BUSN20019 ASSIGNMENT 1 TECHNOLOGY’S IMPACT ON ACCOUNTING PROFESSION Submitted by Md Reedwan Bin Hasan ID: s0277391 Submitted to: Dr. Olav Muurlink Date of submission: 23rd April, 2017 1.0. Project context I am currently studying professional accounting. Accounting is a systematic process of identifying, classifying, analyzing and reporting financial information to end users(Harris, 2016). In every organization accounting forms an integral part of all functions. Other departments depend on normal operations of an accounting system as a result many organizations are chained to identifying qualified accounting personnel. The primary function of accounting in organizations is to provide informationthat management can use to make valuable decisions(Krahel&Vasarhelyi, 2014). Other specific objectives of accounting include ascertaining profit and loss, net worth, and capital base in organizations.Understanding of accounting makes a professional to be a useful asset in participation of decision making process. An accounting professional is expected to practice with highest ethical integrity. Several chartered institutes have been formulated to govern and guide operations of accountant profession and careers(O’Neill, 2015). For example, in 1854 the institute of Chartered Accountants of Scotland was the first national body to be formed in the world. The expectations of any profession are to ensure accounting information meet accounting standards of economy, reliability, competition, timely, relevant and consistent(Krahel&Vasarhelyi, 2014). If accounting standards are followed, reduction in conflicts among the users will be minimized. Any accounting professional will be judged on how best they have complied with accounting standards(Harris, 2016).The various users who can benefit from accounting information include managers, employees, suppliers, customers, governments and investors. Both find different utility from the accounting information. Any accounting professional should strive to ensure they are meeting different financial user’s needs. Accounting profession has different branches that provides more opportunities for individuals to exploit. It is divided into management accounting, financial accounting, financial management, and financial analysis and reporting. The profession varies with different accounting activities like costing, analysis, reporting, and interpretations of business information. For example, management accounting involves a process in which different costs are identified, processed and converted to form useful reports for the management. Financial management involves a process to identify financial needs of organizations and making valuable information over them(Smith, &Cordina, 2014). Financial accounting involves preparation of financial statements, and ascertaining their accuracy through auditing systems before communicating them. The different branches of accounting can result to a number of professional options to venture in, examples like one can be a financial accountant, managerial accountant, financial analyst, and financial auditor. With the current changes in technology and business needs, accounting process is shifting and focusing on the future. Many organizations are adopting financial systems to facilitate their accounting processes(Waweru, Çalışkan, Akbaş, Durer, 2014). Financial and accounting application systems carry out several functions that used to be done manually. A good application system can efficiently record, store, analyze and information in different forms that the user requires. This makes an accounting financial aided application to be a useful component in making decisions in organizations. The changes in environment and organization needs has led to current professions to embrace and acknowledge the importance of information systems in accounting profession(Bailey &Leonardi, 2015). 2.0. Project proposal Title:Technology's impact on accounting profession 2.1. Background of the study The use of information technology (IT) has transformed several professional services in organizations. After the Millennium t he accounting profession underwent several notable changes in the use of IT application systems. Accounting profession involves several activities of collecting, organizing, processing, and evaluation of financial information to end users. IT is a discipline that deals with use of computers and telecommunication equipment for storage, retrieval and manipulation of data. The use of any IT related function is expected to perform such accounting profession activities. Over the years several financial and accounting operations of organizations have changed due to advancements in information technology. IT has provided useful tools, techniques and software that help in identifying, storage, retrieval, analyzing and reporting business financial information for the end users. It has continued to create more business opportunities for organizations and professionals. Example of cases where IT application has taken root in accounting profession could bean audit software and knowledge sharing applications. Other managerial and operative functions of computer systems is to facilitate payments and financial reporting. IT has become an important tool in organizations which has made professionals in accounting to fully utilize and depend on them. 2.2. Definition of the problem Although there are several reasons that support the usefulness of IT, different changes and developments have led organizations to react towards its usage(Boedker, & Chua, 2013). In recent times