Implementation of Technology in Accounting and Finance

RESEARCH PROPOSAL

ABSTRACT
Technological evolution has played a vital role in the accounting and finance industry.
There is requirement of complete and relevant information to stakeholders about working
performance to maintain loyalty and trust. In this report, there is discussion about critical review
of four articles which are related to accounting and finance. Report analyse the importance of
technology in accounts and finance. It also includes benefits of the technology in accounting and
its impact on accounting and finance industry.

Table of Contents
ABSTRACT ....................................................................................................................................2
Research background :.....................................................................................................................4
Significance :...................................................................................................................................4
Rationale :........................................................................................................................................4
Ethical considerations :....................................................................................................................5
LITERATURE REVIEW ...............................................................................................................8
RESEARCH METHODOLOGY...................................................................................................12
REFERENCES..............................................................................................................................15

Aim : “To assess impact of implementation of technology in accounting and finance department
Pitcher Partners in relation with Pitcher Partners”.
Research background :
Technology refers to the skills, techniques, methods that are used in producing goods or
to provide services to the customer's for achieving different objectives. It can also be described
as the development and use of tools and techniques. It helps to perform new things or to solve a
particular problem. Accounting and financial services that an organisation provides should be
appropriate and authentic for effective decision-making. Nowadays, due to technological
advancement, firms are able to store, recording financial data in an appropriate manner. The
present report is based on Pitcher Partners that provide specialized services to small business,
family owned business and public sector firms. The organization is a union of independent
companies. It offers various services like accounting, consulting, wealth management etc. It has
45 partners and nearly 600 professionals and support staff. The research will provide an insight
to the impact of using technology in accounting and finance department of the company.
Significance :
It refers to the quality of being important. The research study will help to determine the
impact of advancements in technology on accounting and finance. The study will help different
scholars and researchers. They will be able to get deep understanding on the advantage of using
technology in the services related with accounting and finance, value of technology for finance
and accounting department in the organisation etc. Further, the research will also help the
scholars to conduct research in similar area. It will also help researchers to save their funds, time
and other resources that are involved in conducting fresh research in the field of accounting and
finance. Moreover, the study will help other firms that are operating in Australia to understand
the role of technology in accounting and finance department. The research will also assist the
students that are studying in Universities in preparing project report on subject related with
accounting and finance.
Rationale :
The research is related with the impact of implementing new technology and tools in the
department of accounting and finance in Pitcher Partners. Technological advancements like
artificial intelligence and robotics etc. is happening in the field of accounting because these tools
help accounting and finance unit to automate repetitive tasks, reducing the cost of operations and
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also helps to improve the level of efficiency of employees. The research will throw light on the
effect of advancement in technology in organisation that are providing the services of accounting
and finance. It will also provide an insight to advantage of using advance tools and techniques in
relation with accounting and finance services. Further, the study will throw light on the role of
technology in the department of finance and accounting. It will also help researcher to identify
any type of technological default to convert them for the benefit of the company. Further, it will
also help the firm to provide authentic information regarding financial transactions that occur
during financial year.
Objectives
 To identify impact of implementing technology in functioning of accounting and finance
services.
 To develop better understanding about benefits as associated with using of technology in
respect of accounting and finance services.
 To evaluate importance of technology in accounting and finance part of business firms.
 To recommend factors which can brings improvement in technological benefits to Pitcher
Partners.
Research questions :
Question 1. What are the technological factors which can provides negative impact on working
of accounting and financial services?
Question 2. How understanding of technological advancement in context of accounting and
finance services can help Pitcher in gaining competitive advantages?
Question 3. What is importance of technology implementation in department of account and
finance?
Question 4. What are the relevant factors which can makes improvement in technological
aspects?
Ethical considerations :
It is an important part of the research in which some there are some principles related
with ethical considerations such as -
 From the point of view of ethical standards and norms, all the applicable regulations,
concepts and laws will be follow for making the research project.
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 Relevant data and information will be used from all the relevant sources like website,
books, government journals etc.
 There will be no copy paste of data and information that will be collected while
conducting the study.
 The participants of the research will not be harm in any way.
 The privacy of participants will be ensured while conducting the study.
 The level of confidentiality of data and information will be ensured while performing
research.
