Busn20019 Professional Project : Challenges Assessment Answers

Answer:

Introduction

Globalization and advent of technology have brought about immense changes in technologies (Suddaby, 2009). As technology emerges and scopes for new processes and methodology comes into being no profession remains untouched by technology. The scope of the current professional project is bent on studying the impact of technology on accounting professionals and in analyzing challenges thereof. Accounting is a pertinent and necessary field within domain of organizations and has been greatly been influenced by advent of technology. With rapid advancement in technology accounting profession has been transformed and there are a multiple types of software along with new technologies with which accounting practices are conducted (Watson, 2007). The scope of this research identifies significant challenges and opportunities faced by accounting professionals while accommodating scopes of technologies.

Background to the Problem

The field of accounts is vast in all its capabilities including diversified range of topics and domain. An accounting profession can handle various accounting in factories as well as in office administrations to meet auditing guidelines and necessary standards adopted by the Company governance boards (Hall, 2012). While accommodating the scope of technology there is variety of software that is accommodated by a wide range of organizations for meeting their compliance requirements. Accounting professionals needs to be thorough with such guidelines and accounting techniques such that they are able to work on pertinent software. In case there is a gap in understanding and errors made, then accounting professionals might be held responsible for any misrepresentations as w ell as fraudulent acts. Thus, as a professional in accounting domain a graduate needs to understand and accommodate for the varied range of technological processes that are used recently (Harrast, 2010).  

Research Aims

In order to understand the various accounting information systems that needs to be understood by accounting professionals and challenges faced, the following research aims and objectives needs to be attended (Grabski, 2011).

• Research Aim 1: To understand the scope of accounting information system used in

organizations

• Research Aim 2: To analyse the application of each information system or domain in the field of accounting
• Research Aim 3: To understand the relation of other pertinent  domain and ERP systems that can be linked to the scope of accounting
• Research Aim 4: To able to recognize courses that covers all requirements in a professional manner
• Research Aim 5: To understand the timespan and career goals to be able to undertake pertinent technological course 

Research Questions

In order to attempt to meet the designated research aims and goals the following research questions were attempted to be resolved (Power, 2010).

• Research Question 1:What are the information systems that are used in accounting in organizations?
• Research Question 2:Explain the application of each information system or domain in the field of accounting.
• Research Question 3: How are various ERP systems linked to the scope of accounting?Research Question 4:Which professional course covers all technological requirements in a professional manner?
• Research Question 5:What are the timespan and career goals to be able to undertake pertinent technological course?

A literature review and analysis of pertinent journals have been undertaken for diagnosing the research aims and in meeting goals of the topic (Muzio, 2011). There are various journals, books, company magazines that are evaluated top understand the nature and scope of requirement in professional accounting field. B. Jackling (2009) article, “Do accounting graduates’ skills meet the expectations of employers? A matter of convergence or divergence.” In the Accounting Education: an international journal, pages 369 to 385 provide relevant insights into the scoep of techjnology that accounting professionals uses (Jackling, 2009). This journal highlights the several challenges that are faced by fresh graduates in the field of Accounting Professionals while working in organziations. Amongst the various challenges highlighted the most prominent one is technological challenge that lead to lower pays, psychological dominance at work and so on. B.D. Apostolou (2013) article, “Accounting education literature review (2010–2012).” In the Journal of Accounting Education, pages 107 to 161 provides relevant insights into the various accounting education prevalent in the market (Apostolou, 2013). With globalisation affecting industries with their growing scopes, there is a need for a large number of accounting professionals. But the demand for accounting professionals is more who have relevant technological knowledge as well as experience releted to cost accounting software, ERP software and so on (Hopwood, 2010).

1. Järvenpää (2007) article, “Making business partners: a case study on how management accounting culture was changed.” In the European Accounting Review, pages 99 to 142 evaluates the scope of changing accounting domain(Järvenpää, 2007). While previously accounting profession was limited in scope and involved paper work with book keeping techniques. but recent revolutionisation have brought about strategic importance to the role of accounting professionals. M.H. Kavanagh (2008) article, “What skills and attributes does an accounting graduate need?” In the Evidence from student perceptions and employer expectations. Accounting & Finance, pages 279 to 300(Kavanagh, 2008). This article provided tremendous insights to the study as it includes several attributes, skills and knowledge that accounting professionals needs in the present day to face industry challenges and provide strategic inputs.

Research Methodology

Research methodology is a procedure adopted for each and every study. A research methodology allows systematic and well-structured approach to the research.  As in every research a goal is defined and encompassed for the purpose of this study, the research goal ascertained was to determined professional aspects for an accommodating technology into field of accounting professionals (Gelinas, 2011). The research design is encompassed in a way that allows to get success in collection as well as evaluation of various data collected and mapping it to research aims. For the purpose of this study qualitative data has been mostly assumed and quantitative data has been avoided in totality. Research design method adopted for this study is descriptive in nature,  that aims to discuss and detail various aspects of accounting professionals. The research approach that is used for the purpose of this study by means of hypothetical models such that goals can be achieved. Further an inductive procedure has been attempted for the study that derives from various scholarly journals, books, theories, concepts and so on. Research strategy for the study is streamlined from the first phase of the work and has been designed that can be aimed at using available data. Data collection procedure used for the study is mostly secondary in nature. Primary data is not adopted for the purpose as it is time consuming hence due to lack of time secondary data has been collected (Orlikowski, 2009). Data has been collected from books, journals, newspapers, company magazines, internet sources and many more for arriving at the goals for the study.  The various materials collected for the study confirms to last 10 years data and data later to such period has not been collected for the study. Latest data and procedures for the study will allow to meet research aims in a better and more comprehensive manner.