many organizations are heavily investing on IT accounting infrastructure to improve their performance. Although IT accounting software can perform several functions and tasks, the conceptual part is dependent on the accounting person. Many researchers argue that many organizations should invest on general knowledge acquisition and practice rather than investing heavily on IT infrastructures. Dependency on automation technology in accounting has lead the traditional professional accounting jobs to become obsolete. Several accountants and auditors are faced with the risks of losing their jobs. The use of artificial intelligence aid tools is increasingly used to replace the work that previously professionally fresh graduates were doing(Avery, 2016).The accounting professional work is shifting to more analytical and strategic roles for example financial analysis and planning. The use of technology in accounting as necessitated production of new skills among professionals e.g. use of data science and artificial intelligence is bringing new ways of making decisions and productivity. The job market is currently looking for professional accountants who have sound business judgments. That has led organization to change recruitment policies to select suitable accounting professionals(Avery, 2016). The positive and negatives of technology towards accounting professionals has led to difficultyin establishing the impact of technology on accounting professional. This study will try to seek answers to the research objective: technology’s impacts on accounting profession. 2.3. Justification of the problem This study is important for management of organizations and accounting professionals. New technology and innovations in accounting profession has caught the eye throughout the world, which is why Columbia Business School has developed programs and research centers to help their students to get acquainted with the real-world challenges, thus this can be countedas a proof about the changes being brought into accounting profession due to technology (Harris, 2016). Management can look for better managerial policies that accommodate automation of accounting processes and professionals(Boedker& Chua, 2013). It is important to accounting professionals because they can address accounting changing dynamics by identifying suitable methodologies and techniques to address the job market. To name a few specific changes brought into the accounting profession because of technological changes would be: financial accounting research using a greater level of data mining, traditional auditing has begun to address continuous auditing and enterprise resource planning for managerial accounting. These changes weren’t a part of the traditional accounting profession but now accountants must be aware of these alterations and requirements in this profession (Krahel, 2014). As a future accounting professional I will try to focus on better ways of addressing changes in the profession resulting from technology and understand the various factors regarding the subject. 2.4. Project aim and objectives The main aim of the study is to establish the impact of technology on accounting profession. The study will be guided by the following research objectives: i. To identify how technology impacts the activities of a professional accountant in organizations. ii. To identify the current roles of accounting professional resulting from technology usage in organizations. 2.5. Methodology This research paper will be made based upon secondary data only, and my methodology in order to complete the paper will include gaining information from online journals, articles, books and so on. 2.5.1. Literature review A number of studies have shown how technology has contributed to accounting technology. Waweru, Çalışkan, Akbaş, H. E., & Durer (2014) generally discussed on factors influencing operations of a professional accountant.In Turkey, they conducted their research on a sample of 643accountants. One of the factors influencing the profession is technology’s influences onhow accounting procedures are done in organizations. Ragan, Puccio&Talisesky(2014) discussed several technological methods used as control measures in accounting and auditing.A case study was developed and tested in Saint Joseph’s University in Philadelphia, Pennsylvania. This study evaluated how embedded control measures made the profession more efficient, less costly and reduce risks. Boedker& Chua (2013) only discussed effectiveness of using technology in accounting. Carlon, McAlpine-Mladenovic, Palm, Mitrione, Kirk & Wong (2015) discussed how technology has contributed to financial accounting analysis and how the new concepts in accounting if well taught to the students can help them to have a better knowledge about the profession.Zhang, Kang & Jiang (2014) outlined several usefulness of information technology to accounting. The study did not discuss how the technology can affect accounting profession though.It is important for studies to directly research and explain how it affects operations of an accounting professional. 2.5.2. Research design The study will employ documentary review research design. Documentary review involves reviewing secondary information and obtaining meanings from them(Zhang, Kang & Jiang, 2014). 