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BUS707 - Applied Business Research Assignment - Structured Literature Review, King's Own Institute, Australia
Topic - Accounting Innovation and its impact on business
Task - Identify relevant sources for their research and undertake review on a theoretical concepts/constructs that has real world business implications.
1. Brief summary of the theory and progression in the field.
2. Common themes/findings across the four articles.
3. Different themes/findings across the four articles.
4. Managerial implication of the four articles.
5. Study limitations and future research direction proposed in the four articles.
Answer - Accounting Innovation and its impact on business
In the previous assessment, the topic was about technological implementation in accounting and finance where we learned about how the modern facility in accounting innovation is leading an impact within the business. In today's assessment, we will see, how the progression is being made in the field of business and how new innovation is growing out day by day. The previous assessment just gave the outline we will here have a deep analysis of the topics covered in the previous assessment.
A brief summary of the theory and progress in the field:-
An Accounting Information System is normally a workstation-based technique used meant for apprehending bookkeeping enterprise in combination through information technology assets. AIS is accountable in support of the collected works, storage, and dispensation of monetary and bookkeeping information which is used for in-house administration choice making. (Belfo&Trigo, 2013, p-537)
AIS is poised of three maint hings, i.e. (1) Transaction Processing Systems (2) General Ledger System and Financial Reporting System (3) Management Reporting System. (Belfo&Trigo, 2013, p-537)
Some of the features which can be seen that have developed a lot in accounting a lot.
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1. Web Services and Internet of Services: - Web Services communicate to accomplish throughout the Internet. It services EAI significance incorporation amid utilization or interpretability amid the data which mobilize an association. (Belfo&Trigo, 2013, p-540)
2. Mobile Devices: - The mobile uprising arranged via wireless technology, carrying impactful switching to the technologies. It affected a number of features how commerce is administered, given that important information in actual time and wherever to assist verdict makers, affecting connections between business and their clientele and changing our lives (Belfo&Trigo, 2013, p-540)
3. Cloud Computing: - In the event of spread internet facilities, it is very usual to access Internet-based bookkeeping software, falling off only house bookkeeping software. The technical results may vary amid a normal answer, a varied online and on-spot answer or full internet-based bookkeeping software with an answer having on the cloud. (Belfo&Trigo, 2013, p-541)
4. Environmental Scanning: This can be distinct as the utilize of attainment and use of data regarding proceedings, aim and dealings in a business exterior surroundings, the information would aid organization in setting up the association exterior surroundings, the information would help the organization in setting up the association outlook of the act. (Belfo&Trigo, 2013, p-541)
5. Business Intelligence: tactical supervision gives in a general way to the venture. so far in order to be helpful to hold up and authenticate their assignment, idea and the goals, association need to assess the act of the industry and its development towards the goal. (Belfo&Trigo, 2013, p-542)
6. Enterprise architecture and Enterprise application incorporation: The stipulation of a complete vision of the venture is the main vital uniqueness of the venture architecture. The advanced structure incorporation comes jointly with facts from previously unconnected domains. (Belfo&Trigo, 2013, p-542)
7. Business Process Management: This procedure has a significant and inner idea. The serious aspect of achievement and profit prove that from a commerce viewpoint, the scheme use stages contain description, study, manage, and revamp of the credentials. (Belfo&Trigo, 2013, p-543)
8. Computer Aided Auditing Tools and Techniques: Accountant needs Computer check tools and method to raise competence and efficiency. Such tools can be incorporated at a small price, and dependent simplicity from maximum use of normal organization set the software to Audit Command Language (ACL) and Interactive Data Extraction and Analysis (IDEA) for withdrawal and study of information. (Belfo&Trigo, 2013, p-543)
9. Big Data: Big organization always gives a large number of information. The corporate tackles a number of organizations. The huge quantity of information gives a challenge to the majority of programmers. (Belfo&Trigo, 2013, p-544)
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The common themes and findings across the four articles are that they deal with the topic of accounting innovation in different places. The first article deals with how accounting has evolved and how technologically has grown and evolved out in different sectors and how it has eventually reached out to different sectors and helping it out. It also gives us a brief outlook on how technology has replaced manual work and providing technology with a better aspect. (Belfo&Trigo, 2013)
