Technology Implementation in Accounting and Finance

This research study focuses on the implementation of technology in accounting and finance processes and its impact on business organizations. It explores the recent challenges in accounting and finance and how technology can be leveraged to improve decision-making. The study aims to provide insights into the benefits of technology implementation in the field of accounting and finance.

Running head: TECHNOLOGY IMPLEMENTATION IN ACCOUNTIG AND FINANCE
TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
Name of the Student
Name of the University
Author Note

1TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
Table of Contents
Proposed Research Title.............................................................................................................2
Research Background.................................................................................................................2
Research Problem.......................................................................................................................3
Research Aim.............................................................................................................................3
Research Objectives...................................................................................................................3
Literature Review.......................................................................................................................4
Data Collection Plan..................................................................................................................6
Ethical Consideration.................................................................................................................6
References..................................................................................................................................7

2TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
Proposed Research Title
Technology implementation in accounting and finance.
Research Background
Finance is a broad term involving the management of large amount of money in a
systematic manner. The system of accounting is very important because of its function and
purposes of recording of several financial transactions by classifying, analysing and
summarizing those transactions (Klovienė and Gimzauskiene 2015). The current
improvement and the innovation in the technology has helped in reducing the pen and paper
job of the accountants and the accounting process can be carried out in a very fast process
with the minimum error. Most of the financial companies are also using several modern
accounting software in order to make the accounting process smooth as well as safe and
secure. The financial companies are also collaborating with the Fintech companies that are
providing the consumers with innovative services that are letting the consumers getting the
services of the financial companies form any place at any time without being physically
present at the financial organisations.
The current business scenario is very competitive in nature and there are several rapid
and frequent changes taking place in the business organisations. The organisations are
therefore adopting several technique in order to face the tough competition in the market and
stick to the business. There has been several innovation in the field of the information
technology and therefore the organisations are trying to implement these innovations of the
technology with the accounting and finance system. If the organisations lacks awareness and
understanding of the technologies and fails to identify how technology supports the
accounting process and helps in the management and decision making process, then it will
create problems for the organisations. The organisations can reap the benefits of having

3TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
technology in various positive ways as innovations in the field of technology has changed the
way the consumer behaves (Vasiljeva and Lukanova 2016). The research work will therefore
help in understanding how the technology can be implemented in the business organisations
for its accounting and finance processes and how will it benefit the company.
Research Problem
The recent accounting techniques and the financial processes are facing a lot of
challenges and competition from the competitive market. The innovation of the technology
can be applied to these accounting techniques for better decision making and accounting
process. Most of the organisations are unaware of the advancements in the technological
sectors and about how to properly implement the system in the organisation that would yield
the maximum benefit for them. The research problem in this case is therefore that how can
the organisations implement technology in accounting and finance and how will this
implementation serve the business organisation.
Research Aim
The aim of this research study is to study the implementation of the technology in the
accounting and finance process and the impact of such implementation on the business
organisation.
Research Objectives
The objectives of the research study are stated as below:
 To critically understand the concept of the activities involved in accounting and
finance.
 To understand the recent accounting and financial as well as technological challenges
in the business sector.

4TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
 To understand how technology is implemented in the accounting and finance system
and how this implementation affect the business organisation.
Literature Review
The maturity of the technical capabilities are accelerating a digital transformation of
the accounting and the financial processes of all the business organisation (Heavin and Power
2018). The machines and the information technology applications are taking over the
monotonous, repetitive, time consuming and redundant human tasks of classifying,
summarizing, recording and analysis of the huge number of transactions. The micro and
small businesses are now inclining towards the cloud computing services (Brandas, Megan
and Didraga 2015). If all the complex accounting and the financial processes are done
manually, it takes a long time to complete the process and requires the maintenance of a lot of
files and several papers.
Picture: [Traditional vs. Modern Accounting and Finance]
Source : (McAuley 2019)
The advancement in the information technology has the ability to reduces all such
tasks and make the overall tasks efficient. The organisations are therefore combining
technology with the process of accounting and finance. Enterprise Resource Planning is being
adopted by the organisations as a solution to the needs for information (Ali and Miller 2017).
The process of accounting is integrated in software and applications where the necessary data

5TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
are just required to be feeded and the calculations are done automatically and the posting are
done automatically. The simple recording of transactions will automatically prepare all the
necessary financial statements as soon as the information is provided. Quickbook, Xero,
Reckon and MYOB are few example of such interfaces. Digital initiative brings several new
opportunities and capabilities for efficient and agile operations of the business (Bredmar
2017).
Source: (Workwise LLC 2019)
The financial companies are also collaborating with several fintech companies and
thereafter innovating several online payment systems, online transfer system, online banking
facilities and many more where the consumers can stay at any place and can make
transactions just by clicks (Patil 2017). This innovation in the technology sector has
prevented several frauds as transparency is maintained and this also helps in the storing of a
large number of data. Any past data can be accessed at any time easily through the software.
The cost of operation can be minimized and the services can be increased by the
implementation of information technology (Güney 2014). Therefore all the organisations at
present are trying to implement technologies in their business.

6TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
Source: (Blogs 2019)
Data Collection Plan
The data that will be used in analysing the research paper are both the primary data
and the secondary data. The primary data that will be used in this process is the close ended
questionnaire. The secondary that will be used in the research process are the various articles,
journals and the literatures that will help in understanding the current background and
preparation of the literature review. The process of data collection will be a simple random
sampling.
Ethical Consideration
The research method does not use any unethical practices. The responses of the
respondents are obtained by taking permission and without forcing them. The information of
the data are not leaked to the public and the responses are stored safe and secured. The
respondents were given full freedom to withdraw their participation any time they want.

7TECHNOLOGY IMPLEMENTATION IN ACCOUNTING AND FINANCE
References
Ali, M. and Miller, L., 2017. ERP system implementation in large enterprises–a systematic
literature review. Journal of Enterprise Information Management, 30(4), pp.666-692.
Brandas, C., Megan, O. and Didraga, O., 2015. Global perspectives on accounting
information systems: mobile and cloud approach. Procedia Economics and Finance, 20,
pp.88-93.
Bredmar, K., 2017. Digitalisation of enterprises brings new opportunities to traditional
management control. Business Systems Research Journal, 8(2), pp.115-125.
Güney, A., 2014. Role of technology in accounting and e-accounting. Procedia-Social and
Behavioral Sciences, 152, pp.852-855.
Heavin, C. and Power, D.J., 2018. Challenges for digital transformation–towards a
conceptual decision support guide for managers. Journal of Decision Systems, 27(sup1),
pp.38-45.
Klovienė, L. and Gimzauskiene, E., 2015. The effect of information technology on
accounting system's conformity with business environment: A case study in banking sector
company. Procedia Economics and Finance, 32, pp.1707-1712.
Patil, A., 2017. Use of Information Technology in Finance. Available at SSRN 3114509.
Vasiljeva, T. and Lukanova, K., 2016. COMMERCIAL BANKS AND FINTECH
COMPANIES IN THE DIGITAL TRANSFORMATION: CHALLENGES FOR THE
FUTURE. Journal of Business Management, (11).