 There will be proper rephrasing of the
 data and information will be done before using them in research file.
 Any type of exaggeration and deception related with aim and objectives of the research
will be avoided.
 References and source of information will be assigned from the sources where
information will be collected.
 Priority will be given to the dignity of participants that will participate in research study.
 Adequate level of confidentiality and honesty will be maintained in any form of
communication in relation with the study.
 Any form of misleading data and information will be avoided by the researcher while
performing the study.
 Respondents will participate in research on the basis of informed consent.
 The use of any type of unacceptable and offensive language will be avoided by the
researcher while conducting research (Ketefian, 2015).
 High level of objectivity will be maintained by the researcher throughout the discussions
and analysis.
 Privacy, anonymity will be given high importance.
 Any type of sources of funding, affiliations etc. will be informed by the research.
 Further, participants will be given the right to withdraw at any stage of the research when
they desire.
 Acknowledgement will be provided to the work of other authors, researchers that will be
used in any part of the study with the help of referencing system.
 Moreover, the researcher will ensure anonymity of the organisation and individual.
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LITERATURE REVIEW
Literature review is the a review of scholar papers, journals and articles in order to collect
information regarding research topic. It is a secondary source of collecting information. The
literature review will provide the view points of different authors about the impact, functioning
and implementation of technology in accounting and finance services.
Theme 1: Impact of implementing technology in functioning of accounting and finance
services
According to the Bernard Marr (2019), accounting technology has made the job of
accountant little easier. Technology has increased the ability of accountant and statistical values.
Technological advancement has enhance the ability of accountant to interpret the data effectively
in a meaningful manner and take decisions. At the end to 20th century accounting profession has
changed due to computers and software. Overall it has a positive impact on the companies
because it has reduced the error and tiredness. Growth of technology has bring new opportunities
and development for accounting companies.
On the other hand AGNES ANN PEPE (2018) stated that evolution of different
techniques has made professionals to perform better and more efficiently. Technology has
benefited organisations in building relations with clients at international and national level. It has
become easier for manager to bridge the gap between international and national accounting
concepts. Technology has improved the performance of the companies and decreased the cost of
business operation. Technological advancement and data analysis has led the development to
various tools which evaluate the effectiveness and it helps in controlling the company internally.
As per the view of Maziyar Ghasemia and et.al. (2019), technology has transformed the
concept of accounting systems. Companies use computers to record all the transactions in
synchronised manner. There is a requirement of internet in order to achieve accounting concepts.
Technology has a positive impact as it helps companies in handling and analysing the data
effectively and efficiently. Due to technological evolution companies are able to use different
software like ERP system, cloud computing, supply chain management, forensic accounting etc.
However Jen Ledger (2019), highlighted that ERP system has positive as well as negative impact
on the accounting and finance firms because implementing ERP system us not sufficient but it is
essential for accounting department to have knowledge of IT, management after ERP and
financial management.
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Further Tayeh,Al-Jarrah, and Tarhin (2015) critique that information technology has
made user friendly software which is beneficial for companies to reduce problems in book
keeping. New updates, changes and information is available to make decisions more effectively.
There is a rapid growth and potential of accounting industry, companies have high opportunities
to diversify there business and accounting software to increase the productivity and profitability
of firm.
Pilbeam (2018) highlighted that accounting industry is also negatively affected by the
technological development because they have to adopt the technology, train employees to use the
software. This has increased the cost and challenges in performing their job. Companies need to
adopt technology quickly in order to sustain in the market and compete with the competitors.
Role of accountants are now challenging and diversified as they have to handle data online on
electronic source.
Theme 2: Understanding the benefits associated with using technology in respect of
accounting and finance services
Sherraden (2017) discussed that information technology has benefited the accounting and
finance industry a lot and is developing rapidly. Accounting software has made the work of
companies easier and have benefited to the company by automation, generation of all invoice,
checks, account statement and financial reports are automatically generated by the software and
on timely manner. It has reduces the manual error and has make sure the integrity and accuracy
of the data. Accounting software has reduce the time of manually recording all the transactions in
the book and then analyse it.