In the second article also we look at how the ERP model is being described and how this Enterprise Resource Model is developing and helping the company more technologically advanced than those previous models. ERP system is software packages which incorporate a number of tradeways as such mechanized, chains of supply, exchange, money, manpower, financial planning and client property actions. (Schniederjans& Yadav, 2012, p 364-367)
In the third article, we have a look that how accounting theory has an influence on the countries like Spain where the accounting information system (AIS) was implemented to the area of information and technology scheme to assist in managing and running of them within the company financial and monetary area. So the ERP technology was a boon for them to improve their scheme and facts to equal with the market place facts. (Grande & et al., 2011, p 26-28)
In the fourth article, we come to know about the role of IT in Accounting Technology in both Financial Accounting (FA) and Managerial Accounting (MA) where they have discussed again about the technology how they have evolved and the role of IT in evolving and how all the concepts of accounting are being sorted out. (Taipaleenmäki&Ikäheimo, 2013, p -322)
So, these were the common points which we can find in the four articles of technologically how it has evolved out.
The difference which we can find out in the following four articles
In the first article, if we look then, the article only gives us glimpses of how accounting technologies have changed from manual to technologically and there are concepts or process by which will help in business to expand or grow. (Belfo&Trigo, 2013)
But if we look at the second article, then we see that there has been the only reference about the use of ERP technology though it helps in business there are also other tools which also help in business innovation. This article only emphasized the use of ERP. (Schniederjans& Yadav, 2012,)
In the third article, it was described that how accounting technology has evolved in Spain, and here we see that it gives more importance to information technology and how information technology has helped to evolve accounting techniques it did not cover the business areas how accounting technology is helping in business areas. (Grande & et al., 2011)
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In the fourth article, we come to know about again IT but from a wide perspective and its importance in two forms of accounting Financial and Managerial Accounting. But it didn't process out how the accounting technology is being evolved out in this process. (Taipaleenmäki&Ikäheimo, 2013)
The managerial implications of the four articles are that in the first article the technological aspect has been presented us in a broad view and we have been given the answers as to how many technical aspects are being developed. In the first context, the managers can have a lot of options to choose how all the things are being implemented and the options will help them to choose a variety of resources in that available category. (Belfo&Trigo, 2013)
In the second article implications if we look out then we can see that the managerial implications would be on ERP software and the companies can decide how they would have the implications of using that software in their firms and helping their firms to develop and having that ERP software will be very useful to use. (Schniederjans& Yadav, 2012)
In the third article we see about the implications of the accounting technology in countries like Spain where they are using the technology, and they have thought of improving these technologies so it will lead to a greater impact in their business organization of that country and it will develop a lot in their country,and they have been trying to improve those technologies and helping them to use those technologies in further use. (Grande & et al., 2011)
In the fourth article, we come across how the board of directors and venture capitalists takes the decision to implement these technologies in their business as their business will have growth. These technologies will have grown as the accounting system, and information system will receive a huge growth in technology which will make their business organization a stronger one and a better one. (Taipaleenmäki & Ikäheimo, 2013)
The limitations and future research proposed in this article that accounting information system will have a greater impact on future as we are in a stage where technologically we are getting advanced day by day so innovation in accounting information system will have a great future prospect as it will help in developing of the small firms to the big companies where everyone will have access to bookkeeping records arrangement and the information system will be very helpful as it will provide us with lots of features and in the upcoming feature it will also develop in a rapid way. In the future, it is also being seen that it will be used by most business firms in different countries
The limitations are there, i.e. it might always not be safer to be in online work, and there might be a probability of losing data, so there are some limitations which are needed to be seen.
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