BUS707 Research Plan: Implementation of Technology in Accounting

This research plan investigates the implementation of technology in accounting and finance, focusing on its impact on organizational efficiency and financial reporting. The research problem centers on the inadequate adoption of technology within accounting standards. The aim is to determin...Read More

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Student ID : ____________________________________________
Proposed Research Title:
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Client Organisation (if applicable)
Research Background
The main purpose of the research paper is to demonstrate the implementation of
technology in accounting and finance for an organization. The design for the study is based on
the literature review. The study is based on previous researches and the effect of technological
implementation in accounting and finance. The greatest impact technology has made is on the
accounting and financial system of an organization. The organization has been able to maximize
its profit by the use of updated computerized systems so that they can easily track and record all
the company’s financial transactions. The other benefits of using such computerized accounting
techniques or practices are high in functionality, increase in the speed of processing, effective
external reporting and improved accuracy.
Knowledge sharing applications and audit software are two major components for these
vital changes (Lim 2013). Use of specialized audit software and automation of audit tasks has
substituted the technology for human resources and also modified the overall structure of all the
audit professionals. It is highly relevant to use an advanced system of technology in financing
activities to attain success in the long-term. This helps in sharing the knowledge information
across various sectors of the firm. This advanced accounting practice has further made the
organizations to influence its human resources more adequately.
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Research Problem / Research Question
Accounting is the procedure that is followed by the company to measure the financial
performance of the company and segmenting all the major company’s transactions like
purchases, sales, assets and liabilities in such a way that bides by the specified accepted standard
formats. Accounting is used to determine an organization’s past, present and future prospects. In
today’s rapidly changing business environment, if accounting standards and laws are not used as
per the technology it creates major problem. The research problem is the inadequate
implementation of technology within the organization’s accounting standards. Accounting
software automates the accounting books and traditional paper ledgers. As per Moorthy et al.
(2012) the auditing software has various specializes features that can be effectively used for the
existing business operations. Large business operations can select a system-wide software
package that includes enterprise resource planning system. In the recent times, technology has
created significant benefits for both the finance and accounting departments. The technological
impact has therefore lead to reduce the lead time needed to present the financial information and
also improved the accuracy and efficiency of the accounting techniques or procedures.
Research Aim and Objectives
The major aim of the research for implementing effective technology in an organization is
to use computerized system so that the financial transactions can be easily recorded. According to
Ghasemi et al. (2011) hand-written financial systems, paper ledgers and manual spreadsheets can
all be translated into the computer system so that all the transactions can be easily presented into
financial reports. As mentioned by Cram and Gallupe (2015) this improves the functional
activities of the entire accounting department by effectively raising the timeliness of accounting
information’s. The major financial reports can also be improved with the help of latest
technological implications. Cash flow statements, market share reports and departmental profit
and loss would be more convenient by the use of technology and computerized system.
The major objectives of the research are to ascertain the benefits and advantages for the
implementation of technology in accounting system and practices. the research highlights few of
the objectives as follows:
 To improve the functionality of an organization’s financial and accounting departments.
 To improve the financial information’s timeliness so that the accountants can easily
obtained report and prepare plan that provide accurate scenario of all the current
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operations.
 Better external reporting can be obtained with the improved accounting systems and the
company can therefore utilize equity financing that can later be used for business
expansion.
 Most of the computerized accounting system has balance system and internal check to
make sure that all the accounts and transactions are adequately balanced before preparing
the financial statements.
Keywords for Literature Review
Technology, modern accounting system, information technology, auditing, code of ethics
Publication details of relevant articles for literature review
Ghasemi, M., Shafeiepour, V., Aslani, M. and Barvayeh, E., 2011. The impact of Information
Technology (IT) on modern accounting systems. Procedia-Social and Behavioral Sciences, 28,
pp.112-116.
Data Collection Plan
The data has been collected with the help of primary data collection method that is
through the different kind of interviews from the managers and through different journals.
Ethical Consideration
Advancement in technology has enabled the organizations to digitalize the overall
financial and accounting system. Accounting systems has thus been computerized due to
significant improvement in technology. The use of technology to perform all the major
accounting and operational activities has made the organization to progress towards a paperless
office. Application of electronic fund transfer and electronic data interchange has provided the
companies with various opportunities so that the financing and accounting functions would be
used more efficiently and effectively. The implementation of technology in accounting has also
brought crucial cost and time saving. According to Watson (2015) the ethical standards sets by
the professional accounting bodies in Australia have led to proper executing of auditing functions
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in Australia.
Ethical codes related to accounting and finance has positively influenced the value
systems and beliefs of the society. Some of the major advantages to the society by using
computerized system are as:
 Audit details or trails are automatically obtained.
 Computerized system let an individual to redeem the accounting data easily, such as status
or details related to clients payments and sales figure up to date.
 Financial data and transactions can easily be kept confidential through the application of
efficient security password systems that is provided by the latest accounting software.
References:
Banker, R.D., Chang, H. and Kao, Y.C., 2002. Impact of information technology on public
accounting firm productivity. Journal of Information Systems, 16(2), pp.209-222.
Cram, W.A. and Gallupe, R.B., 2015. A method to evaluate information systems control
alignment. Journal of Information Systems, 30(1), pp.117-135.
Ghasemi, M., Shafeiepour, V., Aslani, M. and Barvayeh, E., 2011. The impact of Information
Technology (IT) on modern accounting systems. Procedia-Social and Behavioral Sciences, 28,
pp.112-116.
Lim, F.P.C., 2013. Impact of information technology on accounting systems. Asia-Pasific Jornal of
Multimedia Services Convergent with Art, Humanities and Socialgy, 3(2), pp.93-106.
Moorthy, M.K., Voon, O.O., Samsuri, C.A.S.B., Gopalan, M. and Yew, K.T., 2012. Application of
information technology in management accounting decision making. International Journal of
Academic Research in Business and Social Sciences, 2(3), p.1.
Stahl, B.C., 2007. Reflective responsibility for risk: a critical view of software and information
systems development risk management. International Journal of Risk Assessment and
Management, 7(3), pp.312-325.
Watson, L., 2015. Corporate social responsibility research in accounting. Journal of Accounting
Literature, 34, pp.1-16.
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