According to the Greenbaum,Thakor. and Boot (2015), using accounting technology has
improved the efficiency of management in decision making. Advance accounting standards
ensures stringent risk and procedures to meet the regulatory standards. By adopting the
technology companies have great opportunities to expand their business globally and take
advantage of their technological evolution. However on the other side He, and et.al. (2017) stated
that the information technology has played a vital role for the financial institution, it has helped
them in acquiring in formation on same time as their competition. It has also allowed customers
to make online transactions which create a convenience for them. It has helped them in providing
services very fast to the customers. Nowadays mobile transactions, online banking are very
popular and also they are associated with the technology.
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As per the view of Gabor.and Brooks (2017), computerised accounting has increased the
quality of work by preparing all the financial reports accurately and timely through software. It is
been noticed that it has also improved efficiency as compared to the traditional system. Software
generate results more accurately and quickly. It also provides better control over the accounting
information, there is no need to create reports manually.
Further Karadag (2015) justified that it has benefited the accountants who use technology
to prepare forensic accounting information. These reports are important for them in judicial
system that will be allowable in the court of law. It is beneficial for them to build relation with
the clients regularly and meet the demands of customers. Avgerou and Walsham (2017) stated
that accounting technology has provided various tools in order to collect data on time (through
internet image processing and communication technology). It has eliminated the hassle of paper
work. Calculations have become easier and accurate as it is done by computers that makes data
more reliable.
As per the view of Mougayar (2016), as company expands its business, the amount of
accounting also increases and become complex. Through use for technology it is easy for firm to
manage their accounts and data instead of paper work. It has also increase the speed of work as
the statements and reports are generated on one click. It is cost effective and more accurate and
efficient than paper work, work is done faster and on time. Information technology is also more
effective and safe, companies can store data on off-site locations so that it is safe from natural
disaster like earthquake, floods and fire. Computers has also given a chance to look the data from
different formats, it can be presented in the tabular as well as graphical manner.
Theme 3: Importance of technology in accounting and finance part of business firms
As per the view of Oliveira Thomas, Baptista, and Campos (2016), Technology plays an
important role in accounting and finance as it improves the productivity of organisation.
Digitalisation of all the documents is replacing the paper records. Technology has also brought
customers closer, it has made communication easy and is time saving. On the other hand Ølnes,
Ubach and Janssen (2017) stated that it is essential for companies to adopt technology fast to
sustain in the market. Account payable and invoice management are very challenging thus most
of the companies are adopting technologies to prepare and record transactions. Technology in
accounting is very important to do auditing in the company, it helps the auditor to perform their
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work quickly and in more precise manner so that there is no error. Auditor can now make digital
file and improve the efficiency of accuracy to do audit of the company.
However Pearlson, Saunders and Galletta (2016) stated that companies use specialised
accounting software which makes data accurate and authentic, it is all done by technology thus
with the help of these organisations can able to expand the area of opportunities and further
increase growth prospects. On the other hand Pinna and Ruttenberg (2016) stated that
implication of custom accounting software that further help in conducting financial activities in a
smoother manner that further help in managing company products and other related relevant
information’s.
According to the Senft, Gallegos and Davis (2016) technology provides instant access to
business information and keep it secured in the server. As accountant uses technology solutions,
the owners of the business has direct and immediate access to the information. This availability
makes it easier for the owners to analyse the financial information that is needed to operate the
daily functions of the business. Further Tidd and Bessant (2018) stated that technology software
has helped businesses in accounting & tax and have made the whole process so easy for
accounting and filing returns. Most of the accounting software incorporated with corporate tax
software's, that means data is rapidly divided in appropriate categories. The information in the
tax software will be correct, if the data feeded in the accounting software is correct.
As per Mougayar (2016) it has been analysed that there are many accountants who are
engaged in providing financial services and also they are engage in providing suggestions to their
consumers over internet. Accountants also make use of internet to provide consumers with
abundant information related to their projects. They also provide them with cloud accounting
services which makes the work easier of client. But also it has been analysed that these services
can be expensive for clients.
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RESEARCH METHODOLOGY
It can be determined as the specific procedures or techniques which are used to identify,
select, process and analyse information about a specific topic. In other words, research
methodology can be defined as a strategy or plan which is used by a researcher in order to gather
data and analyse data by using several approaches, designs, philosophies and method of research.
It is essential for the researcher to determine and execute the most relevant method of research in
order to analyse the data in the most effective manner (Kumar, 2019).