2.5.3. Data collection and analysis Data will be collected from secondary sources that will include from books, peer reviewed journals and other acceptable written materials. Information obtained from the sources will then be scrutinized to ensure that the content validity is achieved. Data will be analyzed using qualitative approach and quantitative approaches. Qualitative approach will help to determine the underlying reasons for the impacts and quantitative approach will make sure more secondary data have been attained for the study. For this paper, I have explored google scholar as my prime source. From the many scholarly papers obtained through my search, I have randomly picked up studies while selecting the ones which fit my need for the research paper. References Avery, H. (2016). Management, accounting and technology. World Banking Abstracts, 33(4), 269. Bailey, D., &Leonardi, P. (2015). Explaining Technology Choices in the Workplace: Proposing an Occupational Perspective. In Technology Choices: Why Occupations Differ in Their Embrace of New Technology (pp. 19-42). MIT Press. Boedker, C., & Chua, W. F. (2013). Accounting as an affective technology: A study of circulation, agency and entrancement. Accounting, Organizations and Society, 38(4), 245-267. Carlon, S., McAlpine-Mladenovic, R., Palm, C., Mitrione, L., Kirk, N., & Wong, L. (2015). Financial Accounting: Reporting, Analysis and Decision Making. John Wiley and Sons Australia. Harris, T. (2016). Accounting. In THE FACULTY OF COLUMBIA BUSINESS SCHOOL (Author) & THOMAS B. (Ed.), Columbia Business School: A Century of Ideas (pp. 143-174). New York: Columbia University Press. Krahel, J. P., &Vasarhelyi, M. A. (2014). AIS as a facilitator of accounting change: Technology, practice, and education. Journal of Information Systems, 28(2), 1-15. O’Neill, D. (2015). Management, accounting and technology. World Banking Abstracts, 32(3), 190. Ragan, J., Puccio, C., &Talisesky, B. (2014). Accounting Control Technology Using SAP: A Case-Based Approach. American Journal of Business Education (Online), 7(4), 349. Smith, J. A., &Cordina, R. (2014). The role of accounting in high-technology investments. The British Accounting Review, 46(3), 309-322. Waweru, N., Çalışkan, A. Ö., Akbaş, H. E., & Durer, S. (2014). Factors influencing the accounting profession career choice: evidence from an emerging economy. International Journal of Critical Accounting, 6(2), 147-165. Zarei, E., Kargar, E. F., &Bazyar, S. (2014). The level at which accounting professors use information technology at universities. Journal of Accounting Research, 4(2), 159-174. Zhang, L. Q., Kang, Z. L., & Jiang, W. (2014, January). Research on Influence of Information Technology on Accounting Real-Time Control. In Proceedings of the 9th International Symposium on Linear Drives for Industry Applications, Volume 1 (pp. 85-89). Springer Berlin Heidelberg. CONVERSATION LOGBOOK Hello Muurlink, I am Md Reedwan Bin Hasan (s0277391), currently in my last semester of masters of professional accounting, and I just wanted to ask you whether I have to conduct my research on accounting only, or am I allowed to choose marketing/HR and so on? And is it permitted for me to go see the lecturer in Melbourne campus for other project related queries? Regards, Reedwan As an accounting student, Reedwan, you are expected to do your project in the area of accounting. Perhaps focus on accounting as a profession, and maybe look at the nature of jobs advertised online in Australia versus your home country. It is fine for you to see your Melbourne Lecturer, DrZubac, or your Melbourne accounting tutor. Also remember to have a look at the youtube clip and the News Forum postings on the Moodle site. Many students are making some key errors in settling on their topic, and it’s important to get it right from the beginning. Kind regards, Olav. Hello Olav, I am planning to conduct my research on - " the impact of technology on accountants" . Just waiting for your approval to start working on the project. Kind Regards, I approve of your topic, Reedwan. However, if you DON’T make use of secondary data in your assignment, and analyuse that data, then you will fail this course, even though I have approved the topic. So have a good think about how you would collect data for this topic, (remember it is not allowed to be primary data) and how you would analyse that data. Kind regards, Olav. thank you for getting back so soon. I'll start work immediately and in case if i face trouble or have to switch to another topic, I will talk to you again. regards, No problems, Reedwan. Don’t hesitate to ask questions, either of me or your on-campus lecturer and tutor. Olav. I am almost done with my first assignment but before making the final changes I just wanted to run it by you just to make sure I will be submitting something that is on the right track. I began by discussing a little bit about accountancy and its different branches. then i moved on to describing my topic and elaborating why it is an important subject of discussion. And for data collection and analysis: i mentioned both qualitative and quantitative approach with just secondary data. Once I hear from you I'll make the final changes and upload. thank you for your time, kind regards, Reedwan Hello Reedwan, Thanks for your email. Only comments I would have are: 1] Re the ‘bit about accountancy’, make sure you discuss the nature of the profession, and how accountancy is (or is not) a profession (using some references to scholarly work) and 2] With your data collection, give some indication of where you are planning to gt your data from. Thanks Reedwan. 
Olav. hello Olav, just had a question regarding the log book. should i copy this conversation thread and upload it while submitting my assignment? thank you kind regards, Reedwan Yes, that sounds fine Reedwan. Olav