The Impact and Innovation of Information Technology on Modern Accounting System and Finance

This research aims to analyze the impact of information technology in modern accounting practice and finances in the context of Australia. It explores the role of IT in management control and accounting and addresses the lack of investigation in this area. The research proposal includes an introduction, literature review, and research methodology, with a focus on the innovation and impact of IT on management accounting. The research will use a mixed research approach and collect both primary and secondary data through surveys and interviews. Ethical considerations will also be taken into account.

Running head: APPLIED BUSINESS RESEARCH
The impact and innovation of information technology on modern accounting system and
finance, a case study on the Australian context

APPLIED BUSINESS RESEARCH 2
Abstract
The aim of this research is to analyse the impact of information technology in modern
accounting practice and finances in the context of Australia. This research illustrated that IT
plays significant role in management control and accounting but, in an earlier investigation, it
has not been investigates effectively.
This research study helps to overcome this issue. This research proposal contains several
elements such as introduction, literature review as well as research methodology. In the
introduction part, this research has covered the topic of investigation, aim, and objectives, and
structure of the proposal. In the second chapter, this research discussed that innovation and
information technology has significantly impact on the management accounting.
In the research design and methodology chapter, it is illustrated that a mixed research approach
would be used for collecting the theoretical and practical information regarding research issues.
This research proposal takes into consideration data collection techniques such as both primary
and secondary data collection methods. Along with this, both survey and interview technique
will be used for collecting the data. Statistical data analysis would be used to analyze the pooled
data in an effective manner. Moreover, this research discussed that ethical consideration helps to
conduct the research in an ethical manner.

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Table of Contents
Abstract...................................................................................................................................................2
Introduction to the research.........................................................................................................................4
Introduce the topic of the research...........................................................................................................4
What real problem does the research seek to resolve and why is it important to research this topic
(project scope).........................................................................................................................................4
Outline the structure of this proposal.......................................................................................................5
Introduction.........................................................................................................................................5
Literature review.................................................................................................................................5
Research methodology........................................................................................................................5
Research problem and research objectives..............................................................................................6
Theoretical Background/Literature review..................................................................................................6
Research Design and Methodology...........................................................................................................10
Type of research (exploratory, descriptive or causal)............................................................................11
Research approach (quantitative, qualitative or mixed approach)..........................................................11
Type of data will be used (primary or secondary data)..........................................................................12
Data collection.......................................................................................................................................12
Sampling...............................................................................................................................................13
Data analysis..........................................................................................................................................14
Ethical consideration.............................................................................................................................14
References.................................................................................................................................................16
Appendix...................................................................................................................................................20

APPLIED BUSINESS RESEARCH 4
Introduction to the research
Introduce the topic of the research
Accounting and reporting demonstrate the act for recording exchanges, assessing breaking down,
budgetary information, demonstration of several associations, having criticalness, specifically in
global companies. The exchanging structure related to several nations, specifically inferable
through occasions such as progression in terms of transformations in practices of administration
crosswise over several countries, the monetary as well as bookkeeping enlighting essential
practices for assuring high effectiveness (Al-Hila, et. al., 2017).
Accounting with money associated exercises, over the international has addressed the impressive
transformation regarding joining of creative enhancements in these sectors, specifically in the
spaces of trade as well as, exchange. In addition, innovation trend is considering into rehearses of
bookkeeping in portable bookkeeping, kinds of distributed computing, duty programming
projects, comparative marvels as well as, OCR advancements (Amin, and Mohamed, 2016).
What real problem does the research seek to resolve and why is it important to research
this topic (project scope)
As per the literature review related to previous and empirical investigation, it is addressed that
there is sufficient understanding regarding the effect of most current IT development in the
accounting sector. Although, IT significantly plays a vital role in management control as well as,
accounting, this association has not been investigated sufficient (Bell, Bryman, and Harley,
2018). The aim of this investigation is to emphasize particularly on the impact of IT associated
organizational transformation in management accounting activities. The researcher would seek to
develop the management accounting profession related to challenges of IT, and contribution of
body of understanding regarding to what extent IT influences the competency to solve several

