Report on Technology Implementation in Finance and Accounting

This report examines the implications of technology implementation within the finance and accounting departments of organizations in Australia. It highlights how automated software replaces traditional ledgers and accounting books, and how specialized auditing software enhances business activities. The research explores the impact of technology on accounting standards, focusing on how inadequate technology implementation can be a problem. It also discusses the benefits of technology, such as decreased lead times for financial information and improved reliability of accounting procedures. The report includes a literature review covering modern accounting systems, ethics, information technology, auditing, limitations of technology, and managerial implications. The research methodology involves analyzing data from 20 public listed companies in Australia, using surveys and statistical tools to assess the effectiveness of accounting technology.

Running head: IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
Implementation of Technology in Accounting and Finance
Name of the University:
Name of the Student:
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1IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
Executive Summary
The major purpose of selecting this research topic is to analyze the implications of technology
implementation within finance and accounting department of organizations in Australia.
Automatic software automates the traditional paper ledgers along with accounting books. The
auditing software has several specialised features which can be employed efficiently for the
existing business activities. The first chapter of this research proposal will offer a view on
research topic, description of the selected organization and on the research problem. The second
chapter will explain the research problem along with developing significant objectives for
attaining in completion of the research. Huge business activities might choose a system based
software package which encompasses system of enterprise resource planning. Analysis of data
will take place by means of employing all the relevant and statistically significant tools that can
further facilitate in attaining suitable research outcomes regarding use of accounting technology
within Australian organizations and its effectiveness.

2IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
Table of Contents
1. Research Introduction......................................................................................................4
1.1. Research Topic.........................................................................................................4
1.2. Client Company Description....................................................................................4
1.3. Research Problem.....................................................................................................5
1.4. Proposal Structure.....................................................................................................5
2. Research Problem and Objectives...................................................................................6
3. Literature Review............................................................................................................7
3.1. Modern Accounting System and Ethics...................................................................7
3.2. Information Technology and Auditing.....................................................................9
3.3. Limitations of Technology Used in Accounting and Finance................................11
3.4. Managerial Implications of Accounting Technology.............................................12
4. Research Design and Methodology...............................................................................14
4.1. Research Type........................................................................................................14
4.2. Approach of Research.............................................................................................15
4.3. Type of Data...........................................................................................................16
4.4. Data Collection.......................................................................................................16
4.5. Research Sampling.................................................................................................17
4.6. Data Analysis..........................................................................................................17

3IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
4.7. Ethical Concern......................................................................................................18
References..........................................................................................................................19
Appendix............................................................................................................................23

4IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
1. Research Introduction
1.1. Research Topic
The major purpose of selecting this research topic is to analyze the implications of
technology implementation within finance and accounting department of organizations in
Australia (Maiga et al. 2014). The research design is also relied on literature review and it is also
based on the previous researches that analyzed the impact of technology implementation within
finance and accounting departments of companies. The highest impact made by technology is o
the accounting and finance activities. The companies have bee capable to increase its profit
through employing updated computerized systems in a manner that it can simply track and
record every financial transaction of the companies. Certain capabilities of employing the
computerized accounting processes includes enhanced functionality, rapid processing, better
external reporting as well as enhanced accuracy (Moorthy et al. 2012). Knowledge sharing
systems and audit software are two vital aspects for such important changes. Specialised audit
software implementation along with audit task automation has changed technology for labor
along with drastically changing the audit teams’ structure. It is vital to employ the advanced
technology system within financing activities for obtaining business success in the future. This
can also facilitate in sharing the knowledge information all over several organizations. This has
also made the professionals of Australia to use its human resources in a better manner
(MacKenzie 2016).
1.2. Client Company Description
For carrying out analysis of technology implementation in finance and accounting, 20
public listed companies of Australia will be employed. Selection of such companies is deemed to

5IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
be suitable that can facilitate in understanding the technology used by them in their accounting
processes (Panneerselvam 2014). The managers from these organizations will be selected in
carrying out survey and for attaining suitable research outcomes.
1.3. Research Problem
Accounting is a process which is followed within an organization for measuring the
company’s financial performance along with segmenting all the vital transactions within the
company (Rezaee et al. 2018). This also includes sales, assets, purchases as well as liabilities in a
manner that is aligned by a particular accepted standard formats. Accounting is employed for
analyzing the companies past, future as well as present prospects. In the recent years rapidly
changing business surrounding, if the accounting laws as well as standards are not employed
focused on the technology it can generate a concern. Research problem is understood as
inadequate technology implementation within the accounting standards followed by the
companies (Sahawneh, Hayek and Bshayreh 2016). Automatic software automates the traditional
paper ledgers along with accounting books. The auditing software has several specialised
features which can be employed efficiently for the existing business activities. Huge business
activities might choose a system based software package which encompasses system of
enterprise resource planning. Technology has also generated considerable advantages for the
finance as well as accounting department (Schneider et al. 2015). For this reason, the
technological impact has resulted in decreasing lead time required to represent the financial
information and also enhances the reliability along with overall effectiveness of accounting
procedures and techniques.

6IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
1.4. Proposal Structure
The first chapter of this research proposal will offer a view on research topic, description
of the selected organization and on the research problem. The second chapter will explain the
research problem along with developing significant objectives for attaining in completion of the
research. The third chapter of the research proposal will provide an elaborated literature review
that will explain and analyze all the previous researches carried out in the past regarding use of
technology with finance and accounting field. The fourth chapter of the research proposal will
explain the used research methodology including research type, approach, kind of data,
sampling, analysis of data and ethical concern.
2. Research Problem and Objectives
Accounting is a process which is followed within an organization for measuring the
company’s financial performance along with segmenting all the vital transactions within the
company (Simonsohn, Nelson and Simmons 2017). This also includes sales, assets, purchases as
well as liabilities in a manner that is aligned by a particular accepted standard formats.
Accounting is employed for analyzing the companies past, future as well as present prospects. In
the recent years rapidly changing business surrounding, if the accounting laws as well as
standards are not employed focused on the technology it can generate a concern. Research
problem is understood as inadequate technology implementation within the accounting standards
followed by the companies (Soudani 2012). Automatic software automates the traditional paper
ledgers along with accounting books. The auditing software has several specialised features
which can be employed efficiently for the existing business activities. Huge business activities
might choose a system based software package which encompasses system of enterprise resource
planning. Technology has also generated considerable advantages for the finance as well as

7IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
accounting department (Suryanto 2016). For this reason, the technological impact has resulted in
decreasing lead time required to represent the financial information and also enhances the
reliability along with overall effectiveness of accounting procedures and techniques. For
addressing such research problem, certain effective research objectives are set:
 To enhance the functionality of the companies accounting and finance departments
 To analyze the ways to ensure better external reporting that can be attained through
enhanced accounting systems and the organization can therefore use such equity
financing that they can user in future in case of business expansion
 To enhance the financial information timeliness so that the accountants might easily
attain report and develop plan which offer suitable scenario of all recent operations
 To analyze that most of the computerized accounting system maintains balance and
internal control for ensuring that all the transactions and accounts are suitably balance
before developing financial statements
3. Literature Review
3.1. Modern Accounting System and Ethics
The modern mode of accounting is the installation of Accounting Information System
(AIS), which is considered as the integral element of organization’s occupational calculating
fabric. This helps the organization to keep their data in place which assists the management to
take better decision. However, with advancement in technology the opportunities to commit
unethical deeds rises which might include embezzlement or fraud. As per the accounting
standards, indulging in any such activities are prohibited where the accountant or management
manipulate the results for their personal benefit (Rezaee et al. 2018). With evolution of

8IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
accounting in the organization, the risk of unauthorized access is also needed to be controlled,
failing at which could result in alteration in outcome and may hamper the image of the business
or may harm the shareholder’s wealth maximization process.
Accounting is associated with the process of collecting, validating and reporting of the
transaction of the business operations (Moorthy et al. 2012). Earlier the same process was simple
but with increasing users of the financial reports there are the high chances of manipulation for
personal benefit. This issue can be considered as the ethical issue because partied involved in the
same could distort the measurement of the performing items. Measure management is a process
in which the people associated with the business gets engaged so as to improve their
performance but the same actually represent the measures rather than gauging their true
performance. It is very commonly found that people can manipulate the measures by distorting
the process of financial reporting as a whole or the raw data which is supposed to get processed
further. It has been observed that the manipulation of accounting process could be considered
much more negative than the distortion of raw data irrelevant of that the later might prove to be
more harmful.
The concept of earnings management is directly proportional to the manipulation of the
profit and losses wherein the managers overstate their earnings to gain the confidence of
investors. This is one of the most unethical practices which are even practiced today. It might not
be illegal but has been proved to be harmful to the stakeholders of the organization. Even
identifying the same could be difficult but the auditors are finding various methods to trap the
same. However, tracing the same through conference call has one of the successful methods
when the managers discuss of managing their earnings. Managerial incentives are considered as
the dominating factor which influences the earnings management generally in case of new equity

9IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
issued (Sahawneh, Hayek and Bshayreh 2016). Moreover, the ethical norms of accounting are
also challenged when the managers disclose their pro-forma earnings rather than standard
earnings as the former is always higher than the later. The internal news of the organization has
also been against their ethical norms where a person with internal knowledge buys or sells the
shares. This is also termed as insider trading.
However, to increase the reliability of the financial reports, inclusion of technology is of
utmost importance. However, it has been mentioned that the ethics comes from within the person
operating and not with the technology but technology can help in curbing the manipulation of
process even if cannot fully stop it.
3.2. Information Technology and Auditing
Technology took an imperative place in various areas such as accounting and financing,
management etc. The implementation of effecting technology in such areas enables the
stakeholders to get accurate information which helps them in better decision-making process.
The technological advancement in the accounting system is directly associated with the
Accounting International System (IAS) which reflects the implementation of technology into the
accounting process within an organization (Rezaee et al. 2018). An implementation of the same
in an effective manner could assist the managers to enhance their annual reporting via internet.
This can be easiest way to reach each and every stakeholder of the organization. This will help
the investors as well as the other stakeholders to take a better strategic decision to maximize their
wealth associated with the organization. It has also been learned that an effective use of IAS
could help the management in better policymaking as well as strategic future plans. An effective
reporting of the financial performance is positively proportional to the efficient management of
the accounting information system. Moreover, it also provides opportunities to managers towards

10IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
skilled decision making with various possibility of positive outcome (Sahawneh, Hayek and
Bshayreh 2016).
It has also been learned that the business environment is also affected by effective
implementation of technology which not only improves it but also help in curbing the issue
associated with the business environment. The performance of the firm is directly associated
with the communication channels which highly depends on the technological advancement
across the organization. This will also assist in reduction any obstacle be it financial or
organization towards achieving an efficient access towards the capital market (Moorthy et al.
2012).
Furthermore, an effective alteration of the technology as well as information system can
enable the managers to focus towards the anticipatory information which assists them to create
short-term forecasting rather than relying on the obsolete plans so as to avoid complexities in the
process of business operation and eventually making better corporate strategies. However, it has
been observed that the accounting information system turns out to be cost incurring when it
develops relations the managerial and financial accounting processes. It is so because such
accounting information system has to adopt the accounting standards and rules in order to
translate the data of financial accounting to managerial accounting which creates complexities as
well as challenges for the organization to maintain the same. Hence, in such a way, the
accounting information system influences the firm’s performance (Sahawneh, Hayek and
Bshayreh 2016). However, another study suggested that the implementation of technology in the
accounting system of the organization could reduce the cost associated with the product and
service it provides. Therefore, the company needs to maintain a high standard of the accounting
information through system up gradation by addition of new software, hardware and database.

11IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
3.3. Limitations of Technology Used in Accounting and Finance
According to Ahmi, Saidin and Abdullah (2017) the major limitations of implementing
accounting technology within the Australian organizations has observed several limitations in
their implementation within the organizations. The researchers have failed to implement the
information technology within several accounting modules that include standard costing, budget
as well as responsibility centre. Basal (2015) revealed that certain general factors also impact IT
within management accounting that indicates weakness of the companies. Along with the same,
the researchers have also observed that there are distinct accounting modules so that the
implementation of role and technology can be recognized within the management. Bochulya,
Korobkina and Kovalevska (2018) evidenced that previous researches are majorly focused in
accounting information system along with its effectiveness in addressing the needs of the
managerial and financial performance. Future research can also investigate the function of AIS
within the accounting and finance department of Australian organizations in order to address
their financial objectives. It has also been evidenced from the previous researches that the
convergence of managerial accounting and financial accounting only within the technological
and technical domain offered a detailed understanding of the behavioral as well as company
attitude towards the implementation of such accounting technology. Byrnes et al. (2018) stated
that analysis of distinct modes of convergence can be carried out so that it can facilitate in
identifying the function of technology within the managerial and financial accounting
performance. Certain limitations in the previous researches of employing accounting technology
has also been identified in the ways data has been gathered to recognize the effects of
implementation of accounting information system and other accounting technologies that can
enhance the accounting information as well as reporting considerably.

12IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
3.4. Managerial Implications of Accounting Technology
According to Chan and Vasarhelyi (2018) advancement in technology has facilitated the
Australian public listed organizations in digitalizing the overall accosting and financial system.
These researchers have also indicated that accounting systems has turned out to be highly
computerized because of considerable improvement in technology. Choy (2014) stated that the
implementation of technology to carry put all the important management as well as accounting
conducts has facilitated the companies in making progress towards maintaining a paperless
office. Implementation electronic fund transfer as well as interchanging of digital data has
offered the organizations with numerous opportunities in order to make sure that the accounting
and functioning activities are employed in an efficient and accurate manner. Cleary and Quinn
(2016) indicated that the implementation of technology within accounting has also attained vital
chances of time and cost saves. These researchers also stated that the ethical standards developed
by the professional accounting bodies within Australia have resulted in proper implementation of
auditing functions within Australia. From the previous researches it has been gathered that there
are several managerial implications in order to enhance the database of accounting information.
Cooper (2015) revealed that because of the same managers considerably enhance their
knowledge along with considers to share information all through the company to make sure that
the managers make effective and evidence focused decisions. These researchers indicated that
due to drastic changes within technology along with emergence of innovative technology based
hardware and software lot of the Australian companies considered implementation of IT based
management accounting conducts. Dong and Wu (2015) revealed that there are several
advantages for the managers in preparing better managerial accounting system in order to ensure
effective financial information reporting along with carrying out the automation of audit task.

13IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
This will also make sure the long term success of the Australian accounting and finance
organizations within the industry.
Through accounting technology use the managers of Australian companies considerably
develop their understanding regarding the relationship among the accounting information system
and managerial performance that can impact the financial performance as well as accounting
information system. Hejazi, Halpin and Biggs (2014) evidenced that such knowledge can be
advantageous for the managers n order to enhance their managerial capabilities that can facilitate
in better implementation of accounting software and computers. This can further enhance the
functions related with financial performance of the organizations. In addition, these researchers
also elaborated that among the advantages of technology implementation within financial and
accounting practice is associated with enhancement of technological domain through
implementation of accounting software and enterprise resource planning (ERP). According to
Humphries (2017) accounting technology facilitates the management to develop superior
accounting standards as well as policies, discretionary reporting, competitor, performance
management, contractor and consumer evaluation for enhancing the companies accounting
performance.
Humphries (2017) revealed that the information technology introduction over the years
had transformed the industrial financial and accounting functions. In case the Australian
organizations are not able to find any in-house accountant, it can make the technology effective
and easy to attain professional working on the company’s business finances. These researchers
also revealed that cloud computing facilitated in maintaining business information in a secured
internet server. At the time an accountant employs solutions offered by cloudy computing, the
business owner attains instant access through his computer to accounting information that is

14IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
relevant for business of the accounting companies. Loughran and McDonald (2016) experienced
that the debits or credits made by the parties involved in accounting process can be instantly
available for review. Such accessibility makes it possible for the owners of the companies to
analyze the valuable financial information required to operate businesses with less delay. These
researchers explained that the tax and accounting software advancements have streamlined the
overall accounting process along with filing returns.
Most of this accounting software is associated with highly appropriate corporate tax
software that indicates segmentation of data is conducted rapidly and segmented within the
appropriate tax segments. According to Ledford and Gast (2018) most of the business
entrepreneurs do not require a full time in-house accountant. In such situation having internet as
well as technologically advanced information based accounting, a virtual accountant can position
itself as an efficient in-house accountant. Through implementation of advanced technology
within the accounting process, the Australian organizations can attain easy access to a lot of
business documents. Previously, at the time the accounting was traditionally handled attaining
such relevant business information took a lot of time. MacKenzie (2016) stated that through
scanning and signaling accounting technologies, information can be stored and maintained
within the cloud through which the clients can sign and modify information as required.
4. Research Design and Methodology
4.1. Research Type
In analyzing the benefits of technology implementation within accounting and finance
department in companies, descriptive research type will be taken into account. Descriptive
research will also elaborate in embracing the manner in which transparency within the

15IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
accounting information can be observed through implementing advanced accounting
technologies (Swann 2018). This method is assured to be applicable within this exploration as it
can support in explaining the aspects associated with a specific population or research process
used within the companies. Descriptive research method implementation within the research is
also known to elaborate a situation in the organization focused on obtaining finical information
from new accounting software. The most accurate data gathering method in the descriptive
research type is questionnaire survey. Descriptive research type is also a scientific method which
considers explaining and analyzing the behavior of accountants in employing technologically
advanced accounting methods for attaining proper operations of finance and accounting based
business operations in the Australian companies (Taipaleenmäki and Ikäheimo 2013).
4.2. Approach of Research
Qualitative as well as quantitative research approach is taken into account in attaining
significant findings of technology use within the finance and accounting business operations.
Research approach of being qualitative is used in this exploration as it can facilitate in analyzing
trends within the thoughts and viewpoints as well as providing a deeper insight for the
recognized research problem (Tayeh, Al-Jarrah and Tarhini 2015). Quanttaube approach for the
research taken into account in this exploration explains that the information is significant that
will be analyzed in collecting relevant information focuses on attaining considerable research
findings. In addition the gathered quantitative data might also support in providing significant
data on human inclination subject and it also requires a huge se of sample to carry out research
analysis (Trigo, Belfo and Estébanez 2014). With this regard, accountants from the Australian
public listed organizations will be chosen in evaluating the efficiency of accounting tools use for
enhancing accounting and financed based business operations in the companies.

16IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
4.3. Type of Data
Secondary and primary both types of data will be gathered in this research and collection
of primary data will take place through the use of questionnaire survey. This research instrument
can collect primary data in cost and time efficient manner as it attains responses from a large
sample (Tian and Xu 2015). Secondary data for this exploration will be collected by means of
certain reliable books, peer reviewed articles and journals, recently updated information
containing websites containing use of recent developed accounting technologies in Australia.
The primary s well as the secondary data that will be gathered will be today focused on the
research objectives.
4.4. Data Collection
Interview process is most suitable data collection technique in carrying out qualitative
data collection process. By using this interview process, relevant data regarding the accounting
technology use in the will be gathered from sample size of 61 accountants from the selected
public listed companies of Australia are selected for extracting relevant views on different
technologically advanced accounting software used for enhancing business operations in their
company (Vaioleti 2016). In such process of interview certain relevant questions on the types of
accounting technology employed by the Australian accountants and whether they attain suitable
advantages from the accounting technology use. Qunatutyaiv data will also be collected in the
current exploration through the process of survey in which questionnaires with open and close
ended questions will be distributed among the target accountant of the Australian companies
(Watty, McKay and Ngo 2016). The questions asked for quantitative analysis will encompass
demographic questions, advanced accounting technologies used in companies and use of such
technologies in the accounting and finance business functions in companies.

17IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
4.5. Research Sampling
Simple random sampling is decided to be used by the researchers in gathering relevant
viewpoints on implementation of technology within finance and accounting operations in
selected Australian organizations (Sahawneh, Hayek and Bshayreh 2016). This sampling method
is suitable in this exploration as it gives chance to all the target participants to get selected within
the survey. Considering the same, collection of the quantitative information is considered from a
large population by means of using this sampling technique. Through use of simple random
sampling process it is assumed that the quantitative research analysis requires relatively bigger
sample size for obtaining along with analyzing responses collected from the respondents
participating within the research process (Sahawneh, Hayek and Bshayreh 2016). In this
accountant, sample size of 61 accountants from the selected public listed companies of Australia
are selected for extracting relevant views on different technologically advanced accounting
software used for enhancing business operations in their company.
4.6. Data Analysis
Analysis of data will take place by means of employing all the relevant and statistically
significant tools that can further facilitate in attaining suitable research outcomes regarding use
of accounting technology within Australian organizations and its effectiveness (Sahawneh,
Hayek and Bshayreh 2016). The data gathered will be presented in the form of figures, tables and
graphs that can in turn ensure better analysis of research results. MS Excel application will be
utilized in conducting regression and correlation analysis for attaining the research findings
based on research objectives. Such data analysis techniques are employed for the reason that it
can facilitate in maintaining the transparency as well as suitable data interpretation to attaining
pertinent research findings.

18IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
4.7. Ethical Concern
Ethical codes are associated with accounting and finance that has positively impacted the
value systems along with the beliefs of the society. Certain vital advantages to the society that
are ensured through employing computerized system includes that the audit trails and details are
attained automatically (Watty, McKay and Ngo 2016). Moreover, the computerized system
facilitates the people to retrieve certain accounting data rapidly that include status or details
associated with consumer payments as well as sales figure till date. Financial data can be
maintained confidentially through attaining the advantages of every security password systems
which is offered by several latest accounting processes.

19IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
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15.

23IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
Appendix
Student Details
Name :
Student Number :
Email :
Subject (Code/Name) :
Supervisor Details
Name :
Email :
Proposed Research Details :
Topic:
Summary of the proposed research project, including brief description of methodology
(bullet points where applicable)

24IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
Ethics Checlist (Participants)
How do you propose to select your participants ?
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 ?
Does your research involve children under eighteen years old ? (Yes/No)
Ethics Checlist (Participants)
Will your research take place in an institution ? (Yes/No)
Are in a position of power over participants ? (Yes/No), if yes, describe any ethical
implication an dhow you deal with them
Describe any risk or harm to participants which might be associated with yoru research and

25IMPLEMENTATION OF TECHNOLOGY IN FINANCE AND ACCOUNTING
how would you propose to minimese these risks
Privacy and Confidentiality
How will you protect the confidentiality and privacy of your 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.
Data Collection and Storage
Who will have access to the data ?
How will you store the data in order to ensure its security