BUS707 Applied Business Research, Kings Own Institute, Australia
Proposed Research Title: Digital Evolution In Accounting And Finance
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Question 1: Abstract
Answer: 1.1 The introduction of the research: The topic of this research is digital evolution in accounting and finance and this research topic has a different aspects in the market as not only the digital organisation and its different partners are understanding the importance of these technologies but the different authorities are understanding the significances of these technologies and ensuring that different organisation under it implement these technologies effectively. These technologies has not only helped the businesses keep its financial data in a safe environment but also ensure that they are streamline in the different activities of the business. In the last one decade, the way in which accounting and finance activities are done in an organisation has significantly changed and the major factors behind it which was enabling those changes are these digital technologies. Therefore, this research is being done to ensure that the all aspects regarding these digital technologies in the field of accounting and finance are analysed and interpreted for the use of different users of this research.
1.2 The matter being investigated: The main matter which is being investigated and researched upon in this research is the tracking of the different advancements made by the different digital technologies or information technologies in the field of accounting and finance. These digital technologies positive and negative effects will be identified and described in this research. This will helps the users of this research understand the overall influence that these technologies have in the overall business environment. It will also be investigated that how a market having higher digital technologies in these fields is performing than a market having comparatively lower digital technologies in these fields. Therefore, the main motive of this investigation or this research is finding the different roles played by these digital technologies directly or indirectly in the different market and its performance.
1.3 The research design and methodology: The research design that will be used for this research is descriptive research design, and under this research design, a systematic review of the data available to the research and those collected by her will be done. The research methodology data collection strategy that will be used in this research will include the literature review where the different aspects of the digital technologies in the field of accounting and finance. Also, another data collection strategy that will be used in this research methodology is taking interviews of the managers of the different organisation to understand the different changes noticed by them in the accounting and financing department and their working due to digital technologies or information technologies. Another data collection strategy that will be used by this research methodology is the survey of different individuals who are associated with accounting and finance in any ways. In this data collection processes of this research both primary and secondary data will be collected to ensure that the findings of this research are adequate and accurate. The different ethical issues will be addressed properly in the methodology plan of this research. The different ways by which the data of this research will be analysed will also be described in this section and the justification will be also be given for the choosing a sample size for a data type of this research.
Question 2: Introduction to the research
Answer: 2.1 Introduce the topic of the research: The research topic of this research is digital evolution in the accounting and finance field. The research topic include the different advancements that the digital technologies done in the field of accounting and finance by different ways. One of the main ways by which these digital technologies has changed the accounting and finance field is how the data are stored and recorded in the organisation in these two department. In the current business world, the data of the organisation is very important and confidential for the business especially the data recorded in the accounting and finance departments as it recorded the financial transactions of the business. These financial transactions data are needed for different purposes like auditing, tax compliance, financial reporting, management decision and many other purposes like these. These purposes demand that the data stored in the organisation are kept in a secure manner and is streamlined for the use of different authorised users of these data. The digital technologies ensure that these requirements are fulfilled by keeping these data in an environment which has adequate security measures and aligned with different activities of the business. All these benefits and many more like these makes the digital technologies use in the recording of the data an necessity in the present business world. The organisations which did not use these technologies adequately and effectively face different problems like compliance issues or ineffective management decisions and many more issues like these. Therefore, the research topic is being research upon to see its different effects on different organisations.
2.2 Overview of client organisation: There is no specific organisation taken for which this research is being conducted. This research has taken a boarder approach under which the digital technologies influence in the field of the accounting and finance of the different organisations of different industries will be discussed. Also, the positive and negative effects of these technologies in the overall market scenario will be identified.
2.3 What real problem does the research seek to resolve and why is it important to research this topic
The real problem which this research is seeking to resolve is the lack of knowledge about the digital technologies and their advancement in the field of account and finance in the market among the different stakeholders in the market. This research topic become significant as many organisation and other members in the market losses many opportunities or faces losses due to lack of knowledge about these digital technologies and this can be prevented by this research. Also, many organisations are lacking competitiveness due to lack of proper knowledge about how to use these technologies and this research can change it.