APPLIED BUSINESS RESEARCH 5
accounting activities. Therefore, the researcher would try to assess the effect of IT application on
accountant activities (Breheny, and McQuaid, 2018).
Outline the structure of this proposal.
The organizational structure of the proposal would be beneficial for the researcher to develop a
feasible decision and understands the components that would be incorporated into this
investigation. These components are introduction, literature review as well as, research
methodology (Burrough, et. al., 2015). It is described as follow:
Introduction
Through the introduction chapter, an investigator would be competent for understanding some
components such as the aim and objectives of investigations, research problem, project scope,
and dissertation structure. It can lead to completing of investigation within specified time and
cost (Cleary, and Quinn, 2016).
Literature review
In this chapter, an investigator would be competent for gaining the theoretical knowledge
regarding investigation aspects. It can be significant to achieve the specified aim in minimum
time. The literature review contains several secondary sources such as journal articles, online as
well as, offline sources. It can be beneficial for gathering the theoretical information regarding
investigation concerns. These sources can be also advantageous for obtaining a positive outcome
in the context of existing issues (Dai, and Vasarhelyi, 2017).
Research methodology
In this research methodology chapter, different techniques, approaches, and strategies would be
used that helps in the completion of research issues. These techniques are research strategies,
data collection technique, sample, and research type, sampling, and data analysis techniques.

APPLIED BUSINESS RESEARCH 6
This can be significant for the accomplishment of investigating activities by choosing the
feasible technique to conduct the investigation (Divisekera, and Nguyen, 2018).
Research problem and research objectives
The key problem is face by an accountant is to maintain the consolidation as well as,
incorporation of advanced bookkeeping and monetary plans within companies over the global
business system. It could be highly significant for addressing the ramification related to such
fuses and incorporation in elements of bookkeeping rehearses. It is also significant in diverse
innovative aspects for implementing the bookkeeping rehearses of several business associations.
It is specifically considered under business spaces that are prominent and highly innovative in
financially dynamic nations, and the Australia (Ghaffarianhoseini, et. al., 2017).
Research Aim and Objectives:
This investigation addressed effect of information technology in modern accounting practices as
well as, finance. The high impact that it made is to develop as well as, practicing computerized
system record along with, tracking the financial transaction. This investigation is attempted to
research the way through which, obstacle initiate would be eliminated. This research is
predicting the future implication of innovative application in rehearses of accounting in the
business condition of Australia.
Theoretical Background/Literature review
According to Otleyand Emmanuel (2013), IT (information technology) has significant role in
each perspective of our lives. It has performed same with finance as well as, accounting. But, in
current times, accounting is just entailed as a mere procedure for recording as well as, assessing
the financial transactions together with, summarizing them.

APPLIED BUSINESS RESEARCH 7
In contrast to this, Taipaleenmäki and Ikäheimo (2013) evaluated that evolution of accounting
and finance, as well as, information technology have increased rather modified strategy by
which, all processing could be prohibited. As per Clarke Seng and Whiting (2011), with respect
to dynamic nation such as in Australia, technology can have higher impact on the operation of a
business. Since, accounting and finance involve high changes as well as, flow of significant
financial facts; IT could make sure that the data arrives safely exclusive of any security breaches.
They have identified the ways for implementing electronic bookkeeping for accountants in
Australia because it avoids their efforts such as calculations and understanding of numbers.
In opposed to this, Ali and Green (2010) evaluated that IT is highly recognized between
companies because it declines the difficulties of a manual process. It is also significant for
training people regarding information technology hence they can obtain better aspect of using the
same. There would be also possibilities of declining errors and increasing efficiency.
As per the view of Ghaffarianhoseini et al. (2017), computerization not only offers security but
also, provides reliability, makes sure clarity as well as, that work would be performed in
specified time. It is also stated that the information technology has made easy to bookkeeping
process that can now be performed very suitably rather than manual accounting. The effects of
modern information technologies in corporations are manifested as well as, broad in different
manners. The recent development is made in accounting and finance fields by using the Internet,
Intranet, and ERP system in company technology. Some of these technologies aspects with
widespread practice, particularly internet have transformed the way that the company works as
well as, accounting business.
In contrast to this, Hodge (2018) stated that the constantly increasing as well as transforming
field has significant impact on role of managers at all level of companies. In current times,

