Initiative to Digital Accounting and Household Finances with Financial Planning during COVID 19 Challenges and Implications

The year 2020 has been brought many uncertain even since corona virus declared as pandemic and spread all over the world. Nevertheless, of ccountries' effort to slow down the spreading of this novel corona virus Pandemic has infected Globally, as on11 May 2021, there have been 158,651,638 which was came out in total confirmed cases of COVID 19 including 3,299,764 deaths, reported to WHO1. The immediate consequences of the crisis for India are seen in many who face financial difficulties regarding payment and accounting of financial transaction in this pandemic era. As we know, all payment modes are replaced by digital payment, so it becomes compulsory to record the transaction in digital mode called digital accounting. Yes it is difficult to shift from offline to online accounting but on the other side we can see that digital accounting will take short amount of time for recording because payment is going online mode so recording can be done easily. Almost all said that it was a struggle to pay bills and meet other commitments. This study analyses the financial planning of human being and adoption of digital accounting by them using q squared approached data and descriptive statistics that would be pictorial representation of financial behavior of households and individuals. A short survey has been taken for the household planning and difficulties faced by people during the global pandemic. The study was planned to diagnosed 150 groups of people sharing their experience of covid19 out of them 135 were the respondent including 57 male and 43 female participant. Dr. Amit Manglani | Disha Rani Yadav "Initiative to Digital Accounting and Household Finances with Financial Planning during COVID -19: Challenges & Implications" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51942.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51942/initiative-to-digital-accounting-and-household-finances-with-financial-planning-during-covid-19-challenges-and-implications/dr-amit-manglani