BUS707 Applied Business Research: Innovation's Impact on Businesses

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This research paper investigates the impact of innovation in accounting on businesses, focusing on technological advancements and their effects. It highlights the evolution of accounting software, the role of Total Quality Management (TQM), and the changing responsibilities of accountants in a technologically driven environment. The research methodology outlines data collection strategies to analyze the positive and negative impacts of accounting innovations on business performance. The study also examines the influence of these innovations on accountants' operations and the potential for virtual business offices. The literature review explores various perspectives on accounting innovation, including its impact on business capabilities, the role of accountants as business consultants, and the importance of TQM in enhancing organizational efficiency and effectiveness. The research aims to provide insights into how businesses can leverage accounting innovations to improve their performance and adapt to the evolving business landscape.
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Applied Business Research
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1. Executive Summary
The main aim of this research paper is to emphasis the topic of “innovation on accounting and its
impact on businesses” in order to bring better understanding regarding which data will be
considered to analyze the selected topic. The role of the accounting in the business keeps a
noteworthy value as it helps in generating more revenues in the context of the business. It has
been found that the evolution in the accounting software helps communication and cloud that put
magnificent mark over the field and play a role in amending everyday activities of an accountant
in contemporary world of developed technological advancements. The research methodology
section has given proper information regarding in what way the data can be collected to get a
sufficient information regarding the selected topic. Total Quality Management is considered as
the biggest innovation in the field of accounting that impact a significant impact over many
businesses. The organizations have become more advanced due to evolution of the technology
and it is necessary for them to focus on assessing the mediating effects of the performance of the
staff and innovation performance in relation to the Total Quality Management practices and
business performance. Along with that, the research methodology has been elaborated to attain
the desired aims and objectives on the selected topic for the research.
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Contents
1. Executive Summary.....................................................................................................................2
2. Introduction to the research.........................................................................................................4
Research Background..................................................................................................................4
Overview of client organization- there is no organization...........................................................4
Research seeks to resolve.............................................................................................................4
Outline the structure of this proposal...........................................................................................5
Introduction..............................................................................................................................5
Literature review......................................................................................................................5
Research methodology.............................................................................................................5
3. Research problem and research objectives..................................................................................6
4. Theoretical Background/Literature review..................................................................................6
5. Research Design and Methodology.............................................................................................9
Research philosophy....................................................................................................................9
Research strategies.......................................................................................................................9
Research approach.....................................................................................................................10
Research design..........................................................................................................................10
Data collection method..............................................................................................................11
Sampling procedure...................................................................................................................11
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Data analysis..............................................................................................................................11
Research limitations...................................................................................................................12
Ethical consideration..................................................................................................................12
6. Conclusion.................................................................................................................................12
References......................................................................................................................................13
Appendecies...................................................................................................................................15
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2. Introduction to the research
Research Background
It has been found that the sector of the accounting has been amending swiftly in order to attain
the desired goals of the company in an efficient manner. The accounting sector is known as the
sector which can grow in a quick manner with the help of the accounting innovation. The role of
the accountant has been changed within the business due to amendment in the technology that
leads the business of accountancy at the peak of the growth. According to Chenhall and Moers,
(2015), there is some accounting software available in the market that helps accountant to work
in a smooth manner from which they become high popular in small business. It has been found
that the technological innovation in the accounting business has made various jobs of the
accountants easier and changed obstructed jobs of the accountants into accurate ones (Theriou,
2015).
The research on accounting business shows some issues as well, there are various companies in
the accounting business that are handling conflicts with the innovation in accounting that
happens from integration of new technologies. It has become hard for accounting companies to
move towards making innovations in accounting by adopting simpler model as they need to
focus on making an effective model to get innovation attention. There are various phases of the
changes which can occur in various phases of the business at the time of creating innovations in
accounting (Schaltegger and Burritt, 2017). This turn become the major cause of confronts for
many accounting companies in making their decisions related to their job. However, this issue
can develop some actions upper level of difficulty to manage for which the facilitators need to
take other step for the purpose of making easier step. Hence, it can be predicted that the business
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have upper level of high chances in converting automated due to innovation technology. It shows
that the enterprise needs to execute techniques for the aim of making their businesses survive in
the competitive business environment.
