages of
digitalization, MSMEs in India are reluctant to adopt digitalization. The major
challenges that hinder the adoption of digitalization are: initial investment in
fixed cost, limited expertise & knowledge, lack of awareness, habituation with
traditional systems and resistance to new learning. In this context, research
concerning the choice of digitalization of business records by MSMEs is the
need of the hour.
In an attempt to undertake research in the much-needed area, our study
focuses on Micro and Small enterprises operating in Jagatsinghpur
municipality area. Jagatsinghpur, an emerging town in Odisha, has many new
Micro and Small Enterprises and has a lot of scope for the micro and small
business enterprises to come up in the coming days. Further, Jagatsinghpur
has a lot of economic importance because of its strategic location. It connects
to most of the coastal districts of Odisha, such as Cuttack, Kendrapara, Puri,
and Paradeep port situated with very close proximity to it. Hence, conducting
research in an emerging area with new enterprises is presumed to give some
new insights which may be helpful for the stakeholders.
In the above background, the present paper has made a novel attempt to
assess the factors that influence the choice for digitalization of business
records by micro and small enterprises in Jagatsinghpur municipality of
Odisha. The study adds to the prevailing literature in many ways. Firstly, it
adds to the dearth of literature on the digitalization of business records, and as
far as our knowledge is concerned, it is the first empirical work on choice for
digitalization of business records among micro and small entrepreneurs in the
Indian context. Secondly, the study also recommended valuable suggestions
for the effective adoption of digitalization of business records to the policy
builder.
The subsequent section of this paper deals with the literature review
followed by research methodology, empirical results & findings, and
conclusion.
138 Sakti Ranjan Dash, Maheswar Sethi, Sabat Kumar Digal et al.

Literature Review

A business record is one of the crucial aspects of every business as it helps in

measuring business performance, business growth, formulating business
strategy, and complying with legal requirements. This recording system,
particularly accounting records, should be systematic, characterized by
relevance, reliability, comparability and understandability (ICAI, 2020). It is
often implied that the double-entry bookkeeping system is an outgrowth of
medieval Europe, from where it was shifted to America (Lall Nigam, 1986).
According to Archaeological and historical experts, some accounting also
existed in ancient Greece, Rome, and Babylon. But that was an improvised
single entry system (Lall Nigam,1986). In the modern sense, double-entry
bookkeeping was developed a little prior to 1340 in Italy, particularly in Genoa
and Venice (Martinelli, 1983). However, in the year 1494, Luca Pacioli
published a systematic work on the subject which is considered as a modern
method of bookkeeping.
After that, many changes have been incorporated in the recording system
both in format and in reporting items to cope with the changing business
environment. In such changing environment, one of the crucial drivers is
technology. Technological advancement has a tremendous influence on every
economic entity, and business is not out of its reach. It has revolutionized the
entire operational structure of the business and the way the business houses
keep their records (Dang et al., 2020). Digitalization is the use of digital
technology to change the business model and practices that create value-
generating opportunities (Gartner, 2020). There has been a shift from analog
record-keeping to digital means of record-keeping, and such digitalization is
considered as a strategic choice of the business (Bygren, 2016). Bharadwaj et
al., (2013) opined that digital strategy as the functional level strategy in proper
alignment with business strategy leads to better business performance.
Digitalization improves the relevance of management accounting practices in
decision-making (Kumarasinghe and Haleem, 2020). Startups use
digitalization as a means of financial governance. The use of digitalisation
helps to get rid of paper-based accounting such as manual recoding of business
transactions, making invoices, preparing various financial reports, etc.
(Supardianto et al., 2019). Amid all the positivity, digitalization also creates
numerous challenges for the accounting profession and business (Gulin et al.,
2013). The implementation of digitalization by small and medium enterprises
is restricted due to a lack of organizational and technological infrastructure
(Jaiswal and Pandey, 2020). Hence, the adoption of digitalization is largely
 What Affects the Choice for Digitalization of Business Records? 139

and increase in profitability, sales, competitive

capability, and brand awareness are the factors propelling the adoption of
digitalization in SMEs. At the same time, satisfaction in the present system,
high cost, inappropriate technology, and the lack of support from top
management are the most critical factors creating hindrances in the adoption
process of digitalization (Arora and Rathi, 2019). From the prior literature, it
is evident that the digitalization of business is considered a strategic choice for
SMEs that give an edge over the physical mode and generate value for the
organization. At the same time, digitalization has its own sets of snags that
restraints the business from its adoption.
In light of the contradictory situation of cost and benefits of adopting
digitalization of business records, this study tries to respond to some emerging
questions such as whether the micro and small entrepreneurs are aware of the
digitalization of business records? and what are the factors that affect the
choice for digitalization of business records?

