Accounting Software System Implication for Company Analysis Report

This report delves into the implications of accounting software and artificial intelligence (AI) within the context of company analysis. It examines the current and future technologies shaping accounting, particularly the role of AI in automating tasks and transforming professional practices. The report in...Read More

RUNNING HEAD: Accounting software system implication
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Name of the student-
Title- Company analysis
University name-

Accounting software system implication 2
Table of Contents
Introduction...........................................................................................................................................2
Current and future technologies in accounting work............................................................................3
Part of artificial intelligence and technical innovation in automation of accounting work....................5
How Artificial intelligence has changed professional accountant working............................................6
Accounting career after adoption of accounting system software........................................................7
Accountant scope to join the board for strategic decisions after implementation of accounting
software................................................................................................................................................9
Impact of accounting software on ethics of accountant and organization..........................................10
Impact of accounting software on the accountant lives in Australia...................................................10
Recommendation................................................................................................................................11
Conclusion...........................................................................................................................................11
References...........................................................................................................................................12
Appendix.............................................................................................................................................14

Accounting software system implication 3
Introduction
This report reflects the understanding of key factors of innovation and accounting
software implication for effective business functioning of organization. With the increasing
ramification of economic changes and company’s complexity of running business,
accounting system and software related to the same has been gaining momentum throughout
the time. Accountant is the person who books, records classifies, analysis and assess the
financial and accounting transactions. In this report, adamantine study has been prepared on
the use of accounting software and its usages in big multinational organization. After that,
critical understanding has been conducted to evaluate the pros and cons of using accounting
system software in recording and analysing financial and non-financial transaction.
Afterward, principles of accounting has been discussed to identify the importance of applying
proper accounting frameworks. In the end of this report, accounting system software and its
implication in accounting and reporting framework of organization has been determined in
effective manner (Castro, 2013).This implication will reflects how accountant could enhance
their learning and skills for the betterment of their career. However, in today’s world, finding
suitable career oriented job has become tough. Accounting field offers various job
opportunities and offers to persons to pursue their career goals and objectives in determined
approach. It is observed that if accountant could learn accounting software and cloud based
accounting system then it will not only increase the effectiveness of their working but also
establish automation in various system of accounting system such as recording, classifying
and assessing the financial transactions of business. Throughout the time, various
accountants are using innovative and creative accounting software’s and tools to increase the
effectiveness of their work and recording frameworks.

Accounting software system implication 4
Current and future technologies in accounting work
Organization is accompanied by several steps and activities in which various
functions are performed for accomplishing set objectives and goals. With the rapid growth in
the technologies and smooth running of business, accountant plays an effective roles by using
several accounting software’s for storing and recording of financial data of organization.
Artificial intelligence could be defined as future without humans for discharging assigned
work. There are various accounting software and artificial intelligences which are used by
organizations with a view to record their data and details in organizations. However, it is
evaluated that if accountants do not accompany with new technologies and accounting
software (Kavanagh and Drennan, 2008). Accounting skills is not limited to the extent of
recording and classifying of accounting details of organization. Accountants should
understand the mortification of manual accounting entries and adoption of advanced
automation is passing journal entries and recording financial transactions. (Hejazi, Halpin and
Biggs, 2014).
Currently, small and medium enterprises are indulged in hiring professional
accountant or certified public accountant who pass the journal entries and record the financial
transactions in systematic and effective manner. After that, these information’s are further
used to prepare the financial statement. Nonetheless, these types of accounting process result
to various types of risk and errors such as accountants some time mistakenly book double
entries, passing wrong entries and calculations errors (Hall, 2012). These types of errors and
mistakes increase the inherent risk of the accounting entries of organizations and result to
sharing wrong information sharing to shareholders (Treepong and Boontong, 2015).
Moreover, currently, accountants are more inclined towards using manual functions and
creating manual books and invoices for creating financial statement of company. However,
with the changes in technologies, accountant has to be well versed with the newly introduced

