UK Company Accounting and Technology System Analysis Report

This report presents a comprehensive data analysis and interpretation of a survey conducted among 75 accountants from UK-based companies, focusing on the integration of technology in accounting. The analysis is structured around 13 key themes, exploring topics such as the demographics of respondents, awareness of technological innovations, and the perceived benefits and challenges of technology in accounting processes. Findings reveal a strong consensus on the benefits of technology, including cost reduction, improved efficiency, and debt management. The report highlights the significance of artificial intelligence, cloud computing, and robotics as future prospects, emphasizing their advantages in terms of data accuracy, real-time information, and automation. The study also acknowledges challenges like security issues and the rapid obsolescence of technology. Overall, the report offers valuable insights into the current state and future trends of technology in accounting, providing a detailed understanding of its impact on business operations and financial management.

ACCOUNTING
AND
TECHNOLOGY SYSTEM
PART B

2
Table of Contents
DATA ANALYSIS AND INTERPRETATION.............................................................................3
PRIMARY ANALYSIS..............................................................................................................3
CONCLUSION AND RECOMMENDATION.............................................................................25
Conclusion.................................................................................................................................25
Recommendation.......................................................................................................................26
APPENDIX....................................................................................................................................28

3
DATA ANALYSIS AND INTERPRETATION
PRIMARY ANALYSIS
Theme 1: Most of the respondents are Male.
PARTICULARS ACCOUNTANTS
Male 45
Female 30
Interpretation: From the above survey conducted from 75 different accountants of UK
based companies in accounting and technology in business world and it is identified that, 45
participants are male and actively participate in survey to give clear set of guidelines to
effectively analyse and review the benefits and factors of accounting & technology system in the
business world. Other remaining 30 respondents were female who actively participated in survey
to give clear guidelines and set principles effectively and efficiently for in- depth knowledge on
the particular subject matter. The conducted survey helps in efficiently guiding the principles and
explore more to achieve reliable and effective data.
Male Female
0
5
10
15
20
25
30
35
40
45
ACCOUNTANTS

4
Theme 2: Most of the respondents are aged between 30 to 45 years.
PARTICULARS ACCOUNTANTS
Below 15 years 2
Between 15 years to 30 years 13
Between 30 years and 45 years 35
45 years and above 25
Interpretation: From the above survey conducted from 75 different accountants of UK
based companies in accounting and technology in business world and it is identified that, 35
respondents were aged between 30 to 45 years who actively participated and give effective
knowledge on the particular subject matter. Other 25 accountants who aged 45 years and above
participate to give their viewpoints on effectively evaluating the significance of the accounting &
technology system to gain higher knowledge and get descriptive analysis on the particular
subject matter. Other remaining 15 respondents who aged between 1 to 30 years participate but
they do not have significant and sufficient knowledge on the particular subject matter.
Below 15 years
Between 15 years to 30 years
Between 30 years and 45
years
45 years and above

5
Theme 3: Maximum number of respondents are aware of innovation in technology in
accounting process.
PARTICULARS ACCOUNTANTS
Yes 36
No 14
Not Sure 25
Interpretation: From the above survey conducted from 75 different accountants of UK
based companies in accounting and technology in business world and it is identified that, 36
respondents sought to agree and said that they are aware of innovation in technology in
accounting process, which leads to higher productivity and efficiency in the organization. Other
25 respondents were not sure enough and did not give any confident answer regarding this
particular theme. Remaining 14 accountants were not aware of increasing innovation in
technology in accounting process. Theses people were old and were using traditional technology
who did not have much knowledge regarding the innovation and increase use of technology.
Yes No Not Sure
0
5
10
15
20
25
30
35
40
ACCOUNTANTS

6
Theme 4: Maximum number of accountants strongly agreed on the fact that technology is
beneficial in accounting.
PARTICULARS ACCOUNTANTS
Agree 20
Strongly agree 35
Disagree 10
Strongly disagree 5
Neutral 5
Interpretation: From the above survey conducted from 75 different accountants
of UK based companies in accounting and technology in business world and it is identified that,
55 (20 + 30) accountants strongly agreed on the fact that technology is beneficial in accounting
process and leads to higher operational efficiency and productivity. They also said that
implementation of innovative and advanced technology leads to achieve economies of scale
witch lower cost and higher profitability. 15 (10+5) respondents disagreed and said that
Agree
Strongly agree
Disagree
Strongly disagree
Neutral

7
technology does not add any value to the business. On the other hand, it increase cost on
implementation, training and development to use that technology. Remaining 5 respondents were
neutral and were not sure about their answer regarding this theme.
Theme 5: Reduce cost of doing business, is the major role of technology in accounting in the
business world.
PARTICULARS ACCOUNTANTS
Reduce wastage 13
Track process and activities 25
Reduce cost of doing business 37
Interpretation: From the above survey conducted from 75 different accountants of UK
based companies in accounting and technology in business world and it is identified that, 37
accountants said that the major role of technology in accounting in the business world is that it
helps in effectively reinducing the cost of doing business and help attain economies of scale
effectively. Other 25 respondents said that technology implementation helps in tracking activities
and accounting process for smooth functioning of the business. Remaining 13 respondents said
Reduce wastage
Track process and activities
Reduce cost of doing business
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
ACCOUNTANTS