Methodology

Data: The data has been collected from both primary and secondary sources.
Primary sources are used to collect the information from the respondent
through the questionnaire method. Secondary sources, i.e., the internet,
periodicals, magazines, newspapers, and articles, are used to study existing
literature.
Sample: There are around 200 micro and small enterprises (MSEs) at
Jagatsinghpur municipality, out of which only 70 MSEs were responded. The
random sampling method is used to collect the data from the sample
respondents. Out of the 70 responses received from the sample respondents,
only 51 were valid and considered for hypothesis testing.

Diagnostic Tests

Reliability
The Cronbach s Alpha has been considered for testing the reliability of the
data. According to Kumarasinghe and Haleem (2020), if the value of
Cronbach s Alpha is above 0.90, it shows excellent reliability, a value between
0.70 to 0.90 shows high reliability, a value between 0.50 to 0.70 conveys
moderate reliability, and a value of 0.5 and below shows low reliability. By
140 Sakti Ranjan Dash, Maheswar Sethi, Sabat Kumar Digal et al.

using SPSS 20 the value of Cronbach s Alpha of our study is more than 0.70
(i.e., 0.81), which is highly reliable.

Validity
The validity of the data has been tested by obtaining the correlation coefficient
value of total items with all items. It is considered to be valid if the value is
more than 0.05 (Herliansyah et al., 2020). The value of the correlation
coefficient of the total item is more than 0.05, indicating that the data are valid.

Normality
To test the normalcy of the data, we have used Sapiro-Wilk test in which
the null hypothesis is that data are normally distributed. We found the
significant value is more than 0.05 (i.e., 0.089), which supports the null
hypothesis, and hence data are considered as normal.

Independent Sample T-Test

Before applying logistic regression, we have checked whether the target
variables are significantly separate from each other relating to the dependent
variable by using the independent sample t-test. We found that all the selected
variables are separate and significantly different.

Hypotheses

H01: There is no influence of record keeper on the adoption of

digitalization for business records.
H02: There is no influence of the level of turnover on the adoption of
digitalization for business records.
H03: There is no influence of the amount of investment on the adoption of
digitalization for business records.

Model Specification

A binary logistic regression analysis has been applied given that the dependent
variable, the choice for digitalization of business records (CDBR), is binary
the adoption of digitalization for business records and
-adoption. The relationship between the independent and the
 What Affects the Choice for Digitalization of Business Records? 141

dependent variable is highlighted using a discrete model of probability, which

generally looks at the chances of an event. It gives us the following.

Prob. (CDBR = ) = P, is the probability of the event that the adoption of

digitalization for business records and;
Prob. (CDBR = ) = 1 - P, is the probability of the event that the non-
adoption of digitalization for business records.

where,

P (CDBR= ) = 1 - P (CDBR= ) the notion of the odds ratios is therefore

inevitable for our understanding. The odds ratio is given by; Odds ratio = e
the odds ratio alongside the value of coefficients and probabilities will be
applied for interpreting results.
Odds = which is defined as the ratio of the probability to its
complement. Calculating the logit of the log odds gives us;
Logit (P) = log . This implies that as the probability goes down to
zero, the odds approach zero, and the 1-P logit approaches -
extreme, as the probability approaches one, the od
the logit. Negative logits represent probabilities below half, and positive logits
represent probabilities above half. As such, the base logistic regression model
is specified as follows:

log 0+( Record Keeper) 1 + (Education Level) 2 + (Gender) 3

Model I

log 0+( Average Turnover) 1 + (Education Level) 2 + (Gender) 3

Model II

log 0+( Level of Investment) 1 + (Education Level) 2 +

(Gender) 3 Model III

here, log represents logarithm; P the Probability of the choice or adoption of

digitalization for business records; = odd ratio, is the probability that the
non-choice or non-adoption of digitaliz 0 is the
142 Sakti Ranjan Dash, Maheswar Sethi, Sabat Kumar Digal et al.