Overview of client organization- there is no organization
Research seeks to resolve
The proper information will be given by the researcher to resolve the issue related to the
accounting business due to technological innovation. The researcher will highlight various
aspects of the technological innovation in the field of accounting. It is necessary for the
companies that deal in the accounting innovation to focus on positive as well as negative impact
over the business which will be highlighted by the researcher. However, the discussion is not
being made on the organization but the discussed will be made by the researcher on many
strategies for efficiently suggesting the accounting innovation in order to develop the
performance of the organizations (Jaggi, Allini, Rossi and Caldarelli, 2016). Moreover, it is
evaluated that the researcher would also be able to provide the best effort in the organization and
drawing a reliable conclusion.
Outline the structure of this proposal
The research outline keeps significant value in defining the step by step process of the research
to complete the comprehensive understanding. There are various factors that are focused by the
researcher to conduct the research in the form of introduction, literature review and research
methodology. These are elaborated as below:
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Introduction
The section of the introduction will be efficient in order to elaborate the better understanding of
the readers towards the research aim, objectives, structure of the dissertation and researcher
seeks to resolve. It will be crucial for the completion of the research task in limited time and
resources on the selected topic. It is the first part where the reader can get idea about entire
research in a one go that is why it should be effective.
Literature review
The section of the literature review keeps significant value in elaborating the selected topic. With
the help of the literature review section, the researcher would be able to define the view point of
other researchers on the same topic. It will be effectual for the completion of the desired aim and
objectives. There are specific sources that are focused by the investigators to accumulate reliable
information towards the research concern such as articles, books, journals and online resources.
Moreover, it will also lead to resolving the conceptual information related to the research matter.
It has been found that the researcher has practiced such factors to complete the aim and
objectives.
Research methodology
The role of the research methodology has imperative value in the selection of the various tools
and techniques for the completion of the research aim. The researcher can taken consideration of
various tools and techniques to meet aim and objectives in the least time and cost. It involves
various aspects from which the researcher can take use of research methodologies such as
research approaches, research design, research philosophies, research types, data analysis, data
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collection method, research types, research strategies, research limitations and ethical
consideration. These strategies will be able to give reliable design in the reference of the current
matter.
3. Research problem and research objectives
The main aim of this study is to investigate how innovations in accounting affect the
businesses operating in the accounting sector. The sub- objectives of this research include-
To investigate different aspects of the technological innovation in field of accounting
To find out how results of innovation in accounting influence the business operations
To explore how innovations in accounting influence the accountants operations
To investigate the positive and negative impact of innovations in accounting in the
business performance.
To study whether technological innovations in the accounting field impact the business
office virtually.
4. Theoretical Background/Literature review
Introduction
The literature review section is an effective approach to attain the desired goals and objectives of
the research. There are various sources such as books, articles, journals, online sources that help
researcher to attain the desired objectives within time frame. There are various ways by which
thee accountant of the business can enhance the productivity of the business. The discussion will
be made regarding the role of information technology in accounting change in order to bring
comprehensive understanding of the reader (Handoko, Sabrina and Hendra, 2017). Furthermore,
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it has been found that the role of the accounting innovation in the accounting business has
imperative in order to develop the business in an effective manner.
According to Parker and Fleischman, (2017), the technological innovation impacts the capability
of the company to win efficiently in an effective manner to get growth within the global market.
It shows that the accounting business should not give pay attention to the only firms’
transformation but also they need to keep focus on the motivating technological innovation and
their methods to enlarge its which hold in understanding production assimilation. It has been
found that the technological innovation has amended the role of an accountant and developed a
new fashion for the new role that is the business consultant. The industry moved into the 18
years of 21st century, with the upper and deeper knowledge of an accountant because the skilled
labours jobs have been transferred to automation and accounting based software. It has been
found that the total quality management can be considered as the systematic quality
improvement approach from organization wide-management for the purpose of developing
performance in relation to the customer satisfaction, productivity, quality and profitability
(Ghasemi, Azmi Mohamad, Karami, Hafiz Bajuri and Asgharizade, 2016). Since the practices of
TQM have been developed by number of organizations around the world for decades, they have
got high quality knowledge from different researchers from diverse areas.