2.4 Outline the structure of this research proposal: The structure of this research proposal can be divided into five parts. In the first part, the overview of the whole research is given in this abstract part. Then the in the introduction part of the research proposal, the overview of the research topic and the real problem or issue why it is being done is and the reason for which this research topic is important will be described. In the third part, research problem and the research objective has been given and discussed and these research problems and research objectives gives guidance to the direction of this research. Then in the fourth part, the literature review of the research topic will be done and in it the different aspects or theories given by different authors or researcher will be described. In the fifth part, the different elements of the research methodology will be discussed and these elements are the types of research will be conducted in this research, the types of data, how the data will be analysed in this research and many more elements like these.
Question 3: Research problem and research objectives
Answer: There are few research problems for the solution of which, this research will be conduction, and these research problems guiding this research direction, and these research problems are listed below.
a) Why has this transformation occurred?
b) How has evolution changed the traditional system?
c) How has the transformation impacted the sector?
d) Is it enhancing the system?
e) Is the digitisation enhancing the accounting and Financial Sector?
f) What would be better? Traditional or Modern way?
The aim of the research would be to focus on how the transformation occurred, what changes has it brought to the field, and how has it impacted the sector. The evolution and the future of the accounting field to be focused will be the main aim of the research while the main objective of this research would be
• To enlighten the digital evolution occurred in the Accounting and Finance sector due to the implementation of technological factors.
• To find out the software that are used while performing various activities.
• To identify how the transformation has changed the traditional system to modern.
• To identify the challenges involved by using the digitalized methods.
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Question 4: Theoretical Background
Answer: Gelinas et al., (2017) Stated that the accounting is the recording of the different financial transaction of the business and how resources flowing in the different business activities through outflows and inflows of these resources in the business. Sometimes understanding and recording the financial transaction according to different accounting rules become difficult for some of the user, and many time errors or mistake happen in these processes. For this purpose, the accounting information technology has been created, and these include those accounting technologies which are created to increase automation in the different accounting activities of the business. This minimises the different operational risk of the business like errors or mistakes.
Collier, (2015) stated that these accounting information technologies are created by incorporating the traditional accounting standard in the different programming and data frameworks. The use of these technologies record each type of data in a particular manner, and then that data automatically analysed and recorded in different required ways according to the accounting rules which has been incorporated in it.
Muda et al., (2017) stated that one of the primary reasons for using these technologies is effective financial data recording and financial reporting of the organisations. The recording of the business financial data has drastically changed in the last two decades, and this change has been enabled by these technologies. These technologies have ensured that companies with a huge amount of data are able to capture and record the data efficient.
Dai et al., (2017) stated that Before 10 to 15 year, most of the organisations were manually and these manual recording of the data used to create a lot of problems for the business. This manual recording not only used to increase the error or mistake risk but also the risk that the business was due to fraud by the employees of the business. Due to manual recording, the most of the account and finance department employees' clerk used to get an unhealthy amount of power to manipulate the financial data, and this used to lead to fraud in many occasions. This situation changed to a large extent due to accounting information technologies, and another new technology, which is stated to lower the fraud risk more in the different organisations, is blockchain technology.
Nofer et al., (2017) stated that Blockchain technology is technology in which data keep on increasing by a growing number of records in it and this list of data is called block in this technology. These blocks or records are linked with each other using cryptography. In this type of technology, the data cannot be changed or modified easily. Therefore, this helps in preventing fraud, which could have happened by data manipulation.
Laudon and Laudon, (2016) stated that another reason for the significance of these digital technologies increasing in the different organisation is the effective management accounting decision making process. The management decision making process of the different organisations before more effective and efficient by the use of these information technologies. These technologies help in the decision-making process by using the historical financial data of the business and the market different market information available to it. These data make the forecasting of the business more efficient and helps in developing the production of the business according to different factors in the market.