APPLIED BUSINESS RESEARCH 8
investigation within the information system and management accounting are coming active to
start with integrated information systems like enterprise resource planning (ERP) systems. In
such a way, information management is originated as a common brief name in context of
management of the use of IT at the workplace.
In the view of Huang et al. (2017), the rapid development in IT demonstrates both an opportunity
as well as, potential risk related to accountants. By eliminating the potential risk related to
accountants can practice the new IT for improving his role at the workplace. Earlier to 1960s, the
accountant was observed like bookkeeper whose initial accountability is to make sure that the
record was maintained. The accountant makes the struggle for battle in against the record failure.
During the period of the 1960s, the accountant was competent to make respond towards the
request of manager for reports related to business practices. Computers offer more efficient mean
to keep the books as well as, providing quick access to an accountant about the financial data for
reporting intentions.
As per the view of Jia Guo and Barnes (2017), presently, the manner where accounts can
significantly add value regarding societies as well as, economic entities are undergoing the
transformation. Several conventional accounting tasks deal with processing as well as,
recording related to accounting transaction could be consistently computerized. Therefore, the
accountant can consider incremental worth to the company in this regard any longer. The
company should offer independent assurance as well as, integrating strategic understanding in
spite of accountant’s value is now revealing in higher-order critical thinking competencies like
creating e-business models, designing business procedure, integrating strategic understanding as
well as, offering independent assurance.

APPLIED BUSINESS RESEARCH 9
On the contrary, Lewis et al (2017) stated that conventionally, investigation in information
system has emphasized on the study of data processing, on development of the new system, on
the security of computer system, leaving for investigating the association among accounting as
well as, IT. In some studies, it is found that relationship is covered for a short time because of
taking into consideration of outdated techniques.
As per the view of Marra Antonelli and Pozzi (2017), investigation on management accounting
as well as, integrated information system has evolved different lines of investigation. The certain
area has large prominence towards management accounting ways, whereas others lay emphasis
on information systems ways. However, in order to comprehend emergent technologies and
antedate the impact on accounting, one needs to apprehend the impact of the recently updated
technologies.
In opposed to this, O’Neill Sohal and Teng (2016) stated that a novel or latest communication
and information technology depict a development direction and a relevant element in a structured
information system that is presented through computerized data. The information sharing
possibilities between individuals can be directed towards the informal cognitive network for
example electronic discussion board that would be able to strengthen relations with other
economic associates, which would include the exchange of knowledge and ideas among the
associates.
According to Otley (2016), this system is the one that utilizes some of the specialized machines
known as computers and calculators in order to collect the data. It is said to be electronic data
processing in technical terms. The accounting system is the system at which the computers are
based on which are responsible to process the data similar to the way as of manual system.

APPLIED BUSINESS RESEARCH 10
Initially, the transactions are recorded traditionally on the sourced document and those
documents are integrated with the punch cards that are readable by the computers.
In opposed to this, Joshi et al. (2013) stated that the computers are responsible for the
information processing and performing other routine tasks like posting journals to ledger
accounts, calculating and presenting the balances, and lastly presenting the financial statement.
An accounting system conducted computerized are done free online Merriam that permits the
users to input the transactions in the system after all necessary updates regarding the accounts are
completed.
As per the view of Belfo and Trigo (2013), nevertheless, electronic data appears to remain to
agonize as of its theoretical and synthetic character and after the superior trust, frequently
credited to fewer impersonal communications. Moreover, it would not be reliable and realistic to
believe that the information system would be able to supply the relevant decision-making and
efficient information every time. The decision maker along with the required information needs
to be known and available in advance whenever such kind of prediction is to make which could
not be possible when surrounded by complex problem-solving. However, this signifies valuable
support in the exploration for managing of information desirable surrounded by process of
decision-making
Research Design and Methodology
Under this investigation, research methodology is a significant aspect in order to select different
techniques as well as, strategies for completing the research. Under such research methodology
chapter, several strategies are used by investigators like research type, research approach, data
collection techniques, data analysis tool, and ethical consideration (Fanning and Centers, 2016).
It is discussed as follow:

APPLIED BUSINESS RESEARCH 11
Type of research (exploratory, descriptive or causal)
There are different kinds of investigation such as explanatory, exploratory as well as, descriptive
research that can be practiced by an investigator for identifying the investigation issues in a
significant way. In this way, the descriptive investigation is research that is depended on
describing the research topic by providing depth knowledge about research issue. Moreover, the
exploratory research is related to the investigation of primary research that can be performed
through investigator by developing a hypothesis in this research. In contrast to this, explanatory
research is defined as the research, which addresses the causes as well as, effects of the
relationship among some variables that are related to the investigation (Liyan, 2013).
In this investigation, descriptive research type is used by a researcher that will facilitate the
investigator for illustrating regarding the impact and innovation of information technology on
modern accounting system and finance, a case study on the Australian context. Moreover, this
research type will be significant to collect the views as well as, belief of research participants
about research issues. In opposed to this, an investigator will not implement the exploratory
research type as a research issue is not new as well as, fresh for research. Moreover, research will
not apply the explanatory investigation because of a lack of cause and effect relationship (Otley,
and Emmanuel, 2013).
Research approach (quantitative, qualitative or mixed approach)
The mix research approach will be applied through researcher in the context of attaining the aims
of this investigation. Since, this research approach emphasizes on benefits as well as drawbacks
of using both qualitative and quantitative research approach. In such a manner, a qualitative
research approach will help to obtain the non-numerical information associated with research

APPLIED BUSINESS RESEARCH 12
issues. Apart from that, the quantitative research approach will be executed by an investigator to
assess the responses captured through research respondents (Pan, and Seow, 2016).
Type of data will be used (primary or secondary data)
The data gathering technique could be a significant concept for the research methodology
chapter as it would aid to improve the reliability of the research result. It also aids to attain aim
as well as, objectives of research in a significant manner. The researcher can pool the facts as
well as, figures by using both primary and secondary data collection techniques. With the
intention of this investigation, both primary as well as, secondary data collection method would
be practiced in this investigation. In such a way, the researcher can avoid the obstacles of
secondary and primary data collection method (Sajady, Dastgir, and Nejad, 2012). Along with
this, primary data would be gathered through interview and survey through a questionnaire. This
method helps to gather fresh and innovative information regarding research concern. This
technique will support to capture views as well as, opinion of participants with regards to
existing research issue. Moreover, secondary data would be collected via different sources like
articles, academic publications, journals, government report, and textbooks (Soudani, 2012).
Data collection
In research methodology chapter, data collection plays a significant role because it makes
competent to investigator for meeting the aim of research issue. Different techniques are
considered in data gathering such as literature review method, case study, focus group, as well
as, interview and survey through a questionnaire (Pan, and Seow, 2016).
In this investigation, both interview as well as, survey through questionnaire technique will be
executed by researcher to pool the perception as well as, belief of research candidates regarding
the research issues. It is also assessed that conceptual information associated with research issue

APPLIED BUSINESS RESEARCH 13
can be gathered via applying the literature review technique. This technique can be essential for
supporting the primary data. Thus, it would aid to enhance the reliability and validity of research
results (Belfo, and Trigo, 2013).
Sampling
Sampling is a technique that could be practiced for selecting the respondents on basis of a
particular requirement. It is stated that the sampling is method is effective for dealing with the
large population. There are two kinds of different method that considered by participants to
collect a suitable sample size. It could lead to getting a favorable result. These methods were
known as the probability as well as, non-probability sampling tool. For conducting this study, an
investigator has considered both probability as well as non-probability sampling tool to conduct
this study in an appropriate manner (Fanning, and Centers, 2016).
The probability sampling tool could be practiced to collect samples on a random basis and get a
favorable outcome. The random sampling tool is effective in collecting without biased
information in available resources. It is stated that non-probability sampling tool with convincing
sampling method is also practiced by researcher to conduct this investigation (Joshi, et. al.,
2013).
In this investigation, researcher has selected interview as well as a survey through questionnaire
method to conduct this study. It is stated that both open-ended and closes ended interview
methods will be considered by researcher to conduct study as well as, make a favorable decision.
It is also evaluated that the researcher has conducted this study on 150 bookkeeping experts
associated with various business associations in Australia. Through this method, researcher will
be capable to perform this study in an effective way and make a decision effectively. This
method could enable investigator to obtain a consistent outcome. The research candidates could