Research methods
There are majorly two types of research methods which includes qualitative and
quantitative method of research. Quantitative method helps in conducting research by
emphasizing objective measurements, and the statistical mathematical, or numerical analysis of
data which is collected through polls, questionnaire and surveys, and it may includes
manipulation of pre determined data using computational techniques. Whereas, qualitative
method of research can be defined as a scientific method of observing gathered non numerical
data, this method includes collection of data through open-ended and conversational
communication which helps in analysing actual facts and figures rather than creation of
hypothesis. In the present research, researcher will use qualitative method of research because it
provides an in-depth understanding of the ways where people come to understand, act with
managing their day to day situation in particular setting which helps in analysing impact of
technology in accounting and finance departments (Silverman, 2016).
Research Philosophy
It can be determined as a belief about the way in which data should be gathered analysed
and used. There are majorly two types of research philosophies which includes interpretivism
and positivism. Positivism research philosophy can be described as an approach to the study of
society which relies specifically upon scientific evidence like statistics and experiments, in order
to reveal true nature of how a society operates. Whereas, interpretivism is a research philosophy
which involves researchers to interpret elements of the study by integrating human interest into
study. This philosophy focuses on meaning and employs multiple methods for the purpose of
reflecting different aspects of the issue. In the present research, researcher will use interpretivism
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philosophy because it involves depth study of data can help the researcher in analysing influence
of technology in accounting and finance departments.
Research Approach
This is a plan and procedure that comprises the steps of broad assumption to the detailed
method of collection of data, analysis of data and interpretation for the gathered data. There are
mainly two types of research approaches which includes inductive and deductive approach.
Deductive approach is a theory which includes formulation of hypotheses and their subjection to
testing during the process of research, whereas inductive research is concerned with the
generation of new theory that is emerging from the data. In order to analyse importance of
technology in accounting and finance part of business, researcher will use inductive approach
because inductive approach is more concerned with realistic, accurate and concrete execution of
research. This approach will also help the researcher in guiding for future enquiries (Glesne,
2016).
Research Design
It can be defined as a framework of techniques and methods which is chosen by the
researcher in order combine various components of research in a reasonable and logical manner
for determining and analysing the outcomes of the research. There are majorly two types of
research designs which consist of descriptive and exploratory design. Exploratory research can
be defined as a research which is conducted for a problem which was not well researched before,
this helps in demanding priorities, generating operational definitions and provides a better
researched model. Descriptive design of research is a scientific method that involves observing
and describing the behaviour of the subjects without influencing them in any way. Researcher
will use descriptive design for analysing impact of implementing technology in functioning of
accounting and finance services. This method will help the researcher in analysing non qualified
topics and issues more effectively (Walliman, 2017).
Data Collection
It is one of the most essential aspect of research methodology which can be determined as
a process of obtaining, gathering and measuring information on targeted variables in a well
established system, that helps in enabling an individual to answer relevant questions and
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evaluating outcomes. There are majorly two methods of data collection which includes primary
and secondary methods. Researcher will use both the methods of data collection for gathering
data, as primary data will help in gathering data from original sources directly through surveys
and interviews. Secondary data will also help the researcher in gathering the data which is pre
determined and available through various sources. Usage of both the data will help the researcher
in analysing the data in a more effective manner.
Sampling
It is a process that is used in statistical analysis in which a predetermined number of
observations are taken from a larger population. In the present research, researcher will use
random sampling method in order to gather relevant data. Random sampling is a method of
collecting samples by randomly selecting the relevant samples for gathering the information in
order to analyse data. This method will help the researcher in eliminating sampling bias. This
method will help in achieving higher level of accuracy with less consumption of time as
compared to other methods of sampling (Flick, 2015).
Data Analysis
It is the method of evaluating the data using several analytical and statistical tools for
discovering useful information which aid in decision making of a business. It is necessary for the
researcher to determine the most effective method for data analysis in order to determine the
outcomes of the data in a more significant manner. In the present research, researcher will use
thematic method of data analysis. It is a data analysis method which is majorly used with
qualitative method of research, which focuses on identifying patterned meaning across a dataset.
This method will help the researcher in providing a flexible way of data analysis and permits
with different methodological backgrounds for engaging in such type of analysis (Glesne, 2016).
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REFERENCES
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