Applied Business Research: Digitalization Impact on Accounting

This report delves into the transformative effects of digitalization on the accounting sector. It begins with an introduction that outlines the research problem, background, and ethical considerations, setting the stage for an in-depth analysis. A comprehensive literature review supports the research, critically examining the impact of digitalization on accounting practices. The report then details the research methodology, including the research philosophy (interpretivism), approach (inductive), design, and strategy. It specifies the data collection, sampling, and analysis methods, alongside addressing the study's limitations. The research aims to explore how digital technology is reshaping accounting functions, how businesses are adapting, and the innovative technologies involved. The report also examines the perspectives of CFOs on digital transformation and its impact on accountants. Overall, the research aims to provide insights into the future of finance and accounting in the digital age, offering a valuable resource for understanding the ongoing evolution of the field.

Ruining head: APPLIED BUSINESS RESEARCH
APPLIED BUSINESS RESEARCH

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Abstract
The main objective of this research is to address digitalization transforming in accounting
sector and their impact on business. In this research, many important aspects are discussed
like an introduction, literature review, research methodology, and ethical consideration.
Furthermore, introduction chapter discusses many components like research problem,
research background, and ethical consideration. Moreover, the literature review could support
research scholar to critically analysis the digitalization transforming in accounting sector and
their impact on business. In last, it presents the research methodology section that could
support to analyze many research techniques with respect to the current research concern.
These research techniques are research approach, strategies, philosophy, data collection
method, data analysis method, and sampling method.

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Table of Contents
Introduction................................................................................................................................4
Research problem...................................................................................................................4
Research background..............................................................................................................4
Ethical consideration..............................................................................................................4
Summary of Literature review...................................................................................................5
Aims and objectives of research.............................................................................................8
Research questions.................................................................................................................8
Research methodology...............................................................................................................8
Introduction............................................................................................................................8
Research Philosophy..............................................................................................................8
Research Approach.................................................................................................................9
Research Design...................................................................................................................10
Research Strategy.................................................................................................................11
Data Collection Method.......................................................................................................12
Sampling Method.................................................................................................................13
Data Analysis Method..........................................................................................................13
Limitations of the Study.......................................................................................................14
References................................................................................................................................15
Appendix..................................................................................................................................18
Ethical consideration............................................................................................................18

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Introduction
Research problem
The digitalization transaction could be imperative to decline manual process of organization
and support to attain the organizational goal in the least time and cost. In the current business
scenario, it is required for an organization to gain their understanding towards the
digitalization transaction as it could support to get the higher competitive benefit (Daru,
2015). There are many causes that inspired to select this topic for investigation like higher
availability of information, interested topic, and lack of study on this particular dilemma.
Moreover, the main cause of selecting this research topic is that researcher is interested to
gain their understanding towards organizations that are embracing to practice digitalization
transaction in their accounting sector.
Research background
Digitalization supports an organization to reshape their business process for completing their
business functions. It declines the manual process of the transaction and makes the easier
process of accounting sector (Dodgson, et al., 2015). Furthermore, the financial technique
plays an innovative role in the whole business process. Additionally, the financial data
management enables the company to analyze accounting information for controlling the
process of financial sectors. Thus, the organization has needed to gain their understanding
towards digitalization techniques for making a positive image in the market.
Ethical consideration
In the research, ethics consist of performing suitable behaviour at the time of performing
research activity. It permits the research scholar to perform their behavior in a
methodological manner (Joshi and Parihar, 2017). In this, research scholar face many issues
related to different factors like violation of copyright act, data manipulation, and plagiarism
in order to gather the information. This concern could be eliminated by research scholar by