APPLIED BUSINESS RESEARCH 14
collect the opinion and vies of participants in terms of research matter. This tool will also assist
to make the decision in favor of research matter because of selecting the experts of this
bookkeeping (Liyan, 2013).
Data analysis
Data analysis is a significant element in research methodology because it provides the reliable
and valid investigations. There is some software that could be used in data analysis like Excel,
and SPPS that can be implemented for analyzing the collected data by the researcher. Under data
analysis, the researcher can apply some techniques for assessing the gathered information like
content assessment, thematic analysis as well as, statistical technique (Otley, and Emmanuel,
2013).
After pooling data, an investigator would apply statistical data analyzing tool to evaluate the
pooled data as well as, construe it in an efficient way. Under this research, a researcher will
utilize MS-excel software in this investigation to depict the data via pie-charts, column diagram,
as well as, bar charts. Thus, it would make competent the reader to create their comprehensive
knowledge about the investigation concerns (Soudani, 2012).
Ethical consideration
During completion of research, a researcher can face several ethical dilemmas. It can directly
influence the validity as well as, the efficiency of investigation in an unfavorable way. Authentic
data as well as, resources can be evaluated by the investigator for avoiding the ethical concerns
with regards to plagiarism. Moreover, the researcher will take into consideration of their own
words in terms of writing this investigation with depth understanding regarding research issues
(Pan, and Seow, 2016).

APPLIED BUSINESS RESEARCH 15
In contrast to this, the researcher will facilitate the bibliography section at the end of research as
well as, consider in-text citation after each paragraph in order to avoid the concern associated
with copyright. Moreover, the researcher will keep confidentiality of data record related to
participants. This would be beneficial for eliminating the ethical concern from primary data
gathering. Moreover, the researcher will not share the personal data about respondents to others
to develop their trust in them throughout the investigation (Sajady, Dastgir, and Nejad, 2012).

APPLIED BUSINESS RESEARCH 16
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the Dimensions of IT Governance in Improving e-training-Case Study of the Ministry of
Telecommunications and Information Technology in Gaza Governorates. International Journal
of Engineering and Information Systems (IJEAIS), 1(7), pp.194-219.
Ali, S. and Green, P. 2010. Effective information technology (IT) governance mechanisms: An
IT outsourcing perspective. Information Systems Frontiers, 14(2), pp.179-193.
Amin, H.M. and Mohamed, E.K., 2016. Auditors’ perceptions of the impact of continuous
auditing on the quality of the Internet reported financial information in Egypt. Managerial
Auditing Journal, 31(1), pp.111-132.
Belfo, F. and Trigo, A., 2013. Accounting information systems: Tradition and future directions.
Procedia Technology, 9, pp.536-546.
Bell, E., Bryman, A. and Harley, B., 2018. Business research methods. Oxford university press.
Breheny, M.J. and McQuaid, R., 2018. The development of high technology industries: an
international survey. Routledge.
Burrough, P.A., McDonnell, R., McDonnell, R.A. and Lloyd, C.D., 2015. Principles of
geographical information systems. Oxford university press.
Clarke, M., Seng, D. and Whiting, R.H., 2011. Intellectual capital and firm performance in
Australia. Journal of Intellectual Capital, 12(4), pp.505-530.
Cleary, P. and Quinn, M., 2016. Intellectual capital and business performance: An exploratory
study of the impact of cloud-based accounting and finance infrastructure. Journal of Intellectual
Capital, 17(2), pp.255-278.