intercept and , a vector of parameters to be estimated, and captures other

variables that influence the dependent variable but are not included in the
model. The s include record keeper, average turnover
and level of investment, whereas educational level and gender are taken as
control variables.
The rationale for taking record keeper (i.e., whether record maintained by
the owner or by a record keeper hired by the owner) as a target variable is that
the adoption of digitalization requires technical skills & competencies and
most of the cases, such skills and competencies are not possessed by the
owner; as a result, the owner hires a person to maintain the digital records.
Hence, such a variable is presumed to affect the choice of digitalizing business
records.
The turnover has immense ability to influence digitalization. Because
enterprises with higher turnover have a higher number of transactions that
consume a lot of time and cost and are subject to erroneous recording in the
books of account. Hence, digitalization ensures cost-effectiveness and
correctness of business records for enterprises with higher turnover.

Table1. Variables definition

Variables Description
Dependent variable
Choice for digitalization of business is adopted for business records
records
Independent variables
Record-keeper
maintained by a specialised person
Average turnover Continuous
Level of investment Categorical
Up to 5Lakh Binary
Above 5lakh to 10 lakh Binary
Above 10lakh-25lakh Binary
Above 25lakh Binary
Education Level Categorical
Under Metric Binary
Metric Binary
Intermediate Binary
Graduation Binary
Post-Graduation Binary
Professional Binary
Gender
 What Affects the Choice for Digitalization of Business Records? 143

The level of investment is presumed to affect the choice of digitalization

because enterprises with higher investments are subject to a higher volume of
transactions and more legal compliance by various authorities. Hence, such
enterprises choose digitalization to easily record a large volume of transactions
and meet legal compliances.
Control variables like education and gender also have the potential to
influence the choice for digitalization as digitalization requires skill and
expertise that emanates from education, and males are more adopted to
technology than females.
Three separate models have been developed for each target variable. The
details of the variables are given in Table1.

Empirical Results and Discussions

Digitalization in business, especially in the case of micro and small business

enterprises, is at the nascent stage. The use of digitalization in business
recording ensures transparency, reliability, time, and cost-saving.

Source: Authors calculation.

Chart 1. Basis of making business transactions.

Chart-1 shows the basis of making business transactions, i.e., cash or

credit basis or both cash and credit basis, by the micro and small entrepreneurs
of the study area. It is found that most of the entrepreneurs, i.e., 85.4%, use
both cash and credit basis for promoting their sales, whereas only 14.6% sell
their products on a cash basis. Hence, there is a considerable need for the
adoption of digitalization in recording of the business transactions by the
micro and small entrepreneurs; because most of the entrepreneurs sell their
products by using both cash and credit basis and credit transactions encourage
the entrepreneur to record their transactions digitally to avoid any discrepancy
in future.
144 Sakti Ranjan Dash, Maheswar Sethi, Sabat Kumar Digal et al.

Source: Authors calculation.

Chart 2. Status of digitalization of business records.

From Chart 2, it is found that approximately 69% of respondents have

been recording their business transactions manually, and 31% of respondents
have been recording their transactions digitally. Hence, the adoption of
digitalization in recording business transactions is the need of the hour for
micro and small enterprises of the study area.

Correlation Matrix

Table 2 highlights the correlation coefficient for the variables under study. The
correlation coefficient among the variables ranges from 0.003 to 0.782. The
correlation between the independent variables is less than the threshold limit
of 0.80, indicating the absence of collinearity as suggested by (Gujarati, 2004).
But there are significant correlations between the independent variables, so to
reduce biasness we treat all the independent variables separately by
developing three separate logistic regression models.

Regression Results

Table 3 highlights the regression results of the three separate models, i.e., the
influence of record keeper, turnover of the business, and amount of investment
on choice for digitalization of business records. We have employed Hosmer
and Lemeshow s (HL) Goodness of fit test to determine the feasibility of the
logistic regression model. Table 3 above shows that all the significance value
of the HL test is more than 0.05, which signifies the models are efficient to
analyze. The value of Nagelkerke R Squared highlights the coefficient of
 What Affects the Choice for Digitalization of Business Records? 145

determination in the model. Nagelkerke R Squared values for the three models
are 0.783, 0.527 & 0.574, which means that the independent variables can
explain the variability of the choice of digitalization of business records at
78%, 52% & 57%, respectively.

