Impact of Technological Innovation on Accounting

Applied Business Research

Table of Contents
Literature Review............................................................................................................................3
Prologue.......................................................................................................................................3
Advantages..................................................................................................................................6
Disadvantages..............................................................................................................................6
Reference List..................................................................................................................................8

Literature Review
Brief summary
The technological innovations has completely changed the field of accountancy and the job of an
accountant by making it easier, rapid as well as accurate. The innovation technology has resulted
in restriction of entry into the field of accountancy for many and has caused the jobs of
accountants to shrink. According to researchers, technology has impacted the result and effect on
business on the basis of swiftness, pace and accuracy. An attempt has been made by researchers
and experts for exploring the different cause and effect relationship which exists between
technology, accountancy and accounting. The following assessment emphasizes upon four
different articles related to accounting innovation prepared by different researchers.
Common Themes
Among all of the four selected article, undertaken by various researchers of the field, innovation
which has come within the field of accounting, contemporarily and discussions regarding the
same innovations from the past have been undertaken.
According to Mouritsen, Hansen and Hansen (2009), Accounting is known as the art of
classification, summarising and recording in a particular way and on the basis of procedures and
currency that are fully or partly monetary in nature, and concludes the result there of. Accounting
is also referred as a system of information which develops, converses and gauges the financial
inside story regarding an economic organisation. Progressions made within the machinery of
information has considerable helped in improving the accounting systems. Accounting is
considered to be the escalator on the conveyor belt which carries or helps an organisation in
moving ahead. The primary accounting endeavor is reflecting upon the condition of an
organisation by providing the profit and loss account and balance sheet and various other
relevant information for the ones who take the decisions of the business. The technological
revolution which is taken place always has seemed to play a positive role in making the language
of accountancy easier as well as the job of the accountants effortless. The accounting activities
are commenced for acquiring a complete appearance which that is innovative by the end of the
20th century. The complete accounting field has been changed due to technology. The
requirement for adding machineries, ledgers, pencils and calculators was eliminated due to