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offering credit to actual authors with respect to the suitable references and citation in each
section. Moreover, it is also analyzed that research scholar will be used simple language to
describe the collected data (Nayak, et al., 2017). From the implementation of ethical norms,
researcher will be capable to reach at realistic conclusion with respect to current research
concern. The research scholar will also provide the instruction towards the confidentiality
among the research participants. As per the ethical norms, research scholar could not disclose
the personal information of research contributors (Nayak, et al., 2017)
Summary of Literature review
It can be summarised that digitalization is a platform to share the understanding in a time-
bound manner. It also helps the investigator to simply access different kinds of data in an
authentic way. Today, digitalization has been increasing and it embraces the organization for
making accounting transaction. It takes more hours as it could influence modern business
with respect to new lease of life (Gigov, and Poposka, 2017).
It can be also evaluated that significant aspect of digitalization has been used to make
changes in the accounting sector. It is assessed that the wave of digital medium has increased
in the day to day working of the company. There are number of benefits for accountants. One
of the significant benefits of digitalization transaction is that it could facilitate the account
manager for maintaining financial records at the international level (Shukla and Bose, 2017).
It can be also summarised that the digitalization transaction in the accounting sector could
enhance the probabilities of cybersecurity in the organziation. As usage of internet and
implication has gained, the safety against cyber-attacks becomes required. Accountants of the
different leading business organization should cooperate with cyber experts to eliminate the
cyber threats (Özdoğan, 2017). There are several mobility benefits offered by the company to
accountants. Several accountants are investigating the technologies of mobile in order to offer
the quality services, gains for business and productivity. It is analyzed that digitalization is

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used to handle the different financial activities of the organization. It also enables the
organization to sustain their position in the marketplace (Rahman and Sloan, 2015). It can be
also evaluated that the common theme of cloud computing has been repeatedly evaluated
across all the different academic publications. In today era, accountants are exploring cloud
in practices of business. Since, cloud-based infrastructure facilitates the unlimited storage
services (Kishnani, 2017).
It can be also summarised that different CFOs have reportedly demonstrated facts that they
are not adequately ready to take on the latest advancement in technology. The changes in
technology have caused of creating a big issue for CFO. About 39% of CFOs of different
global level corporations have generally regarded technological modification as one of the
most distressful factors in the today business era.
It can be also evaluated that accounting practices have influenced the business. Digitalisation
in accounting business has an impact on accounting and finance. A large amount of
information of different sizes can incorporate into the business organization in every day. It is
the job of accounting with finance experts of making adequate sense of it (Bhatnagar, 2017).
The internet economy has increased by leaps and bounds that was discussed in the Ketterer‘s
2017 study on Digital Finance, New Times, and New Challenges. The financial service
industry is one of the leading growth industries in this digital era and this industry relies on
the internet economy for its existence. Furthermore, the digital currency has been highly
implemented in the today’s business world.
It can be also summarised that one of significant theme that the internet era and digital
platform has provided a transformation in the current social order. It is discussed by the
Gulati and Soni’s report Digitization: A strategic key to business, Journal of Advances in
Business Management. It is also stated that the modern finance job is being led by the CFOs
in the modern hyperactive world that is dominated by the large effect of digitalization. This

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dealing is frequently disrupted by the influx of digitalization. The production of big
information, the uncertainty curiosity of the atmosphere and the persistent demand of the
stakeholders has a large impact on them. It can be discussed that there are different key
functions that influence the jobs of finance and accounting such as data analytics, big data,
digitalization and cloud computing (Hirt and Willmott, 2014).
It can be also evaluated that digital transformation is not the revolution of technology in a
preform but also a leading part of it. It is a driving force behind the revolution of the fourth
digitalization. It is also stated that organization should focuses on different articles to get
practical conclusion and result.
It can be also summarised that the finance function is a significant function that is undertaken
by each and every business practices. It entails a different range of practices from making
decision of investment, dividend distribution decision and liquidity decision is some of the
essential concepts of financing functions. It can be explained that the decision of investment
in the project offering the higher return, in the same way, the amount of dividend to be paid
and date, and forms of core dividend judgment (He, et al., 2014).
It can be also evaluated that the today hyperactive world is dominated by the large impact of
digitalization trasaction in the accounting sector of organziation. The modern job of finance is
being led by the CFOs. This operation is highly disrupted by the arrival of digitalization. The
production of big data, the uncertainty curiosity of atmosphere and the persistent demands of
stakeholders have a large impact on them (Loebbecke and Picot, 2015).
Aims and objectives of the research
The key aim of this study is to address the role of digitalization transforming in the
accounting sector and their impact on the business. The following specified
objectives will be executed to complete the aim of research:
 To explore digitization that influences finance functions of the businesses

