This is technological era in which information system is highly contributing in the growth and development of every possible sector of which an individual can think of. Technological aspect has been increased in the accounting field too. Accounting information system have become one of the integral part of the business where organizations are using it for the successful and efficient delivery of the accounts related operations. The purpose of this proposal is to drive a research on the technology supporting the accounting system and predicting the enhancement in the future of the Accounting system.
Technology has established itself as one of the most crucial part of the accounting but a proper assessment of the role of technology in the accounting is very limited or have not been assessed. Hence, the assessment of the technology in the industry is crucial and has been selected. Furthermore, technology is witnessing changes every day because of the different studies and competition among different technology providers. The cloud based accounting, ERP, AIS, Big Data analytics and several other reformative technologies have been developed and are witnessing major upgradation to support the business processes. hence, it is crucial to forecast the role that technology is capable of playing in the offering efficiency and accuracy of the accounting process. Hence, it is crucial to forecast the future of accounting in context with the technology and the proposed paper is aimed at the discussed forecasting. So, the paper is aimed at identifying the role of technology in accounting and forecasting the capabilities that future technologies can offer in the discussed area.
Langfield-Smith et al. (2017) presented the chronological order of the growth of accounting system through adopting the various innovative technologies that landed from the calculators to the artificial intelligence in future. The present business scenario is using the cloud based accounting systems with the highest trend. According to (Laudon & Laudon, 2016), the involvement of the technology in accounting has changed the face of the accounting sector and contributing in easing the job of accountants much easier. Cloud computing is one of the trending technology that is allowing improvement in the accounting system through allowing the inter-based computing through sharing, the data and available resources connected with a network allowing the real time data and information exchange. Some other technological involvement includes mobile computing, integration of the social media within existing system, robotics, and artificial intelligence (Ismail & King, 2014). However, the current Accounting Information System are allowing the ease to the accountants and staffs for managing and delivering the needs and requirements of the business through allowing effective and efficient management of the operational activities through integrating the ERP (Enterprise resource Planning), Business Intelligence System, and accounting management. Simkin, Norman & Rose (2014) claimed despite of so many benefits of the accounting information system and integration of the various innovative technologies, there are certain lagging factors those could possibly minimize the efficiency of its implementation. The research driven by Andallah (2014) states that the application of the technology in business ensures the reliability of the accounting and calculations related to the accounts. The business environment could be possibly influenced in positive manner through the integration of the information technology in manner to support the ongoing operational activities in much efficient and effective manner. Technological challenge, training, educational program, software best-suited for the business needs and requirements, and others are vital challenges those if not overcome, could possibly restrict the system from gaining maximum efficiency (Alewine, Allport & Shen, 2016). The threats and risks are also associated with the same context those could influence the privacy and security of the data and information being collected. Moreover, if the technology not implemented properly, it could bring chaos to the entire functioning of the organization. An example include the Queensland Health Payroll System that was one of the biggest failure in deploying technology for the payroll system (Al-rabei et al., 2015). Other than technological considerations, management initiations could play vital role in the successful and efficient deployment of the technological integration in the system.
The findings from the literary work have reviewed that similar to others fields accounting have also been dominated by the technological advancements. From statistical tools and techniques to a multi-purpose system such as Accounting Information System, technology is currently the most prominent source that offers development and enhancement of the accounting process. However, the technologies that will dominate the future of accounting is a topic that have not been assessed in the literary work. Moreover, the role of technology in the field of accounting is also discussion that needs to earn a clear definition. The reason for the above statement could be justified by the fact that technology has been considered one of the driving force for the modern accounting, but the challenges posed by the technological development is also rising concern over the use of technology in accounting. Hence, based on the above facts it would be justified to state that a proper definitive role of technology in accounting and its future is a gap in literature that needs to be filled and the proposed paper is dedicated to the discussed cause.
