Advantages of Technology in Accounting Industry

This research paper explains the impact of accounting technology on accounting processes and the quality of accounting information systems. It evaluates the advantages and disadvantages of accounting software in the accounting industry and analyzes the use of technologically advanced accounting software in Wesfarmers. The paper also presents solutions to enhance business productivity and efficiency.

Running head: ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
Technology and Accounting Software Been Beneficial in Accounting Industry and Accountant
Name of the University:
Name of the Student:
Authors Note:

1ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
Executive Summary
Over the past few years technology has changed the accounting industry in an exponential rate.
This has imposed a drastic impact on the way in which the individuals work within the
organization and the ways they manage the distinct aspects of the business operations. Focused
on this situation, the current research is focused on explaining the impact of accounting
technology on accounting processes and as a consequence on the quality of accounting
information systems. The first section of the paper is to introduce the research topic along with
offering detailed overview of the selected company in this report. This section will also explain
the research problem and likely solutions that are to be proposed in this research. The second
section of this paper will explain the literature review on the selected study subject. Quantitative
research approach will be used in analyzing the positive and negative impacts of advanced
technology based accounting software use within Wesfarmers. This research approach is selected
for the reason that it facilitates in reliable analysis of the collected data in providing suitable
research findings

2ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
Table of Contents
1. Introduction of Research..................................................................................................4
1.1. Research Topic Introduction.....................................................................................4
1.2. Overview of the Company........................................................................................4
1.3. Research Problem and Probable Solutions...............................................................5
1.4. Report Structure........................................................................................................5
2. Research Problem and Objectives...................................................................................6
3. Literature Review............................................................................................................7
3.1. Impacts of Technology in Australian Accounting Industry.....................................7
3.2. Use of Technologically Advanced Accounting Software in Australian Accounting
Industry........................................................................................................................................8
3.3. Managerial Implications of Using the Accounting Software in Wesfarmers...........9
4. Research Methodology and Design...............................................................................12
4.1. Type of Research....................................................................................................12
4.2. Justification of Research Approach........................................................................12
4.3. Data Type Used......................................................................................................13
4.4. Collection of Data...................................................................................................13
4.5. Sampling Method and Size.....................................................................................13
4.6. Data Analysis Method............................................................................................14
4.7. Ethical Considerations............................................................................................14

3ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
References..........................................................................................................................16
Appendix............................................................................................................................19

4ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
1. Introduction of Research
1.1. Research Topic Introduction
Over the past few years technology has changed the accounting industry in an
exponential rate. This has imposed a drastic impact on the way in which the individuals work
within the organization and the ways they manage the distinct aspects of the business operations.
Accounting information system has increased importance in developing quality accounting
information for a broad range of users (Taleb, Gibson and Hovey 2015). Focused on this
situation, the current research is focused on explaining the impact of accounting technology on
accounting processes and as a consequence on the quality of accounting information systems.
The paper will also evaluate the basic advantages and disadvantages related with the newly
established accounting technologies that have impacted the performance or sustainability of
accountants within the selected organization that is Wesfarmers.
1.2. Overview of the Company
The organization that is selected for analyzing the advantages of accounting software
technology within the accounting industry is the Wesfarmers Company. Through the selection of
this organization it will be simpler to understand the ways in which the accounting software use
within the company can pose threats for the company’s accountants and entrepreneurs
(Vasarhelyi, Alles and Kogan 2018). As observed from the annual report of Wesfarmers
Company, it is observed that the company is involved within business operations like
supermarkets, convenience stores, hotels, liquor, office supplies, home implement and business
divisions within energy and safety goods. The company is positioned as one of the major retail

5ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
companies in Australia that considers using technologically advanced accounting software for its
business activities.
1.3. Research Problem and Probable Solutions
In the current global business environment certain issues has been observed in the current
business environment advanced technologies are being implemented that is posing several
implications as well as threat for the accountants. It has been observed that accounting software
affect the accountants and the entrepreneurs in regard to the data leakage (Warren Jr, Moffitt,
and Byrnes 2015). The accounting software used within the accounting software that is
withholding it within the companies and the job of accountants are taken away in the near future
because of technological replacement. Another issue is present regarding the trustworthiness of
the accounting software by the accountants or entrepreneurs. Issues are also present regarding the
fact that few accounting software can be costly to implement. Considering the same, several
solutions regarding effective use of accounting software will be presented in this paper to
enhance business productivity in efficient and timely manner (Zeff 2016).
1.4. Report Structure
The first section of the paper is to introduce the research topic along with offering
detailed overview of the selected company in this report. This section will also explain the
research problem and likely solutions that are to be proposed in this research. The second section
of this paper will explain the literature review on the selected study subject. This section will
analyze the previous research available regarding the benefits attained by Australian companies
after using suitable accounting software. The third section of the research will explain the
research methodology that will be used in this research. This section will explain the research

6ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
type, approach, data type used, data collection, sampling and sample size, data analysis technique
and ethical considerations for the current research.
2. Research Problem and Objectives
In the current global business environment certain issues has been observed in the current
business environment advanced technologies are being implemented that is posing several
implications as well as threat for the accountants. It has been observed that accounting software
affect the accountants and the entrepreneurs in regard to the data leakage. The accounting
software used within the accounting software that is withholding it within the companies and the
job of accountants are taken away in the near future because of technological replacement.
Another issue is present regarding the trustworthiness of the accounting software by the
accountants or entrepreneurs. Issues are also present regarding the fact that few accounting
software can be costly to implement. Considering the same, in order to address the identified
research problem the following objectives are set:
 To analyze several drawbacks of accounting software that might indirectly or directly
affect the accountants and entrepreneurs
 To evaluate whether the accounting software establishment can affect the job
opportunities of accountants in future
 To evaluate whether the accounting software can be totally valid for use for the
accountants in consideration to data leakage along with other disadvantages associated
with accounting technology
 To evaluate whether the accounting software and related technology has supported in
enhancing the accuracy and productivity of the business

7ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
 To analyses whether the accounting software are highly cost to be established within the
small business companies
3. Literature Review
3.1. Impacts of Technology in Australian Accounting Industry
Alles, Kogan and Vasarhelyi (2018) stated that the increasing use of technology within
accounting was attained that leaves a permanent impact on the Australian accounting industry.
The previous research has explained five ways in which technology has transformed the
accounting industry over the past few years that are explained below:
 Specialised accounting software: Alles, Kogan and Vasarhelyi (2018) elucidated that
there has been emergence of highly efficient proficient tools along with specialised
accounting software which facilitates faster input as well as data computation. It is also
vital to be specific in the computations at the time of carrying out accounting operations
in decreasing issues related with tax penalties. Accounting software has turned highly
traditional of white collar industries within dynamic profession that has decreased that
further enhanced productivity of the companies.
 Cloud based systems: Bennett and James (2017) explained that several accounting
companies in Australia are employing the cloud based accounting systems in order to
streamline al their accounting information. Attaining records in a digital structure and
within a comprehensive system indicates that the accounting will be highly capable to
manage as well as retrieve files as per the need. Employing simple cloud based
accounting systems can decrease the file maintaining expenses.

8ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
 Mobile accounting: As individual are turning out to be highly dependent on mobile
devices several mobile applications are introduced for managing companies accounting
functions. This can facilitate the organizations in sending invoices, adding receipts along
with generating expense claims. Bhasin (2015) stated that mobile devices has increased
connectivity among accounting organizations that has developed better relationships
among consumers and its accountants.
3.2. Use of Technologically Advanced Accounting Software in Australian Accounting
Industry
According to Cleary and Quinn (2016) technology has impacted numerous accounting
organizations in Australia in their everyday financial recording. However, it is also evidenced
that every accounting software or technology needs manpower for better functioning or
operation. In case the data or information sent by the employees are not complete or reliable
them misconception regarding the report generated through technology will take place. Coyne,
J.G., Coyne and Walker (2016) also stated that the accounting software needs customization to
fit within the business needs and it is important for the organizations to train its employees for
better software use that involves huge time and cost and also conditions of economic and
technological realities have reflected limitations in accounting technology. Flick (2015) indicated
that the interactive and cognitive abilities are promoted by workforce involvement within the
organization as well as computer technologies. The researcher has also believed that
communication abilities, literacy along with the self planning abilities are significant for
employees to deal with advanced accounting technology, numerical as well as problem solving
skills. In contrast, Guthrie and Parker (2016) stated that technology requires manual control of
the employees and for better accounting technology use certain better employee skills are needed

9ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
in order to gather effective and relevant data. It is also evidenced by these researchers that
increasing academic skills and experience is needed for the technologies for working in a better
way in the organization. For this reason, it can be indicated that technological advancement
within the accounting industry ahs only supported accounts to an extent.
Hopper and Bui (2016) elaborated that the accounting system is impacted greatly by the
organization technology as the companies are being highly complex as well as competitive with
respect to international extension and company structure that are obliged to deal with large
information volume. Humphries (2017) also stated that technology turned out to be a great help
for the company’s accountants in being capable of faster and effective decision making relied on
real time information. These researchers have also made increased attempts in clarifying the
technology impacts in the accounting industry. It has also been evidenced that computerized
systems have supported several Australian organizations in tracking, evaluating as well as
recording financial transactions that has huge impact on the company facilitated by
technologically advanced software used within accounting industry. Janvrin and Watson (2017)
elucidated that advanced accounting technology has also facilitated the management
considerably in making effective decisions. In addition, enhanced accuracy, fast processing,
better functionality and superior external reporting are the advantages related with accounting
technology.
3.3. Managerial Implications of Using the Accounting Software in Wesfarmers
The literature explained in above sections explained that the technology has impacted
several manners of accounting procedures and also elaborates several drastic impacts of
technology within the business as well as accountant jobs in Wesfarmers. Jasinski, Meredith and
Kirwan (2015) stated that accounting technology offered a drastic support to the accountants and

10ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
supported the companies and businesses to operate in time effective and better way. Conversely,
accounting technology is also deemed to affect the future generations accounting job as
technology has the chance to replace the accountant job of individuals. Kogan, Sudit and
Vasarhelyi (2018) evidenced that accounting technology has also resulted in the businesses to
develop misconception as technology is completely relied on employees for their functioning.
Considering same, in case range data entered within the system develops numerous errors as this
can result in the businesses to operate with misconceptions. Ledford and Gast (2018) indicated
that technology also has concerns related with security and adaptability to its new users for the
reason that technology might be different from one company to another. In this situation the
company’s employees might find it complex to adhere with different accounting software and
technology. These researchers also explained that the accounting technology can encompass
several cost as well as time consumption to the organization as it requires to train its employees
in using the technology in better manner and effectively. Lewis (2015) added that this is because
accounting technology itself also encompasses cost at the time of purchase. For this reason,
technology needs to be supportive to the accountants as well as the companies only to a certain
extent. Moreover, the limitations of accounting technology use can be effectively gathered at the
time such accounting software technology is highly useful to accountants in order to enhance the
business productivity and can be able to conduct accounting process accurately, effectively as
well as efficiently. Fast processing, increasing functionality as well as superior financial
reporting quality serves as other advantages of accounting technology.
Mackey and Gass (2015) stated that several huge and small organizations are these days
supported with the technology in order to manage their operations or accounts. These researchers
also indicated that accounting technology serves as a vital factor for any organization for the

11ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
reason that it can improve the accounting process speed, the change flexibility when desired as
well as safety of the information at the time of storing. Malmi (2016) indicated that the
technological advancements within the accounting sector are dramatically transformed by means
of technology as the computers and the relevant technology that has considerably enhanced the
productivity. This has been possible as numerous accounting technologies has considerably
increased the productivity of the organization through rapid exchange information, research as
well as faster collecting of financial information. In contrast, Panneerselvam (2014) stated that
conducting business activities associated with the accounting activities has been transformed
because of the reason of technological advancements. Growth within the technological area ages
attained reforms within economic, financial, social and culture areas. This information era has
attained a drastic changes within the information technology usage within the business that has
impacted the accounting closely. Panneerselvam (2014) gathered that the necessity of keeping up
with the changing situations of the information technology has facilitated practitioners to alter
and train themselves as per the new software or business. The accounting professionals are
required to maintain such types of accounting technology within the Australian organizations.
Success of the organizations are greatly relied on the accounting education of the staff and for
this reason adequate experience and training is needed for a graduate employee in order to
address the needs of accounting within this advanced technological era.
Rezaee, Sharbatoghlie, Elam and McMickle (2018) have revealed the similarities within
their researchers through elucidating that the accounting technology as an effective role to play
within several accounting process within the modern business world. These researchers have also
presented a view that the organizations are greatly affected through advanced technological
reforms that in turn has directly affected the efficiency, productivity and reliability of the

12ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
business operations. In contrast, Silverman (2016) presented a view that the accounting
technology might not operate in an effective manner devoid of appropriate training and
knowledge offered to employees that operates. In addition several limitations such as
miscalculation, security concerns as well as several other drawbacks are elucidating in previous
researches.
4. Research Methodology and Design
4.1. Type of Research
Descriptive research type is intended to be chosen for this research for the reason that it
can effectively facilitate in analyzing the ways in which the new accounting software
implementation provides useful implications along with threats for accountants in Wesfarmers.
This research type can also facilitate in elaborating the ways in which the accounting software is
deemed to be costly in implementation and is observed to replace the jobs of accountants
(Warren Jr, Moffitt, and Byrnes 2015). Descriptive research method also facilitates in explaining
condition in the organization after using accounting software in managing business operations.
Moreover, it also supports in making effective estimations on the use accounting software within
Australian organizations.
4.2. Justification of Research Approach
Quantitative research approach will be used in analyzing the positive and negative
impacts of advanced technology based accounting software use within Wesfarmers. This
research approach is selected for the reason that it facilitates in reliable analysis of the collected
data in providing suitable research findings (Taleb, Gibson and Hovey 2015). In addition
quantitative research approach can also support in providing important information regarding

13ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
subject of human inclination as it requires a huge research population for analysis. In
consideration to that selection of employee sample will be selected in Wesfarmers are chosen for
evaluating the use of technologically advanced accounting software within Austrian
organizations.
4.3. Data Type Used
Secondary data type will be used in this research for analyzing the ways in which
technology or new accounting software are used in the Australian companies or Wesfarmers.
Secondary data regarding this research subject will be gathered by means of employing previous
research papers, journals, articles, books along with the company website and annual reports of
Wesfarmers (Taleb, Gibson and Hovey 2015). Analysis of the literature review will also be
considered for attaining significant data on accounting software use impacting the accountants
within Wesfarmers and accounting industry of Australia. Collection of relevant secondary data
will be done for attaining effective research findings aligned with the set research objectives.
4.4. Collection of Data
Case study data collection process will be employed for gathering relevant data on
accounting software use within Wesfarmers and its likely implications as well as threat faced by
its accountants and entrepreneurs. This data collection method is used in this exploration for the
reason that qualitative research method is employed in this investigation and the case study
method will be most suitable in analyzing the contemporary real life situations through applying
the findings of the case to the research problem developed in this study (Warren Jr, Moffitt, and
Byrnes 2015).

14ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
4.5. Sampling Method and Size
In this research of analyzing the advantages and threats related with the use of
technologically advanced accounting software within Australian companies such as Wesfarmers,
non-probability sampling method will be used. In this sampling technique, the samples will be
collected in a manner that it offers chance to all the individuals in the population to get selected
in the study. This sampling technique is used in this research for the reason that it is the best
suitable sampling type for qualitative research type and thematic analysis process. In non-
probability sampling, convenience sampling method will be used for the reason that offers easier,
quicker and cheaper research findings. This sampling method is useful with use of the
explanatory research as it intends to find the issue or research problem along with supporting an
existing theory.
4.6. Data Analysis Method
In order to analyses the data that is gathered from the secondary sources thematic
evaluation will be considered. Thematic data analysis technique used in this research will
facilitate in analyzing the advantages as well as disadvantages related with use of advanced
accounting technologies in the organizations such as Wesfarmers. Qualitative data that will be
gathered from employing secondary sources will be analyzed through conducting thematic
research analysis (Taleb, Gibson and Hovey 2015). This is for the reason that this analysis
process can support in evaluating the identified patterns and themes and analyzing them through
such data. Thematic analysis can efficiently evaluate the qualitative information for obtaining
relevant knowledge regarding the viewpoints offered by the company, individual, situation or the
culture.

15ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
4.7. Ethical Considerations
For conducting research on the benefits of employing accounting software within the
accounting industry and the selected company Wesfarmers proper and reliable ethical
considerations are maintained in maintaining reliability of research findings (Warren Jr, Moffitt,
and Byrnes 2015). It maintaining ethical obligations for the research, the researcher has
considered following suitable code of conduct in conducting every important processes in the
secondary data collection process. The researcher has entertained that while carrying out
thematic analysis secondary data has been gathered from reliable and peer reviewed journals,
articles and authentic government websites along with annual reports of Wesfarmers.

16ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
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Alles, M.G., Kogan, A. and Vasarhelyi, M.A., 2018. Feasibility and Economics of Continuous
Assurance 1. In Continuous Auditing: Theory and Application (pp. 149-167). Emerald
Publishing Limited.
Alles, M.G., Kogan, A. and Vasarhelyi, M.A., 2018. Putting continuous auditing theory into
practice: Lessons from two pilot implementations. In Continuous Auditing: Theory and
Application (pp. 247-270). Emerald Publishing Limited.
Bennett, M. and James, P. eds., 2017. The Green bottom line: environmental accounting for
management: current practice and future trends. Routledge.
Bhasin, M.L., 2015. An emperical investigation of the relevant skills of forensic accountants:
experience of a developing economy.
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.
Coyne, J.G., Coyne, E.M. and Walker, K.B., 2016. A model to update accounting curricula for
emerging technologies. Journal of Emerging Technologies in Accounting, 13(1), pp.161-169.
Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research
project. Sage.

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Guthrie, J. and Parker, L.D., 2016. Whither the accounting profession, accountants and
accounting researchers? Commentary and projections. Accounting, Auditing & Accountability
Journal, 29(1), pp.2-10.
Hopper, T. and Bui, B., 2016. Has management accounting research been critical?. Management
Accounting Research, 31, pp.10-30.
Humphries, B., 2017. Re-thinking social research: anti-discriminatory approaches in research
methodology. Taylor & Francis.
Janvrin, D.J. and Watson, M.W., 2017. “Big Data”: A new twist to accounting. Journal of
Accounting Education, 38, pp.3-8.
Jasinski, D., Meredith, J. and Kirwan, K., 2015. A comprehensive review of full cost accounting
methods and their applicability to the automotive industry. Journal of cleaner production, 108,
pp.1123-1139.
Kogan, A., Sudit, E.F. and Vasarhelyi, M.A., 2018. Continuous online auditing: A program of
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Malmi, T., 2016. Managerialist studies in management accounting: 1990–2014. Management
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Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd..
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19ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
Appendix
Student Details
Name :
Student Number :
Email :
Subject (Code/Name) :
Supervisor Details
Name :
Email :
Proposed Research Details :
Topic:
Summary of the proposed research project, including brief description of methodology
(bullet points where applicable)
Ethics Checlist (Participants)
How do you propose to select your participants ?
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 ?
Does your research involve children under eighteen years old ? (Yes/No)
Ethics Checlist (Participants)
Will your research take place in an institution ? (Yes/No)
Are in a position of power over participants ? (Yes/No), if yes, describe any ethical
implication an dhow you deal with them

20ADVANTAGES OF TECHNOLOGY IN ACCOUNTING INDUSTRY
Describe any risk or harm to participants which might be associated with yoru research and
how would you propose to minimese these risks
Privacy and Confidentiality
How will you protect the confidentiality and privacy of your participants ?
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.
Data Collection and Storage
Who will have access to the data ?
How will you store the data in order to ensure its security