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 To identify the factors that lead to change
 To determine the strategies for improving practices of digital technology
 To examine the effective use of digital technology in future
Research questions
 How is digital technology transforming accounting functions?
 How business corporations consider and embrace technology in future?
 What are the factors lead to change/transformation of business?
 What are innovative technologies related to accounting and finance?
 How company CFO’s considering the digital technology transformation?
 Digital transformation‘s impacts on accountants?
 What is the future of finance or accounting in an age of digital
transformation?
Research methodology
Introduction
This section supports to gain the best knowledge about many strategies, tools, and techniques,
to perform the research study and obtain a reliable outcome (Karimi and Walter, 2016).
Research Philosophy
For the research, research philosophy could be effective for collecting feasible information
towards research issue. The research philosophy is practiced for executing thoughts and
views of the investigator in the study to meet the aim and objective of the research. In the
research, different kinds of philosophies could be involved by researcher like interpretivism,
realism, and positivism research philosophy. For this, the positivist philosophy is practiced
for evaluating the facts and figures on the basis of measurements and observation.

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It also supports the research scholar to determine factual understanding by considering
statistical figures and facts. Apart from this, realism philosophy is used to present human
thoughts as it could demonstrate any specific condition.
For this, interpretivism philosophy will be used by research scholar to collect opinion and
views of the research contributors towards research concern (Zhu, et al., 2015). It enables the
researcher to make effective understanding of research matter. There are two kinds of
methods that could not be considered by research scholar to conduct their research concern
such as realism and positivist philosophy. Furthermore, it can also be illustrated that
researcher has no need to make a hypothesis for examining digitalization transaction in the
accounting sector. Thus, it is also examined that interpretivism philosophy could be effective
for the getting fesiable result (Bharati and Chaudhury, 2015).
Research Approach
The research approach could also be imperative for getting a positive outcome. The selection
of appropriate research approach could enable the researcher to collect the feasible
information in the context of research concern. The research approach could facilitate the
researcher to demonstrate collected figures and facts of research as it could be crucial to
accomplish aim and objectives of the study (Taylor, et al., 2015). Further, it is also analyzed
that there are two kinds of approaches that could be involved in the study such as deductive
and inductive approach.
It also enables the researcher to use of any particular data collection method and examine the
information of the study. It could also be effective for the researcher to increase their
knowledge with respect to current research concern. In addition, it is also analyzed that
deductive approach could facilitate the research scholar to create a hypothesis and accept and
reject them on the basis of gathered information. Furthermore, the deductive research method
could not be appropriate if the research is subjective in nature. In addition, it is also analyzed

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that the deductive research approach could be complicated as compared to the inductive
approach caused of making research hypothesis and accepts or rejects them on the basis of
collected information (Mackey and Gass, 2015). In addition, it is also analyzed that the
inductive approach could also be imperative for the study due to the subjective nature of
study.
It could be less complicated as compared to the deductive approach caused of no need to
make research hypothesis. For this, the inductive approach will be practiced by the researcher
to complete the research aim and objectives (Brinkmann, 2014). It could be imperative for
increasing theoretical understanding towards the digitalization transaction in the accounting
sector of the organization and their impact on the organizational performance. In this, the
researcher is able to get a valid and reliable outcome. In addition, it is also found that
researcher could collect obtain factual information to meet valid conclusion about research
concern with the help of inductive approach (Flick, 2015).
Research Design
There are different kinds of techniques that could be involved in the research design for
examining the research plan. The research design could consider different techniques such as
exploratory, explanatory, and descriptive research design. In addition, it is also examined that
the exploratory research design is practiced when research scholar meets research issue by
hypothesis. Apart from this, descriptive research design aids the researcher to obtain
theoretical data with respect to the current research concern. In addition, it is also analyzed
that the descriptive research design could support to explain the relationship between two and
more variables (Panneerselvam, 2014). For this study, the research scholar is practiced
descriptive research design as it would enable the researcher to enhance their consciousness
about research concern. In this, the researcher will examine the relationship between
digitalization transaction in accounting sector and organizational performance. For this study,