Accounting software system implication 5
technologies such as indulged in learning cyber computing system, using cloud based
accounting systems and learning online book entries and passing journal entries. It is further
observed that if accountant could understand the key technologies terms before implementing
proper accounting work then they could not only enhance the quality of accounting and
reporting work of organizations but also save the cost associated with the proper accounting
work (Neely, et al. 2015). Nonetheless, the main advantage of adopting accounting software
is related to reducing complexity of keeping books of accounts of company and minimizing
the accounting works in organizations. For instance, after adoption of cyber computing
accounting software, company could directly pass journal entries and books the entries in
ledgers automatically once company enter into financial transactions. However, in some of
the cases when computers and artificial intelligence cannot decide in which accounts,
particular entries should be passed then accountants who are well versed with accounting and
cyber computing system could give their professional entries to pass complex journal entries
in particular accounts. Accountant skills should not be limited to the manual work or related
to the passing journal entries and recording financial transactions in the books of accounts of
company (Bhasin, 2015). They needs to adapt with using new technologies and learning new
cloud computing system to implement proper level of data mining process. After
implementing proper level of secondary data, it is considered that traditional functioning of
accountant is as important as for smooth running of business. In many developing and
developed countries, tax regime, implementation of newly introduced filling requirements has
forced accountants to prepare their accounting and recording frameworks as per newly
introduced cloud based accounting software. Furthermore, if accountants could easily adapt
with the cloud based accounting software such as XOXO, Par disco and SISA in their
accounting and recording work then it will surely reduce the inherent risk and increase the
efficiency of accounting working program of organizations. Furthermore, in case of

Accounting software system implication 6
implementation of proper level of software program and training and development program,
accountants could easily bifurcate the accountants and establish more transparency in
accounting and reporting framework of organizations (Thompson and Washington, 2015). In
addition to this, if accountants do not comply with these amend accounting and reporting
frameworks then it will result to destruction of compliance program of companies. However,
these level of compliance program will surely increase the effectiveness of accounting and
recording work. The main impact of using artificial intelligence accounting framework is
related to elimination of data entry and coding functioning. If cyber computing accounting
framework is adopted in organizations then it will eliminate the coding process and passing
entries. However, in this case accountant and public certified charted accountant who are well
versed with the new technologies and newly adopted software would have more opportunity
in the accounting work. For instance, big companies who have adopted artificial intelligence
and cyber computing software will be more inclined towards hiring professional accountants
who could read the data and interpret the same for the better understanding of stakeholders.
This newly adopted cyber computing accounting software will render various opportunities
and open area which could be grasped by accountants to get job (Warren, Reeve and Duchac,
2013).
Part of artificial intelligence and technical innovation in
automation of accounting work.
Accounting could be described as measure part which is related to measurement,
processing and communication of financial information about economic entities such as
business and organizations (Smith and Binti Puasa, 2016). However, there are several
accounting software which are used by big multinational companies to reduce the complexity
of measurement, processing and communication of financial information in determined
approach such as XOXO, Par disco and SISA. Ideally, accountants needs to pass journal

Accounting software system implication 7
entries, then creating books of account and after that on the basis of these documents
financial statement is prepared. Therefore, by using different accounting software and cloud
computing system, organizations could eliminate long process of booking entries and
preparing financial statement (Apostolou, et al. 2013). With the help of these accounting
software, accountant who are well versed with the new cloud computing accounting software
could enhance the measurement, processing and communication of financial information
process of organization. With the help of this artificial intelligence and technical innovation,
accountant could establish automation in their working such as passing journal entries,
booking and reporting data and using online details and help stakeholders to drag information
through online portals (Braun, et al. 2014).
How Artificial intelligence has changed professional accountant working
Business organizations with the help of various artificial intelligence and accounting
software are smoothing their accounting work in easy determined approach. Crucially,
professional accountants are aren’t digging their heels with this level of changes and
acceptance of newly introduced accounting software. It is observed that if accountants and
professional persons who perform accounting and professional work do not indulge in
learning phase of these accounting software will have to face various troubles and problems
with the adaption of new accounting process system. However, if accountants fail to comply
with these accounting software and its implications then it will be big problem for them to
comply with the available program (Dunbar, Laing and Wynder, 2016).Nonetheless, with the
rapid change in technologies and adoption of accounting software in organization’s value
chain activities, it is observed that accountant are considering themselves as more than a
worker doing ledger and accounting entries. With the help of these accounting software, they
could help top management to evaluate and forecast the future demand and supply of market.
They could also implement proper level of forecast errors while determining the trend of

