Innovation in Accounting and its Impact to Business Essay

Order Number

Type of Project

ESSAY

Writer Level

PHD VERIFIED

Format

APA

Academic Sources

10

Page Count

3-12 PAGES

Organization is built with a certain motive to earn maximum revenue which could only be earned by good performance. In recent business world, a simple and regular way would not be enough to sustain in the competitive market. Company has to come up with some innovations to increase customer satisfaction by improving the services they provide.

With the increment in global business, science has gifted the global market with different technologies which leads to an innovative way to carry out the organization activities. Rajapathirana et.al., 2014 studies that innovation is a compulsion in this modern world for a business to sustain and success.

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With the introduction of latest technologies to the market, a company should come up with an innovative way to conduct the activities in order to sustain their position and reputation.

Accounting leads business by providing the information for planning, controlling or to reach to the certain objective or even to achieve organizational goals (Chen,2011). According to Cheng, 2018, economy can highly be dependent upon the reliable accounting information.

Accounting creates the information such as balance sheet, profit and loss that mirrors the present condition of the organization. With the help of such information, managers can decide on areas to improve and make better decision further. Chen, 2011 discusses that innovation needs to be handled with extreme capacity to take a full advantages or accounting innovation could in fact creates error that might be non-recoverable or provide company with huge loss.

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Chen, 2011 believes that technological innovations have made the job of accountant much easier and there is a less chance of error. However, there comes a hustle to cope up with the latest technology and there is high risk of mistake at the beginning yet within time the task would be less tedious.

The development of information technology has sky rocketed that has brought whole new transformation on accounting works whereas the difficulty level has also increased in internal control of accounting information system. Therefore, the innovation has also created a hunch of doubt regarding the quality of accounting information. Hence, introduction of new technology and innovation comes with challenges (Cheng, 2018).

Cloud computing, mobile accounting, Enterprise Resource Planning (ERP) Systems are some the latest technological innovations that has taken place in accounting system. Where cloud computing allows the accountant to work from home, which in a way has come in much use these days, mobile accounting has provided a way to fill a gap between clients and managers.

Most of the task can be done using just a smartphone. Furthermore, there has been an introduction of technological innovation in tax software that helps to minimize the mistakes that might take place while handling taxes of the company (Sala, 2013).

Sala, 2013, describes that with every pros comes some cons therefore new innovations comes with chances of viruses, hackers which may occur if precautions are not taken. Furthermore, handling new technology is not an easy job. It takes a skilled manpower to perform and tackle with the devices.

Also, price would be the main disadvantage as it takes huge amount to purchase the technology and the manpower required to perform the task are also expensive. Therefore, in recent times, employees need to be updated with any changes in technology and should be given proper training.

Research questions are the most important thing that guide the researchers to perform a good research due to which listed below are some questions that are identified and are aimed to answer later.

· How has the introduction of innovation impacted on the overall performance of the organization?

· Could advance innovation always be beneficial or create possibilities of loss in the business?

· Does the implementation of innovation in accounting effect in the number of manual jobs?

Besides, every research title has its own objectives. Likewise, the objectives of the above research title are:

· To find out recent innovations that has taken place.

· To find out how the organization has been taking advantages of the innovation.

· To find out the challenges that business might face due to innovation.

· To find out the outcomes of technology innovation in accounting.

· Introduction of new innovation

· Tactful use of the technology

· Accounting in global world

· Involvement of risk in innovation

· Cloud computing

· Enterprise Resource Planning (ERP)

Chen,Y.C., and Wu,J.H.2011.IT Management capability and its impact on the performance of a CIO. Information and Management. 48(4-5).pp.145-156

Cheng, F.2018.Internal control of Modern Management accounting information system under IT environment. UK: Francis Academic Press.

Rajapathirana, R.P., and Hui, Y. 2018. Relationship between innovation capability, innovation type, and firm performance. China: Shangai University

Sala, X., Bilbao, B., Blanke, J., Crotti, R., Drezeniek, M., Geiger, T., & Ko, C. 2013. The Global Competitiveness Index 2012-2013: Strengthening Recovery by Raising Productivity. World Economic Forum. Switzerland

Ethics refer to the belief or principles that determine whether an act or reason for the act is good or bad. It is significant to discover whether the research is useful or of any merits to any individual or society. For this research purpose some ethics are considered.

Research Merit

· This research would be beneficial not only for those involved in accounting sector but for every business man who are new to technology and innovation. This would create awareness about malfunctioning of the system due to wrong use of innovation.

· The methods is designed appropriately without intending to offence participants and at any stage they do not feel like answering questions they are allowed to do so.

· Participants must come in voluntary way eliminating biasness.

Research Integrity

· The results would not be manipulated.

· The procedure would be in a secure way and under regulations.

Research Justice

· Accounting companies are chosen in random way.

· Participants would be well informed about the research.

Beneficence

· It would be improvising the field of accounts.

· The risk would be overuse of innovation that might affect people’s life.

Respect

· The participants’ answers should be respected. There would not be any discrimination.

· The identification of participation would be confidential and won’t be disclose without permission

Innovation in Accounting and its Impact to Business Essay