Table 2. Correlation matrix

(1) (2) (3) (4) (5) (6)

Pearson
1 .782** .498** .603** .103 -.140
(1) Choice for Correlation
digitalization Sig.
.000 .000 .000 .485 .338
(2-tailed)
Pearson
.782** 1 .468** .607** .112 -.188
(2) Correlation
Recordkeeper Sig.
.000 .001 .000 .439 .187
(2-tailed)
Pearson
.498** .468** 1 .655** .071 -.031
(3) Level of Correlation
investment Sig.
.000 .001 .000 .624 .830
(2-tailed)
Pearson
.603** .607** .655** 1 -.022 .003
(4) Average Correlation
turnover Sig.
.000 .000 .000 .878 .985
(2-tailed)
Pearson
.103 .112 .071 -.022 1 -.051
Correlation
(5) Gender
Sig.
.485 .439 .624 .878 .727
(2-tailed)
Pearson
-.140 -.188 -.031 .003 -.051 1
(6) Education Correlation
level Sig.
.338 .187 .830 .985 .727
(2-tailed)

**
Correlation is significant at the 0.01 level (2-tailed).

The below results show that record keepers relate negatively and
significantly with the digitalization of business records. In the analysis, we
the business record is maintained by self
the specialized person maintains it. So, the result advocates that self-
recording discourages digitalization while businesses maintaining records by
specialized people prefers digitalization. The odds ratio of 0.027 shows that
the entrepreneur who maintains record by self has 2% chance of recording the
business transactions in digital mode than those enterprises don t record. At
the same time, the average turnover positively influences the adoption of
digitalization for business records. These findings are more realistic. As
146 Sakti Ranjan Dash, Maheswar Sethi, Sabat Kumar Digal et al.

turnover increases, the volume of transactions & business activity also

increases, prompting the entrepreneur to adopt digitalization to ensure more
transparency, accuracy, and time-saving. The same thing is also suggested in
the odds ratio. So far, the amount of investment is concerned; enterprises with
more than 25 lakhs prefer to choose digitalization for their business records.
It is a fact that high capital employed enterprises having more operating
activities need systematic and reliable business records.

Table 3. Regression results

Model I Model II Model III

Independent Odd Odd Odd
Coefficient Coefficient Coefficient
variables ratio ratio ratio
Recordkeeper -3.601 *** 0.026
Average
1.511*** 0.819
turnover
Level of
investment:
5 lakh to 10 lakh -21.616 0.000
10 lakh to 25
0.247 0.561
lakh
More than 25
1.524* 0.821
lakh
Control
variables
Education level 2.365* 0.652 0.398** 0.632 0.438 0.541
Gender 1.210 0.558 0.561 0.489 0.478* 0.520
Constant -1.761 0.592 -4.578 0.681 -1.378 0.630
Hosmer and
Lemeshow test 1.000 0.333 0.984
(Sig.)
Nagelkerke
0.783 0.527 0.574
R Squared

Note: ***, ** and * indicate significant level at 1%, 5% and 10% respectively.

Table 4. Hypothesis testing results

There is no influence of record keeper on the adoption of digitalization for

H01: Rejected
business records
There is no influence of level of turnover on the adoption of digitalization
H02: Rejected
for business records
There is no influence of the amount of investment on the adoption of
H03: Rejected
digitalization for business records
 What Affects the Choice for Digitalization of Business Records? 147

Conclusion

Digitalization is the need of the hour to ensure transparency, reliability, time,

and cost-saving, reducing the workload and human error. However, it is at a
nascent stage among micro and small entrepreneurs. Our study shows that only
31% of the entrepreneurs are adopting digitalization, which indicates a
massive challenge in adopting digitalization in micro and small enterprises.
Hence, the government should take utmost care and necessary action to boost
the digitalization among micro and small entrepreneurs, particularly those
with less educational background, lower level of investment, and low
turnover. This study will help the policymakers, regulators, researchers, and
entrepreneurs in their respective fields of application.

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