Wu and Ross, (2018) stated that these information technologies also help the organisation understand the different requirement in the market and their customer segment which lead to the business pricing strategies becoming more efficient and according to their targeted customer segment. These technologies fall under the pricing optimisation management of the business and in this process, both historical data of the business and market information are used. All these have become possible due to digitalisation of different information processes in the field of accounting and finance.
Knechel and Salterio, (2016) stated that other aspects which has become more efficient under these technologies is auditing and audit trail. The audit trail has become more efficient and possible in different aspects of the business due to these technologies. The auditing of the different aspects of the business was not possible and if possible not effective due to manual recording of the business financial transactions but now these aspects of the business has become more effective and efficient. Some of these aspects are inventory recording, valuation of the different assets and liabilities and many other aspects like these.
Hayes et al., (2019) stated that another major issue which this digitalisation has to face in the current business world in the field of accounting and finance is the cyber attack and this create huge losses for the business and to tackle these threats the business should take adequate safety measures. The authorities have also become more alert about these threats and the authorities are also complying the public companies to take adequate steps to mitigate these steps.
Pupillo et al., (2018) stated that only of the major industries which the authorities are taking extra precaution is financial sectors and financial institutions. The authorities are monitoring these financial institutions closely and the institution which found to be lacking adequate safety measures to combat these threats are penalised adequately. One of the prime example of it in the recent past is Tesco Bank whose customers loss a huge amount of their deposit due these threat. Tesco Bank not only had to refund those customers but also penalised in huge amount for it.
Making a significant impact is only possible if the host and the client server is in a good state. It is essential for the business management process and all the financial organisation have to be aware of it. There are many cases where it is seen that the business development process needs to be managed in a proficient manner and in the long run this is going to have a better kind of procedure as well. From the viewpoint of Weihuan. (2015), The financial and managerial aspects of a business is directly related with the digital security matter and in the long run this is going top have a better and a proficient impact on the business development process. It is also seen that the issues have to be managed in a correct manner and in the long run this will be a better kind of impact for the organisation. The organisation of Australia has mainly faced issues associate with digital matters in the financial and accounting industry.
The being a web based and totally digital matter it is highly important for the service providers to make a significant impact on the business development process by making certain changes in the system and giving the best kind of solutions for ht business management process. It is a major factor to be taken into consideration and for this reason the web based solutions have to be managed in a proficient manner. According to Zhang. (2017), the management of issues are associated with people's knowledge and in the long run this is going to have a better kind of impact for business associated benefits. The management processes have to be aligned with the business modification and data security because there is a lot of amount is at stake. From the viewpoint of Weinrich et al. (2016), the most of the times it is seen that the management of an institution keeps the issues in their mind but the application of remedies do not happen. It is the most important thing to be taken into consideration as there is a lot of matter which has to be done in accordance with the requirement.
The most of the times it is observed that a better kind of analysis is required in order to make changes in the business development process and for that what needed is proper execution of strategies associated with business development process. According to Bachas et al. (2018), it is also seen that the financial industries of Australia is facing major calamity due to the issues arising in the process. The Australian technical development in every context has risen and it is observed that the issues associate with the business modification has developed in a proper and proficient manner. The most of the cases it is seen that the issues have raised in a significant manner and it is seen that the management of the factors manipulating it have been managed in a proper and proficient manner. The most of the cases it is seen that the financial institutions have made a significant impact on the business development process and in the long run this is going to have a proper and proficient response as well.
Question 5: Research Design and Methodology
Answer: 5.1 Information and justify the type of research: The type of research that will be done in this research study is descriptive research and this research type has been chosen as the different qualitative data will be analysed and interpreted to get findings of the research. This research type has been chosen as this research motive is to find the different effects of these technologies in the different organisation in different market. This research design is best suited to find out the effects of these technologies in the market as it will be analysed the opinions of different authors and different stakeholders in the market about these digital technologies. The findings of this research will be more effective in descriptive form which can be provided by the qualitative data and as this research design includes only qualitative data. This research types also allow quantitative data and this quantitative data will also be used to verify the findings of the research and also to increase the findings of the research which may have been missed by the research in the time of analysing the qualitative data. Therefore, this research type will be effective and adequate for the research matter and this is the reason for choosing this particular research type.
