Technological Innovation and Accounting Profession
Chapter One
Objectives of the Study.
The objectives of the study are;
- To find out the outcome of technological innovation on the efficiency of the accounting profession
- To find out the outcome of technological innovation on the effectiveness of the accounting profession
- To find out the challenges of accountant face technological innovation
CHAPTER TWO
REVIEW OF RELATED LITERATURE
INFORMATION TECHNOLOGY ROLE IN ACCOUNTING DEVELOPMENT
Trade in companies and institution is very different with recent years. Strong effects of information technology such as computers, the Internet, wireless, software and hardware have been changed business and management style generally. New practical software, improved obtained results in different sections of a company or factory such as production line, packaging, accounting and management. Improvement in performance and obtained results leads to promotion in quality level of products or services, more attractions of customers’ satisfaction, and obtain more profit finally. Accounting systems are one of the systems with the most changes due to the IT progress. These changes and developments help accountants to overcome the defects of traditional methods. In traditional methods of accounting, accountants were notes their calculations, statistics and data in papers, which problems of these method need to be investigated in other researches, but low accuracy and speed, information losses due to the different reasons and environmental problems are disadvantages of these methods, briefly. Mentioned problems in traditional methods of accounting, have been resolved in new methods; by automated software and computer, manual calculations and paper usage is not required anymore for accounting calculations. The strength of these applications is their flexibility in programming; so, accounting software can be used in different companies with different goals, or an application can be written for a company, exclusively. Therefore, there is no limit in coding software for different companies. The raised question is how to choose the type of software by company. Two factors are effective in this choice; the first factor is the amount of operations, which should be done by accountants, the second one is the number of users who access to this system. According to the mentioned notes, stronger application is needed in the larger company. On the other hand, if a normal company use from very powerful and professional accounting application, it spent additional cost. It must be acknowledged, information technology has been significant contribution in improvement of accounting groups. In this regard, some advantages can be noted such as short time needed to present financial information to managers and stakeholders. Huge amount of today’s calculations are very time consuming, if accountants perform them based on traditional methods, and the obtained results are not reliable completely. In addition to the shorter time of calculations, increased accuracy, improved performance and environment-friendly method, are other advantages of information technology in accounting. In the next section, these advantages investigated, separately
ADVANTAGES OF NEW ACCOUNTING SYSTEMS
Accounting systems appropriated with information technology progress
The greatest achievement of information technology on accounting is organized and disciplined financial information investigation and submits by using special applications and smart computers. In this method, accountants don’t spend their time and energy, completely; furthermore, there is no need to paper for information submits. All the manual operations, such as calculations, submit information and provide financial report, defined as an accounting application by defaults and installed application in a computer performs all of these proceedings with higher speed automatically. In this method, instead of complex and time consuming calculations, according to the conditions, accountants choose suitable inputs and receive desired output in the shortest possible time. If existing applications are unsuitable for a company demands, then managers can request to experienced programmers for applications appropriated with their demands. Therefore, there is no limit in applications for companies or institutions. New accounting systems, reach necessary information to managers quick and timely; so, they take the best decisions in suitable time. In the age of competition between firms, based on mentioned notes, new accounting systems are important more than ever
IMPACT OF IT ON MODERN ACCOUNTING SYSTEMS:
Money Saving: The application doesn’t need to travel to the consulate two times, first time for collecting the application form and for physical presentation. He needs to go to the consulate only once the application form would have been filled online. The cost for travelling the first time is saved. Also the potential wastage of paper is removed. Reducing paper consumption helps improve the quality of environment, reduce forest destruction since paper is produced from wood and reduce of waste processing.
Chapter three
Research methodology
Research Design
The research design adopted in this research work is the survey research design which involves the usage of self-designed questionnaire in the collection of data. Under the survey research design, primary data of this study will be collected from UBA, Lagos state in order to determine the technological innovation and accounting profession. The design was chosen because it enables the researcher to collect data without manipulation of any variables of interest in the study. The design also provides opportunity for equal chance of participation in the study for respondents.
Population of Study
The population of study is the census of all items or a subject that possess the characteristics or that have the knowledge of the phenomenon that is being studied (Asiaka, 1991). It also means the aggregate people from which the sample is to be drawn.
Population is sometimes referred to as the universe. The population of this research study will be Seventy-five (75) selected staffs of UBA, Lagos state
Sample Size and Sampling Techniques
The researcher made use of stratified sampling technique because all the members have the same probability of occurrence. The researcher narrowed down the samples to staffs of UBA, Lagos state in order to access the technological innovation and accounting profession.
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION
This chapter is about the analysis and presentation of data collected from the field through questionnaire. The analysis of the data with particular question immediately followed by the presentation of findings.
As mentioned in chapter three, 75 questionnaires were administered and 50 were retrieved and necessary analysis was carried out on them and presented as follows:
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain technological innovation and accounting profession. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of technological innovation and accounting profession
Summary
This study was on technological innovation and accounting profession. Three objectives were raised which included: To find out the outcome of technological innovation on the efficiency of the accounting profession, to find out the outcome of technological innovation on the effectiveness of the accounting profession and to find out the challenges of accountant face technological innovation. The total population for the study is 75 staffs of UBA. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
The accounting industry is now speaking a brand new language of business. It is the language of future generations of accounting professionals. The evolution of accounting technology has been tremendous with strong growth potential for the future. The advancements have taken the industry to many new levels of opportunities that I have discussed throughout this article. In comparing and contrasting the changes that have occurred with the use of technology in accounting throughout the ages, enterprise productivity has created career stability and many diverse opportunities in this successful industry of professional accountants.
Recommendation
It is hereby recommended that accounting firms should be more efficient and timely in their responsibilities with a view to meet up with the needs of their clients.
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