Impact of Technology on Accounting and Finance

Name : ________________________________________________
Student ID : ____________________________________________
Proposed Research Title:
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Client Organisation (if applicable)
Research Background
The main purpose of the research paper is to demonstrate the implementation of
technology in accounting and finance for an organization. The design for the study is based on
the literature review. The study is based on previous researches and the effect of technological
implementation in accounting and finance. The greatest impact technology has made is on the
accounting and financial system of an organization. The organization has been able to maximize
its profit by the use of updated computerized systems so that they can easily track and record all
the company’s financial transactions. The other benefits of using such computerized accounting
techniques or practices are high in functionality, increase in the speed of processing, effective
external reporting and improved accuracy.
Knowledge sharing applications and audit software are two major components for these
vital changes (Lim 2013). Use of specialized audit software and automation of audit tasks has
substituted the technology for human resources and also modified the overall structure of all the
audit professionals. It is highly relevant to use an advanced system of technology in financing
activities to attain success in the long-term. This helps in sharing the knowledge information
across various sectors of the firm. This advanced accounting practice has further made the
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organizations to influence its human resources more adequately.
Research Problem / Research Question
Accounting is the procedure that is followed by the company to measure the financial
performance of the company and segmenting all the major company’s transactions like
purchases, sales, assets and liabilities in such a way that bides by the specified accepted standard
formats. Accounting is used to determine an organization’s past, present and future prospects. In
today’s rapidly changing business environment, if accounting standards and laws are not used as
per the technology it creates major problem. The research problem is the inadequate
implementation of technology within the organization’s accounting standards. Accounting
software automates the accounting books and traditional paper ledgers. As per Moorthy et al.
(2012) the auditing software has various specializes features that can be effectively used for the
existing business operations. Large business operations can select a system-wide software
package that includes enterprise resource planning system. In the recent times, technology has
created significant benefits for both the finance and accounting departments. The technological
impact has therefore lead to reduce the lead time needed to present the financial information and
also improved the accuracy and efficiency of the accounting techniques or procedures.
Research Aim and Objectives
The major aim of the research for implementing effective technology in an organization is
to use computerized system so that the financial transactions can be easily recorded. According to
Ghasemi et al. (2011) hand-written financial systems, paper ledgers and manual spreadsheets can
all be translated into the computer system so that all the transactions can be easily presented into
financial reports. As mentioned by Cram and Gallupe (2015) this improves the functional
activities of the entire accounting department by effectively raising the timeliness of accounting
information’s. The major financial reports can also be improved with the help of latest
technological implications. Cash flow statements, market share reports and departmental profit
and loss would be more convenient by the use of technology and computerized system.
The major objectives of the research are to ascertain the benefits and advantages for the
implementation of technology in accounting system and practices. the research highlights few of
the objectives as follows:
 To improve the functionality of an organization’s financial and accounting departments.
 To improve the financial information’s timeliness so that the accountants can easily
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