INFS5978 | Information Systems | The Changing Accounting System
Answer:
Introduction
The primary purpose of the paper is to provide the analytical view on the changing accounting system with the process of information technology over the time. The paper will also discuss the various process and the development practice of the organisational transaction in term of an accounting system. The paper further discusses the limitations faced by the system within the field of information technology.
Literature review (managerial implication of four articles)
Accounting progress within the field has developed in the recent years with the involvement of technology. It can be seen that the accounting information is quite effective and open to the other business resources within the field. According to Arnaboldi, Busco, and Cuganesan, (2017) the accounting theory provides the traditional process that is being performed on the basis of manual accounting. In the manual accounting system, it can be seen that the voucher classification along with summary then the control ledge
r and the ledger posting are the primary theories. Moreover, in the accounting information system, the primary objective that an accountant needs to be performed is to record the transaction in a computer that is being performed automatically. As per Gallemore, and Labro, (2015) the contingency theory provides the effective view of the development process where the accounting information is regarding the flexible design for the organisational structure. According to Han, Rezaee, Xue, and Zhang, (2015) the accounting information system within the field also required to adopt the specific decision regarding the accounting process within the organisation. According to (Constantiou, and Kallinikos, 2015) the internal control and the audit system of the firm in the recent years have developed the accounting information system in term of accounting theory to manage the transaction process in the organisation.
The concept regarding the information technology within the accounting system is the common factor that could be analysed in the articles. According to Bhimani, and Willcocks, (2014), the accounting profession utilize the information technology for understanding big data and the business analysis. This process effectively helps the accountant to record all the transaction and the activity performed within the accounting process. In the same way from the view of Chae, Koh, and Prybutok, (2014), it can be seen that the information technology is the valuable process within the organisation to enhance the accounting system within the field. The process of technology in accounting system has developed over the years where accountant in the present day are using for recording the transaction and other activity in the field. According to Quinn, (2014), that the information technology has eventually changed the management accounting process within the organisation. The management accounting process effectively helps the firm to provide valuable accounting process to maintain the transaction and other factors. Again from the view of Mahama, Elbashir, Sutton, and Arnold, (2016), it is clear that information technology infrastructure is the major factor for the ongoing process of profitability in the firm. Information technology has changed the way of performing the accounting process within the organisation.
The major difference between the theme and the finding of the article is regarding the accounting information system utilisation within the firm. According to Chae, Koh, and Prybutok, (2014) it is depicts that the accounting information helps to analyse the big data in the most effective way. It shows that software and the information technology within the organisation effectively provides knowledge regarding the analysis of big data. On the other hand from the view of Bhimani, and Willcocks, (2014), it can be seen that using the information technology within the accounting process create some challenges regarding measurement then the process of using the system in the transaction. The management accounting process within the organisation has developed over the time where the accountants can perform the audit and record the financial transaction process effectively. It can be understood from the fact of Quinn, (2014), that the management accounting process is different as compared to that with the information technology. The organisation in the recent years are using information technology to provide valuable and easiest way of performing the ledger posting and transaction. It is the fact that with the help of information technology the process of accounting has eventually developed within the market. According to Mahama, Elbashir, Sutton, and Arnold, (2016), it can be seen that information technology provides the financial perspective in term of the organisational transaction.
The use of information technology in the accounting process has developed where people use artificial intelligence and other software to maintain the ledger posting and the activity within the field. According to Galliers, and Ballantine, (2017), the use of advanced technology along with the data explosion within the organisation is creating the management dilemmas. It is the fact that with the rapid change in the world where digitalisation is the primary concept the accounting process is also getting developed. From the view of Cassar, Ittner, and Cavalluzzo, (2015), the use of information technology help to maintain the transaction process and the accounting system with the help of big data. It is the fact that time has changed and people use technology to perform their activity in various aspects. In the accounting system, the entire process has been developed with time where accountant needs only to insert proper function and information in the system to achieve the effective result.
The entire process of using information technology in the accounting system has some of the limitations like the system are rapidly changing and for the accountant, it became tough to deal with the facts. From Bhimani, and Willcocks, (2014) the future research on the cloud computing process for the development of accounting information technology. According to Chae, Koh, and Prybutok, (2014) the future research is on the validity for using the IW500 directory for understanding the capability of information technology. According to Mahama, Elbashir, Sutton, and Arnold, (2016) the future research on the process is to understand the initiative as well as flexibility of information technology. Accounting system and the use of information technology in this field create huge progress in the system. According to Quinn, (2014) the future research on the process is to understand the rules and routine required for the management accounting process in business. In this process, the entire system and the software have the ability to provide valuable and knowledgeable development process in the organisation. There are limitations where the accountant face problem regarding the usability of advanced technology. Another limitation that is being faced by the process is the appropriateness of the transaction and the ledger posting process.
Conclusion
The paper eventually concludes the fact that the organisation has developed their business process and their accounting system with the help of information technology. The world is gradually becoming digital where information technology is the basic factor for the development of software system and organisational process.
References
Arnaboldi, M., Busco, C. and Cuganesan, S., 2017. Accounting, accountability, social media and big data: revolution or hype?. Accounting, Auditing & Accountability Journal, 30(4), pp.762-776.
Bhimani, A. and Willcocks, L., 2014. Digitisation,‘Big Data and the transformation of accounting information. Accounting and Business Research, 44(4), pp.469-490. Retrieved from: https://mycourses.aalto.fi/pluginfile.php/568205/mod_resource/content/1/SMA%20Session%201..%20Bhimani%20%20Willcocks%202014.pdf [Accessed 1 Sep. 2018].
Cassar, G., Ittner, C.D. and Cavalluzzo, K.S., 2015. Alternative information sources and information asymmetry reduction: Evidence from small business debt. Journal of Accounting and Economics, 59(2-3), pp.242-263.
Chae, H.C., Koh, C.E. and Prybutok, V.R., 2014. Information technology capability and firm performance: Contradictory findings and their possible causes. Mis Quarterly, 38(1), pp.305-326. Retrieved from: https://www.researchgate.net/profile/VR_Prybutok/publication/261959446_Information_Technology_Capability_and_Firm_Performance_Contradictory_Findings_and_Their_Possible_Causes/links/5580df2808ae607ddc322daa/Information-Technology-Capability-and-Firm-Performance-Contradictory-Findings-and-Their-Possible-Causes.pdf [Accessed 1 Sep. 2018].
Constantiou, I.D., and Kallinikos, J., 2015. New games, new rules: big data and the changing context of strategy. Journal of Information Technology, 30(1), pp.44-57.
Gallemore, J. and Labro, E., 2015. The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), pp.149-167.
Galliers, R.D. and Ballantine, J., 2017. New developments in information technology: A call for action. In The Routledge Companion to Accounting Information Systems (pp. 292-301). Routledge.
Han, S., Rezaee, Z., Xue, L. and Zhang, J.H., 2015. The association between information technology investments and audit risk. Journal of Information Systems, 30(1), pp.93-116.
Mahama, H., Elbashir, M.Z., Sutton, S.G., and Arnold, V., 2016. International Journal of Accounting Information Systems. International Journal of Accounting Information Systems, 20, pp.16-25. Retrieved from: https://www.graham-kendall.com/papers/mzak2017.pdf [Accessed 1 Sep. 2018].
Quinn, M., 2014. Stability and change in management accounting over time—A century or so of evidence from Guinness. Management Accounting Research, 25(1), pp.76-92. Retrieved from: https://tarjomeh20.com/wp-content/uploads/2015/05/Stability-and-change-in-management-a__d85fsf0.pdf [Accessed 1 Sep. 2018].
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