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Dai, J. and Vasarhelyi, M.A., 2017. Toward blockchain-based accounting and assurance. Journal
of Information Systems, 31(3), pp.5-21.
Divisekera, S. and Nguyen, V.K., 2018. Determinants of innovation in tourism evidence from
Australia. Tourism Management, 67, pp.157-167.
Fanning, K. and Centers, D.P., 2016. Blockchain and its coming impact on financial services.
Journal of Corporate Accounting & Finance, 27(5), pp.53-57.
Ghaffarianhoseini, A., Tookey, J., Ghaffarianhoseini, A., Naismith, N., Azhar, S., Efimova, O.
and Raahemifar, K., 2017. Building Information Modelling (BIM) uptake: Clear benefits,
understanding its implementation, risks, and challenges. Renewable and Sustainable Energy
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Joshi, M., Cahill, D., Sidhu, J., and Kansal, M., 2013. Intellectual capital and financial
performance: an evaluation of the Australian financial sector. Journal of intellectual capital,
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a global guide to designing greener goods. Routledge.

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Linnenluecke, M.K., Chen, X., Ling, X., Smith, T. and Zhu, Y., 2016. Emerging trends in Asia-
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on firms׳ financial performance–An Australian study. International Journal of Production
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Springer.
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Appendix
Application for Ethics Approval
Student Details
Name :
Student Number :
Email :
Subject (Code/Name) :
Supervisor Details
Name :
Email :
Proposed Research Details :
Topic: The impact and innovation of information technology on modern accounting system
and finance, a case study on Australian context
Summary of the proposed research project, including brief description of methodology
(bullet points where applicable)
 The main aim of this investigation is to analyze impact and innovation of
information technology on modern accounting system and finance, a case study on

APPLIED BUSINESS RESEARCH 21
Australian context
 Descriptive research type is used by researcher.
 Mix research approach will be applied.
 Primary data would be gathered through interview and survey through questionnaire.
 Secondary data would be gathered through different sources such as articles,
academic publications, journals, government report, and textbooks.
 Both interview and survey through questionnaire technique will be executed by
researcher to pool the perception as well as, belief of research candidates
 Both open ended and closes ended interview methods will be considered.
 The researcher has conducted this study on 150 bookkeeping experts related with
various business associations in Australia.
Ethics Checlist (Participants)
How do you propose to select your participants ?
 Both non-probability and probability sampling technique would be practiced for
selecting the participants from high amount of respondents
 Probability sampling tool would be utilized by researcher to conduct the
investigation.
 Non-probability sampling technique will be applied to choose the sample in a
systematic manner.
Will your research involve adults who might be identified by you or anyone else reading
the research ? (Yes/No). If yes, how will you obtain their consent ?
No

APPLIED BUSINESS RESEARCH 22
Does our research involve children under eighteen years old ? (Yes/No)
No
Ethics Checlist (Participants)
Will your research take place in an institution ? (Yes/No)
No
Are in a position of power over participants ? (Yes/No), if yes, describe any ethical
implication an dhow you deal with them
No
Describe any risk or harm to participants which might be associated with yoru research and
how would you propose to minimese these risks
a. Random sampling will be used to choose the sample as it would help to decline the biases
from research.
b. After getting approval from participants, researcher would conduct the interview and
survey.
c. Secondary data would be gathered through different sources such as articles, academic
publications, journals, government report, and textbooks in order to obtain authentic
information.
d. Without any biasness, data would be recorded in research.
Privacy and Confidentiality
How will you protect the confidentiality and privacy of your participants ?
 The data protection act 1988 would be considered by an investigator.
 Before completion of investigation, researcher would not share personal data to

APPLIED BUSINESS RESEARCH 23
anyone.
 Researcher will not pressurize to participants to share their personal data.
 Before gathering the data, an investigator would take permission from managers.
Will it be possible to identify participants from published data ? (Yes/No), if yes, is there
any ethical issue which may arise from such identification.
No
Data Collection and Storage
Who will have access to the data?
 To arrive at the valid conclusion, both primary and secondary data collection method
would be used in this research.
 Primary data would be gathered through interview and survey through questionnaire
in order to obtain the valid conclusion.
How will you store the data in order to ensure its security
All interpretation and analysis will be published without any personal biasness as it would
lead to keep the genuineness and quality of research.
Note : Ethics Approval Form is not counted toward the word count of the assessment,
only fill in this form if applicable. Include this form as appendices.