It has been analyzed that the vendors and purchasing department in the setting of TQM work
together in order to decrease costs and develop quality constantly as teams bring consistency of
effort along with knowledge. It has been found that the single supplier should develop a long
term relationship focused by loyalty and trust (Cowton, 2018). It is required by the managers to
make decisions on the basis of the relevant data and information. The innovation in the
technology can bring change not only in the accounting business but also in every industry and
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for that it is vital for the accounting business to analyze, evaluate and keep all information in
order to attain the strategic objectives for the purpose of responding to any organizational or
external change (Yadav, 2016). it is necessary for the organizations to keep consideration of the
total quality management setting in providing high quality and timely data and information for
all kind of key users, entailing employees and suppliers, to develop organizational efficiency,
innovation and effectiveness. The needs and strategy of the business decide the evaluation that
will give the critical data and information for decision making (Tayeh, Al-Jarrah and Tarhini,
2015).
According to Khan, Al Aboud and Faisal, (2018), there are various kinds of innovation in the
accounting business that can be categorized into technological innovation, management
innovation and product innovation. There are various applications of new ideas within the work
role, organization, for the purpose of benefitting the group. Such behaviours encourage
knowledge exchange and combination among employees which leads to develop new knowledge
(Sledgianowski, Gomaa and Tan, 2017). The ability of the employee to develop such innovation
related behaviour is also keeping value within the business. It is major reasons behind why the
organizations are seeking to hire graduates from the top institutions who have an effective
learning capability. Skill based training and extensive on the job training programmes are
provided after employees enter a firm. Clients can prefer to choose the service provider with
more skilled people since they has believe that smarter people will give in more innovative
manner (Curtis and Sweeney, 2017).
It has been found that the usage of the determined data from the annual reports that there should
be proper management regarding taken action due to accounting innovation. Trigo, Belfo and
Estébanez (2016), suggested the framework which can be helpful in providing objective tool to
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them for the purpose of examining and evaluating the position of their own open processes along
with the comparison of the same over time and space (Lindholm, Laine and Suomala, 2017).
There are various activities and the asset which helps in creating the innovation activities
referred as intangible asset in the company’s financial report. Legal requirements elaborates
intangible assets in the form of the identifiable non-monetary asset without taking consideration
of the physical substance, which is handled by the company in the context of getting direct or
indirect economic benefits from the use of such asset which is made by the company (Chenhall
and Moers, 2015). Intangible assets include goodwill, emission, computer software, copyright,
brand names and patents to integrated pollution prevention and control. It has been found that
that the management activities have significant role in accounting innovation in order to
calculate he services, cost of the product and other manufacturing costs that are developing to
build the processes or products.
According to Sadikoglu and Zehir, (2010), the role of IT in accounting work has significant
value as it helps in determining management process of the organization along with the
accounting activities. Haiza Muhammad Zawawi and Hoque, (2010), emphasized that it has been
helped by IT in the knowledge management process of the stakeholders of the organization in
order to increase internal and external communication that provides support to develop
knowledge. An effective approach of IT with respect to the accounting is that it amplifies its
speed in the fulfilment of routines. According to Ionica and Alina, (2017), the competitive
environment needs accounting organizations to be enough capable of developing value for their
clients and developing strategies for their competitors in order to remain in the competitive
market for a long period. This strategy should be supported by the companies that deal in the
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accounting work such as organizational design, effective technologies and accounting system
that is liable in giving effective and useful information (Breheny and McQuaid, 2018).
It has been investigated through Fu,Flood, Bosak, Morris and O'Regan, (2015), that the software
packages have developed traditional operations and production processes. The tremendous
advancements have been seen by accounting businesses due to development of information
technology. The software of the accounting can be chosen by the company after evaluating their
sizes and assessing people over the software. Michelino, Lamberti, Cammarano and Caputo
(2015), suggested that the large companies should go for system wide software packages, like
resource planning system as information technology has made significant benefits for accounting
departments. The role of the computerized accounting system in the business is to improve the
functions of accounting departments by amplifying the timelines of accounting information. The
role of the computerized accounting in the accounting businesses have significant impact over
the performance of the employees as it helps in developing accuracy, better external reporting,
faster processing and providing accurate information. It has been found that the tax laws are
changing rapidly; it is becoming hard to manage with them because manual tax preparation takes
a lot of time and be the reason of less accuracy. In the context of audit, it has been found that the
innovation in the accounting companies can help in giving preference to the auditors to perform
audit functions as audit software packages enables auditors to input the working trial balance and
mechanically calculate the regulate trial balance. It has been found that Michelino et al. (2015),
has provided the framework that is helpful for the managers to give an objective tool for evaluate
and measuring the position of their own development along with for contrasting the same over
time and space. It would facilitate them in permitting the benchmarking with their competitors in
the business market.
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