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the causal research technique could not be used by the investigator because there is no need
to evaluate the cause and effect relations (Bauer, 2014).
Research Strategy
The research strategy could be imperative technique as it could facilitate the research scholar
to identify research problem by collecting the responses of research participants from
research questions. By implementing the research strategy, research scholar could collect
contextual data and evaluate the data to reach at a specific conclusion. With respect to attain
aim and objectives of the study, researchers could practice certain kinds of approaches such
as survey through a questionnaire, literature review, focused group, experiment, case study,
observation, and interview method (Billig, et al., 2014). For this study, interview and survey
through questionnaire method will be used by research scholar because these approaches
permit to collect feasible information with respect to current research concern. It could also
be imperative for collecting reliable information with respect to digitalization transaction in
the accounting sector of the organization. By implementing survey approach, the research
scholar will be capable to obtain facts and figures in the least time and cost. It improves the
research quality of study among key shareholders. Bu at the same time, it is also analyzed the
use of interview approach assists the research scholar to obtain depth data in the context of
research matter as it facilitates to make reliable relation with research participants. Moreover,
it could also support to attain research aim and objectives in particular time as well as it
enables to make a reliable conclusion (Choy, 2014).
Data Collection Method
Data collection method is practiced for collecting the feasible information in a reliable way
by implementing many sources to attain aim and objectives of the study. The appropriate data
collection process could support to generate data towards the research matter. It could be
effective to obtain a valid conclusion as it could be related to the research concern. Moreover,

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there are many resources that could be used by the researcher to attain aim and objectives of
study like secondary and primary data collection method (Nieswiadomy, et al., 2017). In this
way, the primary data collection method could support the research scholar to obtain the
creative or innovative ideas towards research matter. For collecting the primary data, research
scholar uses different methods like survey through a questionnaire, interview, case study, and
group discussion. Apart from this, secondary data collection method could enable to get the
conceptual information with respect to the research concern (Riedl, et al., 2014). Secondary
information is published data that could effective for simply addressed by the research
scholar to get the authentic data. There are certain sources that could be involved by the
research scholar to get the information with respect to current research concern such as
journals, governmental reports, newspaper, books, magazines, articles, and websites. This
research supports to explore the information about the role of digitalization transaction in the
accounting sector wherein both primary and secondary data collection method would be used
by the researcher. From the use of primary data collection method, the researcher will be
capable to make a robust relationship with the research participants to obtain their beliefs
with respect to the current research matter. Apart from this, the secondary data collection
method could be imperative for collecting conceptual understanding towards the research
matter. By applying this method, research scholar would be capable to collect the information
from different sources such as websites, articles, journals, and books as it could be supportive
to improve the research validity. In this study, primary data collection method is collected
from different sources such as survey through questionnaire and interview method. It could
be imperative for collecting the feasible and accurate data with respect to the current research
matter. This technique is significant for the research scholar to obtain the view and opinion
from specified research candidates with respect to digitalization transaction (Riedl, et al.,
2014).

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Sampling Method
Sampling strategy could be determined as a selection of right participants for a study to
gather the reactions of research participants towards the research questionnaire.
Consequently, it could be imperative for the attainment of the research participants. There are
different kinds of sampling methods that could be used by research participants such as
probability and non-probability sampling method (Robson, 2016). It supports the research
scholar to select observation from the specified population. In this, the probability sampling
method could be defined as the method that is worked with respect to the random selection of
participants. This method facilitates to equal chance to the researcher for selecting the
research participants. In opposition to this, the non-probability sampling approach is an
approach wherein the investigator could not be capable to equally select the participants for
conducting the research. For this research, the probability sampling method will be practiced
by the research participants with respect to the current research concern. Through probability
sampling method, random sampling approach would be implemented to select the
contributors for conducting the survey through a questionnaire (Alvesson and Sköldberg,
2017). For this study, researchers will use 50 employees of accounting department form the
different region of Australia. In this research, the researcher will not use the non-probability
sampling method to conduct their research as it could create the biases in the research caused
of selecting the participants on the basis of experience, age, gender, income, and education.
Data Analysis Method
After pooling the information, it is required for the investigator to analyze them to generate
the reliable as well as valid outcome about the concern of research. In the research, different
tools could be implemented by a research scholar such as content assessment, disclosure
assessment, statistical assessment, and conversation assessment. These data are gathered for
obtaining the effective and adequate analysis of collected data (Jaggar, 2015). For this