Accounting software system implication 8
company (Knechel and Salterio, 2016). For instance, by using regression analysis and cloud
computing system, an accountant could evaluate the possible changes and risk involved in
financial transactions of company. However, it becomes hard for the other persons to
interpret the data and entries passed by implemented artificial intelligence in multinational
companies.
Accounting career after adoption of accounting system
software
Accounting system software could be defined as software which is designed to
transfer any accounting information to become a reliable financial report and render the
report to stakeholders to make economic decision. However, adoption of these accounting
system software should not be completely trusted by the organizations due to their technical
errors and misinterpretation of data. Throughout the time with the increasing ramified
changes in accounting software and adoption of the same by multinational companies in their
accounting and reporting framework, accounting career has been gaining momentum
throughout the time (Daoud and Triki, 2013). Therefore, taking advice from accountant is
the utmost required point which should be undertaken by organization. In addition to this, if
accountant could learn technical points in accounting system software and implication of
different accounting software in value chain activities then they could be hired by big
organizations to understand their critical points of data and information in determined
approach. For instance, first peril of using software in organization is related to using unreal
numbers. These wrong information and recording of same could occur only when company
could have wrong information due to the adoption of wrong information. It is observed that
when company needs to deduct the depreciation and other outstanding payment from the
same year in which these have occurred as per the accrual accounting system. On the other
hand, adoption of artificial intelligence showcase the entries which actually occurred in the

Accounting software system implication 9
organizations. This level of changes in accounting transactions may lead to destruction of true
and fair view of organizations information while reporting the same in financial statement of
organizations. Therefore, these kind of problems and issues are ideally managed by
accountants and certified public charted accountant who are well versed with these innovative
and creative use of accounting software application in organizations (Schorr, et al. 2013.).
Ideally, these accountant could have great career in accounting and software accounting work
if they pursue several course such as SAP certified course, learning XOXO accounting
software and taking learning session of Par disco and SAASA software application for the
better understanding of technical accounting software and assessing the automation in
accounting and recording work. This level of information has shown that companies can only
simplify their accounting recording frameworks by using unique accounting software (Le and
Lehmann, 2016). It is further observed that companies around the globe are more inclined
towards hiring those accountants who could perform their accounting task with the help of
innovative accounting software. These accounting software allows accountants to use critical
understanding in recording and keeping financial transactions in effective manner (James, et
al. 2015).Therefore, implication of these accounting software make accountant experts in
their bifurcated field. For instance, GE capital, Wesfarmers, Woolworth and Morrison plc has
adopted SAP accounting framework in recording and keeping of financial transactions.
Therefore, accountant who are well versed with using SAP software and its key functioning
are hired in their accounting department at very good salary. In addition to this, in one
accounting department where these SAP software is implemented, at least five accountant,
two line manager and one head of accounting department is hired. However, with the increase
in the complexity of business, these numbers are consistently increase. SAP accounting
software establish automation in the identifying, classifying and recording of financial
transactions. Furthermore, these SAP accounting software’s are more cloud based system

