BUS707 Applied Business Research: Tech Implementation in Accounting

This research report investigates the impacts and significance of technology implementation in accounting and finance, focusing on the Australian business context. The study explores the integration of technology in accounting practices, addressing research questions such as the ways technological developments are incorporated, the advantages and costs of implementation, and future implications. The report includes an introduction outlining the research's aim and objectives, a literature review examining existing research on the topic, and a research methodology section detailing data collection and analysis methods. The findings and data analysis chapter evaluates the pooled data, and the conclusion and recommendation chapter summarizes the research and offers suggestions for future research. The research emphasizes the importance of reliable accounting and financial reporting practices for business prosperity and sustainability, and it highlights the competitive benefits of information technology in organizations.

Running head: APPLIED BUSINESS RESEARCH
Impacts and Significance of Technology Implementation in Accounting and Finance

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Abstract
The main aim of this investigation is to analyze the impacts and significance of technology
implementation in accounting and finance. This research completes the main aim of this research
through different chapters such as introduction, literature review, research methodology, data
analysis, and conclusion. This research illustrated that the company should build the reliable
accounting and financial reporting practices, which ensures the profitability, high prosperity, and
sustainability of the company. It is also evaluated that information technology aids to get the
competitive benefits in a business organization. Research methodology is the third chapter that
contains a different strategy to pool the data in a systematic manner. Furthermore, both primary
and secondary data collection method will be used to gather the information regarding research
concern. Mixed research approach would be practiced for pooling the information. Along with
this, statistical data analysis would be implemented to assess the pooled information about
research.

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Table of Contents
Abstract.......................................................................................................................................................2
Introduction to the research.........................................................................................................................4
Research problem and research objectives..................................................................................................7
Literature review.........................................................................................................................................8
Research Design and Methodology...........................................................................................................12
References.................................................................................................................................................17

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Introduction to the research
Introduce the topic of the research
The topic of this research is to assess the impacts and significance of technology implementation
in accounting and finance.
What real problem does the research seek to resolve and why is it important to research
this topic
In the contemporary times, accounting and financial reporting are defined as the practices of
recording the financial data, transaction, auditing and assessing the several financial practices
and performances of certain companies that have a massive implication, particularly in the
business structure and international business. In the contemporary international business
phenomenon, trends of inclusiveness, integration, and interconnectedness of company are
increasing and several nations focus on globalization and liberalization and emphasize on the
transformation in the practices of government in across the different nations. The company needs
to develop the reliable financial and accounting reporting practices that make sure the high
prosperity, profitability along with the sustainability of the business organization. It will also aid
to deal in complex operational structure (Ruivo, Oliveira, and Neto, 2014).
The international business phenomenon has made the noteworthy transformations in their
operational structure with the intention of technological and infrastructural aspects. The
development of the technological structure has persuaded the process of business significantly
along with; there is no exception to incorporate the finance and accounting aspects. With the
period of time, financial and accounting practices across the international level have experienced
the substantial alteration due to the integration of technological advance in these fields,
particularly in the sectors of commerce and trade. Furthermore, integration of technology has

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been taking place in the accounting practices in the forms of mobile accounting, cloud
computing, tax software, OCR technology and similar experience (Drexler, Fischer, and Schoar,
2014).
Outline the structure of this proposal
The given below structure will be used in this proposal that helps to complete the aim of a
research study in a systematic way:
Introduction:
This is the first chapter of research, which will entail the aim and objective of the investigation,
research significance and research questions. It will be beneficial to prepare the base of the
knowledge base and dynamic data related to the issue of research. This chapter will provide
depth data associated with limitation of research that a research faces in terms of accomplishing
the research study. The data about this part will be essential for a research scholar for evaluating
the track of investigation and assess the research matter in a methodological manner (Epstein,
2018).
Literature Review:
The second chapter of this research is about reviewing the different literature that is used for
discovering the issue of research by implementing different associated aspects. By using this
chapter, a research will be competent to evaluate the existing knowledge regarding research
subject matter and also assesses previous authentic information to increase the comprehension
about it. For this research purpose, different sources will be used like journals, articles, and
online and offline website. It would be also effective for determining the gap of understanding
and generates the base for implementing the primary research tools (Gomber, and Haferkorn,
2015).