8
that the core function of technology is that it helps in reducing wastage and achieve goals of the
company for higher productivity and efficiency .
Theme 6: Most of the respondents think that technology helps in saving and controlling debt
of the business.
PARTICULARS ACCOUNTANTS
It helps in saving and controlling debt. 30
It helps in attaining goals and objectives of the
business.
20
It helps in maintaining profitability 10
It helps in financial planning. 15
Interpretation: From the above survey conducted from 75 different accountants of UK
based organisations in accounting and technology and it was identified that maximum
respondents thinks that technology helps in saving and controlling debt of the business as
supported by respondents. They said that because of proper financial statements by using
technology, organisation can control over their debts and liabilities which results in reducing the
cost of production. In addition to this, there were 20 respondents who think that technology in
It helps in saving and
controlling debt.
It helps in attaining goals and
objectives of the business.
It helps in maintaining
profitability
It helps in financial planning.

9
accounting helps in attaining the goals and objectives of the business. As per their opinion, if the
system were not proper than it will definitely leads affect the organisation profitability. On the
other hand, there were 10 accountants who thinks that the profit margin of the organisation
maintained till staring of financial year to its ending. In addition to this, 15 were supporting to
last option as they said technology in accounting has helps in financial planning as organisation
can maintain the records of many years and take them for valuation.
Theme 7: Maximum number of respondents are aware that technology becomes obsolete
quickly.
PARTICULARS ACCOUNTANTS
Yes 40
No 22
Not Sure 13
Interpretation: From the above survey conducted from 75 different accountants of UK
based organisations in accounting and technology and it was identified that maximum number of
respondents are aware that technology becomes obsolete quickly as supported by 40 out of 75.
They said that up gradation in technology has becomes very fast now a day. Competition is also
Yes No Not Sure
0
5
10
15
20
25
30
35
40
ACCOUNTANTS

10
increasing because of rapid changing technology in the envelopment. Apart from this, there were
22 respondents who said that technology does not become obsolete quickly, as they can use
software by updating them on regular basis as companies used to remind for updates,
organisation does not have to change the technology on regular basis. Rest of 13 were not sure
about there answer as they were confused.
Theme 8: Security issues is the major factors associated with accounting & technology system
in the business world.
PARTICULARS ACCOUNTANTS
Security issues 35
Automation limitation 17
Changing technology 13
All of the above 10
Interpretation: From the above survey conducted from 75 different accountants of UK
based companies in accounting and technology in business world and it is identified that,
Security issues is the major factor that associated with the accounting and technology system in
the business world. It might be happen that any employees can do misconduct and steal the data
that cause serious impact on the business very dangerously. Further, there were, 17 accountants
Security issues
Automation limitation
Changing technology
All of the above
0
5
10
15
20
25
30
35
ACCOUNTANTS

11
said that technology allows for automation by accounting by transferring the data to multiple
reports and system. But if any information is inserted wrongly in invoice than it creates big
issues. Another 13 accounts were supporting to changing technology option as they said that
drastic change in technology creates threat for the company as it sometimes raises the cost of
operation of the organisation. Rest of 10 were agreed on all the above option, as per there
perceptive, all the above options are associated with the accounting and technology.
Theme 9: Artificial intelligence is the future prospects of technology.
PARTICULARS ACCOUNTANTS
Cloud computing 15
Artificial intelligence 39
Robotics 11
Machine learning 10
Interpretation: From the above survey conducted from 75 different accountants of UK
based companies in accounting and technology in business world and it is identified that, 39
Cloud computing
Artificial intelligence
Robotics
Machine learning
0
5
10
15
20
25
30
35
40
ACCOUNTANTS

12
accountants said that incorporation of artificial intelligence helps in effectively reducing the
repetitive task which eventually helps accountants to focus on more productive task. Other 15
respondents said that cloud computing is the future prospect of technology which helps in
delivering financial report from any location and helps to effectively engage with clients.
Remaining 11 respondents said that robotics are the prospective future of technology which leads
to reduce in human error. Remaining 10 respondents said that machine learning leads to higher
operational efficiency and standards.
Theme 10: Real time accounting information is the main advantages of Cloud computing in
accounting.
PARTICULARS ACCOUNTANTS
Easy access to the system 12
Increase the efficiency, reliability and validity
of data.
13
Reduction in overhead and operating cost 17
Real time accounting information 33
Easy access to the system
Increase the efficiency,
reliability and validity of data.
Reduction in overhead and
operating cost
Real time accounting
information