Innovation in Accounting and Its Impact on Business

This research aims to understand the impact of technological innovation on accounting and business, explore different aspects of technological innovations in the field of accounting, gauge the impact of technological innovations, and assess the future role of innovation and technology in the field of accounting and business. The research questions include the real change in accounting due to innovation, the kind of changes that impacted accounting and business the most, the threat of emerging technology to the professions of accountants, the technologies that will impact the future of accounting and business, and the technological improvements required for the benefit of business. The literature review includes articles on technological innovation, accounting, business, cloud-based accounting, complete integration, block chain technology, digital currency, artificial intelligence, OCR technology, social media, mobile accounting, and information technology.

Name : ________________________________________________
Student ID : ____________________________________________
Proposed Research Title:
_____________________Innovation in accounting and its impact to
business___________________________________________________________________
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Client Organisation (if applicable)
Research Background:
All the revolution surrounding the arena of accounting has in terms of technology has played a
crucial job in making the work of the accountants far easier. Technology has changed the curse of
accounting in it’s entirely. Technological presence in the work of accounting has made the work
of the accountants far more reliable and less prone to errors. In the last two decades, there has
been a spur in the growth of computer and its related technologies especially in the arena of
business organisations. The business orgasnitions have started delegating the daily repetative
tasks to the technological advancments and have started leaving the tasks requiring creatibity and
decisoin making to its employees. This trend has continued in accounting too and has caused
changes in the company’s internal policies. Technological advancements have now become the
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need of the hour. Today hardly companies could stay competitive in this cut throat competitive
market scenario, by excluding the use of technology. Adoption of technological advancemnts
have become imperative in the success of today’s business organisations. With the increased
competion in the market, there has been a large scale requriement and demand for technological
innovation in the business world. This has compelled the need for assessing the impact of
innovation upon accounting and business.
Research Problem / Research Question
 Has there been any real change in accounting because of innovation?
 What kind of changes has impacted the most in accounting and business?
 Does emerging technology emerge a threat to the professions of accountants in the future?
 Which tecnologies will most impact the furture of accounting and business in the future?
 What technological improvement is required in the future for the benefit of the business?
Research Aim and Objectives:
The aims of this research are as follows:
 To understand the innovation and technological impact on Accounting and business.
 To explore different aspects of technological innovations in the field of Accounting.
 To gauge the impact of technological innovations in the field of Accounting.
 To assess the future role of innovation and technology in the field of Accounting and
business.
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Keywords for Literature Review:
Technological innovation, Accounting, Business, and Cloud- based Accounting, Complete
Integration, Block Chain Technology, Digital Currency, Artificial Intelligence, OCR Technology,
Social Media, Mobile Accounting, information technology.
Publication details of relevant articles for literature review:
 Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation:
state-of-the-art and steps towards a research agenda. Journal of Cleaner production, 45,
pp.9-19.(Link- https://www.sciencedirect.com/science/article/pii/S0959652612003459
https://www.sciencedirect.com/science/article/pii/S092347481400054X)
 Edwards, J.R. and Coombs, H., 2013. Accounting Innovation (RLE Accounting):
Municipal Corporations 1835-1935. Routledge.
(Link-https://www.taylorfrancis.com/books/9781134677344)
 Bucherer, E., Eisert, U. and Gassmann, O., 2012. Towards systematic business model
innovation: lessons from product innovation management. Creativity and innovation
management, 21(2), pp.183-198.
(Link-https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8691.2012.00637.x)
 Zwirtes, A. and Tiago Wickstrom Alves, T. (2014). The Impacts Of Technological
Innovation On Accounting Firms In Rio Grande Do Sul: Factor Analysis. [online]
Repec.org.br. Available at:
http://www.repec.org.br/index.php/repec/article/viewFile/936/843 [Accessed 25 Jul.
2018]. (Link- http://www.repec.org.br/index.php/repec/article/viewFile/936/843)
 Spathis, C. and Ananiadis, J., 2005. Assessing the benefits of using an enterprise system
in accounting information and management. Journal of Enterprise Information
Management, 18(2), pp.195-210. (Link-
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https://www.semanticscholar.org/paper/Accounting-benefits-and-satisfaction-in-an-ERP-
Kanellou-Spathis/aa66c04151036cabbff4452be3c655adb0277e51).
 Loughran, T. and McDonald, B., 2016. Textual analysis in accounting and finance: A
survey. Journal of Accounting Research, 54(4), pp.1187-1230.
 (Link- https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-679X.12123)
 Özdemir, S. and Elitaş, C., 2015. The Risks of Cloud Computing in Accounting Field and
the Solution Offers: The Case of Turkey. (Link-
http://acikerisim.pau.edu.tr/xmlui/handle/11499/265)
Data Collection Plan:
Data collection is one of the most important aspects of any research plan. It helps in
collection of various kinds of data, which would eventually help in assessing the different aspects
of the concerned research topic. In the following case of innovation in accounting and its impact
on business, some of the following steps would be taken regarding the procedure of collecting
useful information for successfully conducting the proposal. First for collecting the data, a
systematic questionnaire would be prepared, containing the different aspects of the objectives and
aims of the topic. This questionnaire would be divided into two portions, where in the first part
would include questions related to the structural data of the different technologies which would
be used and are used by the different business organisations. The second part required
information about the future prospects of the use of innovative technologies in the business
organisations. The accountants would be required to answer these questions. This will help in
having an accurate amount of idea regarding the various aspects of innovation and technology in
Accounting and its subsequent impact on business. Specifically an e-mail would be sent to the all
the accounting professional for conducting these kind of questionnaires. These would help in
conducting the surveys in a more efficient manner.
Ethical Consideration:
Innovation and technology is one of the greatest boon, which has ever occurred in the world
of accounting and business. However, there are repurcussions and significant amount of impact
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regarding the adoption and the use of inovation and technology in businesses. This exerts a
crucial impact on the overall working ckimate in any organistion. One of the most important and
common impact, which the adoption and use of technology has on the workers and the employers
of the company is the fear of getting replaced by machines on a long term basis. The employers
would continue to work in the fear of getting replaced by machines and this fear adversly impacts
their long term performance in the business. Another important impacct would be the blatant
violation of the privacy of the employees. It has been researched and seen that the advancement
of technology in the arena of business, would lead to a compromise of the privacy of the
individuals. The use of technology could be dangerous for the individuals and the employees of
the business as it has been seen that their tastes, preferences and habits could easily be carved out
from their search history. This could have serious implications on their future prospects and it
could also endanger their stay in the company.
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