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Research Methodology:
In this research, a researcher will explain some methods, techniques, and strategy for
accomplishing the research from a mechanical and ethical perspective. The researcher will
involve certain components such as investigation approaches, philosophies, research design, data
analysis tools, sampling and data collecting tools. These components are rationalized for
ensuring the reliability and validity of the outcome. In this way, research tools will be justified
according to the topic and objectives of research that is significant for accomplishing the reliable
results (Loughran, and McDonald, 2016).
Data Analysis and Findings:
In this research, this chapter is significant for conducting an effective evaluation of pooling the
data. This section will provide a significant channel for a researcher with regards to classifying
the data along with, evaluating them in against of each objective. In this way, it helps a
researcher for evaluating and analyzing the information in a logical manner by using the feasible
information assessing strategy. Through this, a researcher would be competent in explaining the
data in a chronological way in order to generate the valid outcome (Laudon, and Laudon, 2016).
Conclusion and Recommendation:
It is the last chapter if the researcher that will make capable to a researcher in order to conclude
the research according to the findings. This section will build the relationship amid findings and
objectives in order to create the consistent and authentic result. It will also provide the suggestion
related to impacts and significance of technology implementation in accounting and finance. It
would be effective for determining the practical implication and guiding the future researcher for
performing well research (Simkin, Worrell, and Savage, 2018).

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Research problem and research objectives
In the current scenario, there is a need to focus on the aspect of incorporation and integration of
technological advancement and development in the financial and accounting field in across the
international business structure. This becomes an enormously significant study in the nation of
across Australia.
Primary Research Question
The concerned investigation proposes to discover the primary question that is given as follow:
What are the significances and implications of technology implementations in accounting and
financial activities in the commercial framework of Australia?
Secondary Research Questions
By focusing on the primary research question, the secondary research questions for the
concerned investigation are as follows:
a. In what ways are technological developments being incorporated in the accounting activities
of businesses in Australia?
b. What are the advantages of implementing technological innovations in accounting activities?
c. What are the costs of implementing technological innovations in accounting activities?
e. What are the future implications of the incorporation of technology in accounting practices in
business organizations?
Research Aim and Objectives
The proposed investigation primarily aims to study the significance of technological
development in the sector of accounting practices in the business and the importance of the same.
This research focuses on the business in the nation of Australia. The concerned investigation
tries to discover the method in which the limitation found could be avoided such as

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understanding the limitations that may be experienced by the company in the nation. Thus, it
helps to predict the future implication of technological implementations in the accounting
practices in Australian business.
Literature review
According to Brown et al. (2016), information technology and accounting originated from
diverse background and its history. Furthermore, accounting has been implemented since the
time of 8500 BC in current times. But, there is no a different strategy that maintains the
accounting aspects. Information technology is the fast pacing technology in each and every day.
In current times, Novel technologies are developed in managing the accounting practices but, it
may be outdated within a few months.
On the other side, Przychodzen and Przychodzen (2015) evaluated that the impact of IT cannot
be avoided since it would direct with respect to competitive benefits and development in the
business. In addition, the application of information technology in management accounting has
been renowned in the current times because it provides the benefits to the company in terms of
managing their accounting. There are certain accounting studies that integrated the IT paper as
an integral element of accounting initiative in order to initiate implementation of IT in the
prospect time period. Moreover, the commencement of IT in accounting specifically managerial
and financial accounting is undeniable.
In the view of Tayeh Al-Jarrah and Tarhini (2015), information technology is a field to
investigate the information from personal computers. Hence, this existing study focuses on the
applicable technology that is modified to management accounting such as multimedia
technology together with utilizing the internet for management accounting. The key focus is

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placed on the implication of the application of information technology in the field of
management accounting.
In contrast to this, Chenhall and Moers (2015) assessed that the performance of the company
could be improved because of computerized accounting information system in the current times.
Furthermore, the key theme of the article focuses on the processes of the business transaction
that were created and simplified the effective operation. Furthermore, another reason for using
advanced technology is a reasonable price for the different small sized business company. It
creates the huge opportunities for the business entity to improve the operation of the business.
According to Wilden and Gudergan (2015), information technology has an impact on the
accounting process in certain ways. Firstly, the accounting techniques and proficiency the
industry and company have improved to ensure the trustworthiness and significance in
declaration and documentation of information. Another way is that the accountant should
understand the overall transaction flow and related control actions for making certain and
consistent the data. According to the result of the investigation, it is stated that there is a need to
evaluate, recognition and confirmation of probable alternatives in order to resolve the
unconformity concern from accounting practices.
In the view of Otley (2016), information technology aids to make certain conformity amid
system of accounting and the environment in which the company deals. The theoretical aspect
contributed with respect to the literature of accounting and assuming the assessment of
information technology. It creates a certain conformity process in the system of accounting and
business environment through which a business deals. This theoretical aspect also encountered
the conformity in the identification process of management accounting.