5.2 Information and justify the research approach: The qualitative data of the research are those data which cannot be quantified but the finding from this data is collected by analysing and interpreting the data. The quantitative data are those data findings from which can be quantified in any way. The research approach of this research includes both qualitative data and quantitative data. Therefore, the research approach of this research is mixed approach. This approach is chosen for this research as this research wants to investigate the different aspects of the different digital technologies and their influence in the field of accounting and finance in detail. For this in-depth information, the qualitative data is found to better suited. Therefore, in order to get the in-depth findings about the different details of these technologies, the qualitative data will be included in this research. Also in order to get the quantified findings about the different aspects of this digital evolution in the field of accounting and finance, the quantitative data has been included in this research. This quantitative data will not only provide the quantified data about the evolution of digital technologies in the field of accounting and finance but also will increase the accuracy and number of findings of this research. Therefore, for all above stated reason, this mixed approach has been chosen for this research.
5.3 Description of the type of data will be used: This research will include both primary and secondary data. The primary data of this research are the data that will be collected by the research from the survey and interviews that will be conducted in this research. The secondary data of this research include the different journal or article or government published data or any other reliable or authentic sources like these. This type of data will be analysed and interpreted by the researcher by his observation and analytical skill. The primary data has been include in this research study to remove any biasness that can form due to having only secondary data type and also to increase the accuracy and relevance of the findings of this research. Then secondary data will be included to incorporate different individuals' opinion regarding the research matter in this research. This type of data will make the findings of research more explanatory or descriptive.
5.4 Description of how data will be collected: The primary data are those data which has been collected by the research in time conducting the research and is not extracted from any secondary sources like journal articles, government published report or any other sources like these. The secondary data are those data which are extracted from different available sources and contain interpretation and findings of different researchers. The data in this research will be collected by different research strategies and these research strategies will be aligned with the aims of this research, research design, research approach and ethical issues of this research. One of the main research strategies of this research for data collection is identification of all authentic and reliable sources that is available in different medium for the public regarding the research topic. Then it includes selecting those sources for all the available sources which can answer the research problem of the research most effectively. The second research strategies will include the survey in which the different employees and other partners of different organisations will be asked about the influence of these information and digital technologies in the field of accounting and financing. This will help the findings of the research include the opinions of different stakeholders of the business about these digital technologies. Then the third research strategy of this research will include interviews of the manager and this data collection strategy will help the research finding become more accurate and effective as the managers will know the most relevant and practical aspect regarding these technologies and its use and effects in the market.
5.5 Description and justification of the sample: The sample size of the different types of data that will be collected is set keeping in mind different constraints that the research. Also, in time of choosing the sample size, it has been kept in mind that there should not be any biasness forming due to sample size of the business. The sample size of the first research data collection method is the identification and selection of the different sources available to public is kept at minimum fourteen different sources. The sample size of survey is kept at 100 respondents and survey will be conducted in this research method through close ended questions. The sample size of the interview to the managers will be minimum five different managers and the response of this research data collection will be collected through open ended five questions. The sample size minimum requirement is kept to five keeping in mind the time constraints of this research.
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5.6 Information on how the data will be analysed: The different types of data of this research methodology will analysed differently in this research. The first types of data will be secondary data which is included in the literature review of this research and this type of data will be analysed through observation and analytical skills of the researcher. The second types of data which is primary data collected from the survey will be analysed by different graphs, charts or any other statistical tools and different patterns will be identified from these. The third type of data which is primary data collected through interviews of the managers will be analysed through observation and analytical skills of the researcher.
5.7 Explanation of how the methodology plan address all ethical concern: There are three ethical issues that have been addressed and make plan in the research methodology plan of this research. The first ethical issue that has been addressed in this research is the use of the unreliable and unauthentic secondary sources for literature review. This ethical issue has been addressed by this research methodology by setting some effective criteria for the selection of the sources for the literature review. Then the permission of the respondents of survey and managers who has been interviewed will be taken before recording their response. Also, any information that they want to keep confidential will be kept confidential.
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