Technological Innovations in the Field of Accounting in Australia

Research Background

Accounting is the skill of recording, ordering and categorizing the financial dealings and procedures. Advancement of technology has significantly enhanced accounting systems and altered money making cycle. Accounting is the escalator that takes the business ahead. The main job of an accountant is to present the company’s image through the balance sheet, profit and loss, and other statements to help investors and management. Since its origin accounting system has gone through tremendous development stages as most of the changes have impacted positively and made an accountant’s life easier.

Accountants will embrace the swift succession (Current technological trends, new accountancy software) and boosting the business’s overall performance in order to remain relevant in the industry. Accountancy software is to help the accountants in their daily work from posting entries into the ledger to making reports. There are many accounting software in the market those are easy to access and affordable, making them popular in both small and big businesses. HSU (2010) summarize Technical advancement as a unit program, employing approachable expertise for inception and development of the collectible yield. For this article, Technological Innovation happens when an assumed, system, facility or work of art is documented in the organization, and professionally it faces the rivalry.

Technological Innovation influences organizations capability to try to win effectively in a progressively more global market (Madrid-Guijarro et al., 2009), as Technological Innovation is fundamental to firms transformation and makeover (Feller et al., 2011). In this term, the business is not only required to pay significant attention to the aptitude and result but also they require boosting technical advancement and their methods to expand it which hold up understanding production, giving out and assimilation (Albers and Brewer, 2003). These two researchers define the Technological Innovation as use of the statistics that introduces a fresh good or service ready to be consumed and which is desired by the customer.

Technological Innovation is a erratic that requirements to be encouraged inside the establishment, despite of the profits already expanded in the course of such Technological Innovation, of the construction of infrastructure, of the decrease of the macroeconomic volatility, or of the upgrading of the human resources of the populace, particularly because all these causes appear to dash into thinning profits (Sala-I-Martin et al., 2013). In this scenario, it has the enduring to be transformed into difficult to move on the cause of many global retarded economies.

Moreover, there is also the scarcity of consciousness about the resourcefulness perspective to increase the firm‟s innovative budding; as a consequence, it is vital for firms to participate into their categorized culture the disposition that Technological Innovation is vivacious for the organization (Toledo and Zilber, 2012). Practically, the Technological Innovation technique is linked with the examination, training, upgrading and implementation of modern goods, services, processes, opinions, and pioneering administrative approach.

On the other hand, due to the importance of technological advancement, many scholars have analyzed its thoroughbred with the anticipation of determining what an organization should apply to become more innovative. In order to understand and review current innovative technology, we are required to invest more in research and development without reluctance.

Objective

The objective of this research is to find out how current technology innovations are helping in making accountant’s life easy by making their routine jobs from posting to accounting statement generation with the help of available technology in the form of software in the field of accounting. Technological advancement has helped to make the cumbersome job of accountants into an easier one with rapid accuracy. Researchers have witnessed how it has affected previous work style as it has minimized the jobs of people who are technology-driven. The other objective is to find out how it has affected the business in terms of correctness, speed, and rapidity by exploring cause and effect relationship between technology and accountancy. And can the software really replace accountants.

• To discover different facets of technical inventions in the arena of Accounting
• To catch out the upshot of high-tech revolutions in the field of Accounting
• To draw attention to the association of technological modernizations in the field of Accounting amid Businesses, Workforces and Job Seekers