Findings and Discussions

• Findings and analysis 1:Accounting in scope of organizations include various diversified fields. As cost accounting, auditing, financial accounting and other aspects. Each and every aspect of financial resource allocation for the purpose of production, marketing, management involves record keeping. Hence technology is incorporated and adopted in accounting professionals (Im, 2011). There are multiple technological as well as accounting short term courses that are available online for learning as well as within scope of various institutes and organizations. An individual for attaining professional goals and career aims often need to undertake such aims and goals such that they are able to establish themselves within the scope of the industry.
• Findings and analysis 2:Technology is used as software and systems in each and every accounting traditions. Various Accounting software and packages are available that provides record keeping as well as maintaining valued processes for strategic inputs to the organization. Thus, learning specific skills in accordance to software and technological recommendations will allow meeting industry standards easily and more conveniently. There  are multiple accounting software and technological packages that are adopted and often designed for particular organization, while it nearly becomes impossible for applying such relevant concepts and theories it is possible that to accommodate and learn such packages within a span of time.
• Findings and analysis 3:The domain of accounting profession using technology is interconnected as it involves ERP and other systems as well. Every accounting domain makes use of multiple costs that are incorporated within the systems to yield values and domains related to particular areas. Thus, as in case of cost accounting bills paid for materials, costs of labor and overhead charges are all included in cost accounting packages and they are directly related to technological systems by means of software. New technology allows adaptation of an integrated approach in the domain of accounting such that better decisions can be made (Senft, 208). Thus, technologies have allowed interconnected amongst multiple technologies such that better strategies and decisions can be incorporated.
• Findings and analysis 4:There are multiple number of courses that are recognized  courses that covers all requirements in a professional manner. Such courses are conducted by universities post graduation and generally last from 6 months to a year in duration. Thus, an accounting professional whose course requirement have not covered the relevant and necessary requirements, can adopt such short term courses to be industry ready and be more marketable in nature.  Such short term courses not only enhances skills but also allows for internships programs that help gain practical experiences as well. Hence, within a short time span an individual can easily be industry ready.
• Findings and analysis 5: Professional courses are available across a variety of institutes and universities. Some professional accounting software courses are available online as well. Some companies also provide necessary professional courses for their employees, such that they can gain from the requisite learning skills. Professional accountants needs to adopt such courses and be more industry ready such that they are easily able to become acceptable as per industry prevailing standards in relation to accounting.

Conclusion

Analysis and scope of professional accounting is immense. It can be understood from data collected and analyses as well as literature review that there remains immense scope in the field of accounting professionals in various industrial sectors. While such pertinent scopes remains it becomes imperative to ascertain and explore various career opportunities such that a graduate can explore more scopes. Technology learning and adaptation is a major scope for accounting professionals that allows for better and increased opportunities. Accounting graduates and professionals need to explore their domain of expertise and work and then accommodate procedures as well as practices that allows for greater marketability and application areas. As key findings denote that majority of accounting professionals have adopted technological courses and domains for increased opportunities, similar recommendations needs to be applied for all professionals.

Reference Lists

Apostolou, B. D. (2013). Accounting education literature review (2010–2012). Journal of Accounting Education, 107-161.

Gelinas, U. J. (2011). Accounting information systems. Cengage learning.

Grabski, S. V. (2011). A review of ERP research: A future agenda for accounting information systems. . Journal of information systems, 37-78.

Hall, J. A. (2012). Accounting information systems. Cengage Learning. 

Harrast, S. S. (2010). More accounting theory or more information technology?. The Accounting Educators' Journal.

Hopwood, A. G. (2010). Accounting for sustainability: Practical insights. Earthscan. 

Im, I. H. (2011). An international comparison of technology adoption: Testing the UTAUT model. Information & management, 1-8.

Jackling, B. &. (2009). Do accounting graduates’ skills meet the expectations of employers? A matter of convergence or divergence. . Accounting Education: an international journal, 369-385.

Järvenpää, M. (2007). Making business partners: a case study on how management accounting culture was changed. European Accounting Review, 99-142.

Kavanagh, M. H. (2008). What skills and attributes does an accounting graduate need? Evidence from student perceptions and employer expectations. Accounting & Finance, 279-300.

Muzio, D. &. (2011). Introduction: Professions and organizations-a conceptual framework.

Orlikowski, W. J. (2009). The sociomateriality of organisational life: considering technology in management research. . Cambridge journal of economics, bep058.

Power, M. (2010). Fair value accounting, financial economics and the transformation of reliability. Accounting and Business Research, 197-210.

Senft, S. &. (208). Information technology control and audit. . CRC Press.

Suddaby, R. G. (2009). The organizational context of professionalism in accounting. Accounting, Organizations and Society, 409-427.

Watson, S. F. (2007). Accounting education literature review (2003–2005). Journal of Accounting Education, 1-58.