Accounting software system implication 10
which will enable accountants and other users to drag the data of company through online
system mode (Bressler, 2014). These level of critical understanding on SAP will not only
help accountant to create competency in their job profile but also keep them different from
those of others in market. However, implementation of SAP will help accountants to
minimize their manual work like passing journal entries and booking those entries in ledger.
Now with the help of software like SAP, XOXO, SISA and par disco will help accountant to
critically evaluate the accounting data in effective manner and they could give their
professional advice to top management to take strategic decisions in determined approach
(Ahadiat and Martin, 2015).
Accountant scope to join the board for strategic
decisions after implementation of accounting software
If accountants are well versed with these artificial intelligence and other accounting
software then they could not only evaluate the recording financial transactions for preparing
financial statements but also could critically understand the trend and future results to
financial transactions. These level of understanding could be used by top management of
organization to take effective strategic effective decision. There are several organizations
who have hired their accountant as team leader, CEO and management department such as
BP Billiton, Woolworth and GE capital. Therefore, after analysing these details, it could be
inferred that if accountants could learn these technical and innovative accounting software
then they could create a good path to the success and join the organization board. These level
of understanding on the accounting software and accountants understanding on financial
management level and technical level will create a great level of fusion and will help them to
create an unique image in the eyes of management department. Therefore, it could be inferred
that if accountants are well versed with these accounting software then they could have

Accounting software system implication 11
platform to join the board and take strategic business decision for the betterment of
organization and their own welfare at large (Gray and Hamilton, 2014).
Impact of accounting software on ethics of accountant
and organization
It is evaluated that if organization adopt these accounting software then it will help
companies to establish automation in their accounting and recording data. Nonetheless, using
cyber computing accounting software may pose several threats such as leak of confidential
information, use of non-encrypted messages and attack of ill-intentioned persons. Therefore,
it may also result accountants and other professional certified public charted accountants may
face problem of integrity and data privacy problems in confidential information of
organization. Ethics of accountant is related to keeping all the confidential data of company
save and protected (McLaney and Atrill, 2014). There are several cases in which accountants
with the using of these cyber computing accounting software take the confidential
information for their personal use and enter into insider trading. These insider trading is a
criminal offence and may result to imposing of high amount of penalties. Therefore, it could
be inferred that all the accountant should be more attached towards integrated working
system and must follow the high level of transparency in their accounting work.
Impact of accounting software on the accountant lives
in Australia
It is evaluated that accountants in Australia are well versed with the various
accounting software and adapting themselves with the changing innovative environmental
demand. There are several course such as XOXO and SAP which are gaining momentum for
enhancing the skills of accountant. It is observed that if an accountant is well versed with the
particular accounting software then he has deemed to created core competency in his
accounting and financial work and more jobs will be offered to him (Özpeynirci, et al. 2015).

Accounting software system implication 12
Recommendation
After evaluating all the primary and secondary data, it is observed that each and every
accountant should not be restricted to only manual accounting work. They should learn the
application of new accounting software to reduce the accounting and financial complexity in
big organization. It is deemed that if they are well versed with accounting and financial
information and also accompanied by technical skills then they could be asked by top
management departments to take place in board for the effective decision making.
Accountants who have learned SAP and other accounting software are more sophisticated
and could easily gauge the present and past financial data to forecasted results in determined
approach (Hao, and Ren, 2014).
Conclusion
It is evaluated that accountants should not only be restricted in passing manual entries
and creating manual books and invoices for creating financial statement of company.
However, with the changes in technologies, accountant has to be well versed with the newly
introduced technologies such as indulged in learning cyber computing system, using cloud
based accounting systems and learning online book entries and passing journal entries. These
level of advancement in accountant skills will surely help them to take place in board of big
organizations. Therefore, it could be inferred that if accountants could learn these advanced
software then they could present themselves uniquely and distinguish themselves from those
of others in market.

Accounting software system implication 13
References
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professionals seek in college graduates for entry-level positions vs. promotion. Journal of
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literature review (2010–2012). Journal of Accounting Education, 31(2), pp.107-161.
Bhasin, M.L., 2015. Contribution of Forensic Accounting to Corporate Governance: An
Exploratory Study of an Asian Country.
Bressler, L., 2014. Teaching an online accounting information systems course: Student
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Castro, G.S., 2013. Internal auditors skepticism in detecting fraud: A quantitative
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Tunisian firm performance.
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Hao, X. and Ren, P., 2014. Ten Years Accounting Informatization Research and Reviews.
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Appendix

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