The primary aim of the proposed work is to identify the technologies that will drive the accounting of future. To attain the primary aim of the paper certain objectives, need to be fulfilled that have been listed below along with the primary aim.
The research questions that will be answered in the proposed study are:
Interpretivism and positivism are the most prominently pursued research academic research philosophy. While, positivism believes in the idea that a study can be conducted without interfering in the situation or with subject (Pozzebon, 2017). The interpretivism philosophy of research studies have a contradicting believe in comparison to its counterpart and believes that no study can be conducted without influencing the subject or scenario. Hence, as the aim of the paper is to identify the emerging technologies for accounting and no interference with the subject is made which makes positivism as the most suitable philosophy for the study and has been selected (Rosenberg, 2017). The research design selected for the paper is exploratory as the aim of the paper is to explore the technology and identify the most suitable for the same and hence the selection.
The data collection for the study will be done through secondary data collection methodology that will account for both secondary quantitative data and qualitative data (Rosenberg, 2017). As part of the secondary qualitative data, the technologies that are making changes in other sectors will be evaluated and their feasibility in the accounting industry will be measured. The measurement of the feasibility of the technology in the accounting industry will be done from collection of the qualitative data. The analysis of the secondary qualitative data will be done through ground theory approach and will account for the critical thinking of the researcher. The secondary quantitative data will be collected from Australian Bureau of Statistics along with different secondary sources. The link for some of the secondary data sources include
The analysis of the collected data will be done through thematic analysis, where patterns and frameworks will be identified from the subjective responses to the open ended questions. If any unfiltered raw data is obtained, then SPSS tool will be used for summarising the data. Depending on the data identified and the tests that need to be conducted over it, Correlation, ANOVA, T Test or descriptive testing will be done. The findings will then be summarised using the knowledge and critical thinking of the researcher. The sampling of the data will be done through random sampling and appropriate referencing to the source will be done to avoid development of any ethical issue.
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References
Abdallah, A. A. J. (2014). The impact of using accounting information systems on the quality of financial statements submitted to the Income and sales tax Department in Jordan. European Scientific Journal, ESJ, 9(10).
Alewine, H. C., Allport, C. D., & Shen, W. C. M. (2016). How measurement framing and accounting information system evaluation mode influence environmental performance judgments. International Journal of Accounting Information Systems, 23, 28-44.
Al-rabei, A. M., Taber, T. A. A., Alaryan, L. A., & Haija, A. A. A. (2015). The Role of Accounting Information Systems in enhancing Human Resources Management Cycle in Jordanian Islamic Banks an Empirical Study. Australian Journal of Basic and Applied Sciences, 9(20), 437-441.
Boritz, J. E., & Stoner, G. N. (2014). Technology in accounting education. In The Routledge companion to accounting education (pp. 385-413). Routledge.
Dandago, K. I., & Rufai, A. S. (2014). Information technology and accounting information system in the Nigerian banking industry. Asian Economic and Financial Review, 4(5), 655-670.
Ismail, N. A., & King, M. (2014). Factors influencing the alignment of accounting information systems in small and medium sized Malaysian manufacturing firms. Journal of Information Systems and Small Business, 1(1-2), 1-20.
Langfield-Smith, K., Smith, D., Andon, P., Hilton, R., & Thorne, H. (2017). Management accounting: Information for creating and managing value. McGraw-Hill Education Australia.
Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.
Pozzebon, M. (2017). Beyond positivistic qualitative research. Revista de Administração de Empresas, 57(4), 415.
Rosenberg, G. N. (2017). Positivism, interpretivism, and the study of law. In Law and Social Movements (pp. 33-53). Routledge.
Simkin, M. G., Norman, C. S., & Rose, J. M. (2014). Core concepts of accounting information systems. John Wiley & Sons.
Zarei, E., Kheiri, M., & Yazdgerdi, N. A. (2014). The level at which accounting professors use information technology at universities. Journal of Accounting Research, 4(2), 159-174.
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