The Impact of Technology on the Account Industry Operations and Professionals

Running Head: THE IMPACT OF TECHNOLOGY ON THE ACCOUNT INDUSTRY
OPERATIONS AND PROFESSIONALS
The Impact of Technology on the Account Industry Operations and Professionals
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THE IMPACT OF TECHNOLOGY ON THE ACCOUNT INDUSTRY OPERATIONS AND
PROFESSIONALS 2
Table of Contents
1.0 Introduction................................................................................................................................4
2.0 Problem statement.....................................................................................................................4
3.0 Aim and objectives....................................................................................................................5
4.0 Justification and potential output of the research......................................................................6
5.0 Conceptual framework and hypothesis development................................................................6
5.2 Influence of information technology on accounting..............................................................7
5.3 Accounting information systems...........................................................................................8
5.4 Evolving Technologies..........................................................................................................9
5.5 Advantages and Disadvantages of technological innovations in accounting......................10
5.6 Technological innovation in accounting management practices.........................................11
5.7 Technological effects on the accounting firms....................................................................11
5.9 Hypothesis development......................................................................................................12
6.0 Methodology............................................................................................................................13
6.1 Research approach and sources of data................................................................................13
6.2 Proposed data collection and analysis techniques................................................................14
Population, sample size, sampling procedure............................................................................14
6.3 Organization of the study.....................................................................................................15

THE IMPACT OF TECHNOLOGY ON THE ACCOUNT INDUSTRY OPERATIONS AND
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6.4 Gantt chart, Project budget, and budget justification...........................................................17
Gantt chart..............................................................................................................................17
Project budget.........................................................................................................................19
7.0 References................................................................................................................................20

THE IMPACT OF TECHNOLOGY ON THE ACCOUNT INDUSTRY OPERATIONS AND
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1.0 Introduction
Over the past two decades, society has experienced dramatic technological advancements
that have affected numerous sectors. Thus companies need to acquire various administrative
services and systems to control activities in real time. The technological transformation has also
affected the accounting firms' internal process. It is quite evidential that computers systems and
machines have replaced some of the human actions that have greatly enhanced the productivity
and effectiveness of the organisations, thus it’s quite difficult for current organizations to remain
competitive without technological resources. Rich conducted by Zhu, Zhang, Li, Sun, and
Robison, (2017) shows that numerous jobs are at great risk of being digitalized within a nest two
decades, and this will drastically change the market requirements of companies in order to adjust
to the business surrounding.
According to Handoyo & Anas, (2019) in the accounting occupation has also been one of
the industries that digitalization is expected to grow enormously. The application of technology
has created the need to broaden education as well as the ascent of accounting consultancy, while
other impacts may also exist as the outcome of the IT evolution. However, the evolution may not
have fully and extensively evaluated, thus forming the current question: what are the impacts of
new technology on accounting and effect on the public accounting profession?
2.0 Problem statement
The technological advancement over the past decades especially on the communication
and information have greatly placed a landmark for the accounting professions that had remained

THE IMPACT OF TECHNOLOGY ON THE ACCOUNT INDUSTRY OPERATIONS AND
PROFESSIONALS 5
stagnant for quite a long period of time as a result of inadequate information exchange among the
users. Among the advancements, internet usage stands out as the most significant as it allows
information control and virtual transmission, also the application of the Public Fiscal
Bookkeeping System (SPED) has enabled the standardization of the fiscal obligations.
According to Taipaleenmäki and Ikäheimo, (2013) SPED has simplified the “taxpayers”
additional obligations, however has not extensively achieved satisfactory results in regards to
productivity and agility since it requires high implementation cost. It is evidential that inflation
technology is continuously transforming the accounting activity with time, thus any ineffective
operation of the systems might results in a large loss of money to numerous companies.
Going through the books in the library it’s quite difficult to late books that have
exemplary covered the digitalization’s impact on the accounting industry, thus creating an
interesting area to conduct a research. Secondly, due to the rising application of technological
advancements in various files, it is quite imperative for the business organizations, accounting
professional and any other related stakeholders to fully understand and be prepared in the
technical changes regarding the SPED especially on the digital bookkeeping, which forms the
accounting pillar of the SPED.
3.0 Aim and objectives
The current study proposes to investigate the importance of technology on the accounting
and accounting professionals. Thus the paper will prove various technologies advancement
system and positive and negative impacts of the technological elements in an organization as
well as on the accounting professionals.
Research question

THE IMPACT OF TECHNOLOGY ON THE ACCOUNT INDUSTRY OPERATIONS AND
PROFESSIONALS 6
The current paper will focus on answering the following research questions:
a) What is Accounting information technology innovation?
b) What are the impacts of technology on accounting operations?
c) What are the impacts of technology on the accounts department staffs?
4.0 Justification and potential output of the research
Technological advancement is inevitable in the current century since it directly impacts
every aspect of life as well as organizations. Since organizations depend on profitability,
accountability, and transparency to attain competitive advantages, ignoring technology in the
accounts department will eventually create an amenity in organizations (Handoyo & Anas,
2019). Thus accounts at the need to adapt and change their way of thinking to adopt digital
bookkeeping to manage potential profits as well as enable the evolution of accountants from the
simple compiler and posters to specialized people that offer professional services beyond simple
financial analysis.
The current paper thus will benefit a large number of accountants and accounting first
who would like to comprehend the control of technology on their daily accounting operations. IT
managers, as well as professional accountants, imperatively need a sound understanding of the
business operations IT can impact and the relationship between the IT with the profitability of
the organization.
5.0 Conceptual framework and hypothesis development
Accounting refers to the system used by companies in measuring the financial
functioning through observing and categorizing all the operations such as sales, property,