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research, statistical data analysis technique will be used by the research scholar to implement
for analyzing the data. By using this tool, a researcher would be competent to demonstrate the
pooled facts through different sorts of charts, graphs, and diagram. This tool would be
advantageous for evaluating the meaning behind the responses of selected employees. In this
research, MS-excel software will be implemented by the researcher for interpreting the
outcome through graphs and charts as it could build the meaningful awareness about the
digitalization transaction in accounting sector for improving the performance of business
(McCusker and Gunaydin, 2015).
Limitations of the Study
There are many factors that could create difficulty to conduct their research systematically. In
addition, it is also analyzed that the research scholar could face complexity due to lack of
suitable sample size for collecting feasible facts and figures. In this, it is also analyzed that
primary data collection technique could be time consuming as it could directly negative
impact on the research outcome. It could directly influence the quality of research outcome.
In addition, it is also addressed that lack of assets could decline the possibilities to collect the
feasible information about research concern that could also influence the outcome of research
(McCusker and Gunaydin, 2015).

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Bauer, G.R., 2014. Incorporating intersectionality theory into population health research
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systems. UK: Sage.
Bhatnagar, H., 2017. Demonetization to digitalization: a step toward progress. Management
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Daru, M.U., 2015. Role of computerized accounting in the banking sector. International
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Gigov, I.S., and Poposka, K., 2017. Digital Transformation Of The Banking Sector In the
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Nayak, S.S., Panda, S.N., and Mishra, M.A., 2017. Prospects And Challenges Of Cashless
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1.

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Appendix
Ethical consideration
Application for Ethics Approval
Student Details
Name : Samra
Student Number :
Email :
Subject (Code/Name) : Applied Business research
Supervisor Details
Name :
Email :
Proposed Research Details :
Topic: Digital technology transformation in accounting and its impact to business
There are different kinds of research techniques that are considered in the research
methodology:
 Research Philosophy
 Research Approach

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 Research Design
 Research Strategy
 Data Collection Method
 Sampling Method
 Data Analysis Method
 Limitations of the Study
Ethics Checklist (Participants)
I ensure that all research work would be done honestly and quality of material
would be maintained as per the requirements. My research work would be
independent and impartial. All references will be provided from where I seek
the information. Information on all participants and respondents in my study
will be confidential in case of anonymity.
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?
Yes, I have selected employee of a different organization that uses the digital
technologies in their accounting and finance department. I will obtain the consent
through email
Does your research involve children under eighteen years old? (Yes/No)
NO
Ethics Checklist (Participants)

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Will your research take place in an institution? (Yes/No)
No
Are in a position of power over participants? (Yes/No), if yes, describe any ethical
implication a dhow you deal with them
No
Describe any risk or harm to participants which might be associated with your research
and how would you propose to minimize these risks
In the research, ethics could be related to the completion of each task of study in a
reliable way by including the guideline and confidentiality of participants. It permits the
research scholar to describe the behavior in a methodological manner. In this, research
scholar face many issues related to different factors like violation of copyright act, data
manipulation, and plagiarism in order to gather the information. It concern could be
affected by research scholar to offer credit to actual authors with respect to the suitable
references and citation in each section. Moreover, it is also analyzed that research
scholar is used simple language to describe the collected data and obtain a relied
outcome.
Privacy and Confidentiality
How will you protect the confidentiality and privacy of your participants?

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I used the ethical norms and secure the private information of the research 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.
No
Data Collection and Storage
Who will have access to the data?
Research scholar
How will you store the data in order to ensure its security
By using the privacy act