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In opposed to this, Hall (2015) discussed the facts that implementation of advanced technology is
important with the intention of decision making and managerial accounting technique since the
ERP system is not merely system that generates facts from exposure and daily operation. They
also stated the intrinsic technique in order to deliver the requisite data for controlling the
corporate and decision-making.
According to Seethamraju (2015), the application of advanced technology such as ERP and AIS
can deliver the support in the business procedure by helping the managers in their decision-
making. It also defines that the implementation of ERP and AIS helps to store the critical
decisions that drive the performance of business concern.
In contrast to this, Lehmann and Joseph (2015) described the overall potential of IT application
in the field of management accounting and also discusses the benefits with limitation. This study
focuses on the need for transformation in the education of accountants by shifting the knowledge
of system towards information technology. In addition, it reveals that there are cost aspects of IT
since the implementation of the same could lead to vast spending on IT staff, hardware, and
updated software.
Ismail and King (2014) exhibited that the company should focus on the new IT initiatives that
match with it audit professionals tasks in three concepts. Firstly, the new IT facilitates the data to
support the decision making related to the audit. The software related to audit manages the
evidence of audit to make feasible audit decision making and note databases offer the appropriate
supplement data. Secondly, the new IT meets the need of daily operation of the company in its
audit sector. The audit software mechanizes the research of working notes and this note helps in
the interaction between the client and the professionals. Thirdly, the new information technology
programs fit into the needs of the business. The notes application enables the business to share

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the knowledge and supply up-to-date data that aids in professional need and also help in the
accounting industry.
On the other side, Avgerou and Walsham (2017) evaluated that information technology is a
valuable backing as they offer information for making a judgment. It is examined that the
investment in technology helps an organization for taking new support program for customer
service. The author stated that many vendors use return on investment analyzing technique to
measure the economic benefits for technology investment. It is stated that a balanced scorecard is
used for customer support technology and it will enhance the business procedure, enhance the
organizational capabilities enhances product and effectively encourages the employees. The
limitation of this literature review is that the author is failed to address the extent of significance
and makes a comparison between ROI and business investment. Thus, it can lead to investing in
technology. It does not address the IT platform in detail and also declines the budgetary
expenses.
Wamba et al. (2017) argued that data mining technology and IT is significant to offer the higher
efficiency. It can result in enhancing the decision of business. Furthermore, history data or
previous data is key for a corporation to become effective in investment. But, the author is
unable to focus on the technical needs with respect to the application platform and required
knowledge to engage the system.
In support of this, Coombs (2015) stated that automation helps to enhance the total expenses of
ownership by associated with field force. The author illustrates the application of mobile
computing for the company’s workforces and prospects that large companies are implementing
the application of mobile. The author recommends that with this advanced technology, the use of

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paper environment could be discarded and shifts by the company about paper-less atmosphere
and digital data.
In opposed to this, Badewi (2016) asserted that selecting the correct system is beneficial for the
company because, it will assess the balance between cost and need. The limitation of this
research is that the author failed in highlighting the consequences of having a paper-less
atmosphere to the legal issues. There was no comprehensible evidence that the author has a proof
mobile system that could not be tempered or operated.
As per the view of Bennett and James (2017), another issue in the integration concern associated
with resources. Although, there are similar IT models who are highly favored by the student
branch of accounting and finance but, they are not offered only for limited amount of student due
to inadequate resources with respect to infrastructure and personnel.
On the other side, Miller and Skinner (2015) evaluated the infrastructure issues like the problem
of accessing the software, inconsistencies and technical support. There are certain factors, which
contributes to the failure of IT integration in the accounting profession. It is an overcrowded
academic initiative that is practiced in the sector of accounting and lack of official support. There
was a high amount of existing belief and training like resistance to transformation. Moreover,
integration of IT experience in university learning and teaching shows that IT is still inadequate
in comparison with the minimum need for encouragement through professional bodies. In the
case of universities, the UK demonstrates the low extent of IT, information system, skills, and
incorporation of knowledge in the accounting school programs. Thus, it is significant for
assessing the factors, which persuade the development of IT skills in the teaching initiatives.
Research Design and Methodology
Inform and justify the type of research