The Effects Of Technology On The Accounting Profession (Essay Sample)
Write an essay about Mechanization and automation effect on the accounting profession.
YOU SHOULD TALK ABOUT:
A) The motive for mechanisation in the accounting sector (labour saving) and cost competition between firms. ( this is the small labour-intensive sector needs the cheap labour, (desperate people who were underemployed) due to mechanization in order to make a profit ¨and they need to pay them as little as possible - given the high costs they had to pay for the products (capital goods, arcade rents, infrastructure) they needed to buy at monopoly prices from corporations).
B) The employment effects of mechanization or technology in the accounting sector.
the essay must answer these questions also:
Over the past few decades, what key process product or organizational innovations have been introduced into the industry of accounting? Why do you think these innovations have been introduced? Are these changes part of a wider social and economic trend? Are they likely to have (wider) significant effects outside the accounting industry? EXPLAIN the effect of these innovations. Do you anticipate further changes or innovation? Discuss the likely effect of these? What (if any) professional practice or organisation level responses do you suggest addressing the effects of the likely changes?
1) Identify whether the relevant key innovations are Process, Product, Organizational (or in some cases) marketing innovations or a combination of these.
2) Please use the 3 references I have attached, also find and refer to at least FOUR other refereed scholarly readings.
REQUIREMENTS and Marking Criteria:
This section sets the scene for the project and should include the objective and scope, key research question (s) and the significance of the study. You should introduce the key issues you intend to discuss relating to the topic.
2-Addressing the question, discussion and analysis:
You must address the question, focusing on analysis rather than merely describing. For the same reason, do not quote at length in short assignments. You may use a few juicy quotes; however it is better to use your limited word allowance for explanation, proof and analysis. In some cases diagrams, tables and charts may be useful in conveying information in a structured format – however this is your choice and do not let diagrams and tables overshadow your explanations and discussion. Keep them to a minimum if you use them at all.
Your project must reflect awareness that the topic can be analyzed in terms of different, sometimes conflicting theoretical frameworks. A very good project will be able to explain how and why a particular framework, or no given framework, is satisfactory in terms of the topic considered. A very good project is in this sense shows both an understanding of theories and an ability to critically assess them.
4-Originality and integrity
A brilliant project shows some degree of originality with integrity– it shows ability or a manifest attempt to push beyond the conclusions and views of the major readings in some way. This is not something that we necessarily do always and everywhere. However, when it’s there, based on truth and extensive research, it is a rare and special thing. On the other side of the spectrum, plagiarism will not be tolerated. Please refer to the university’s policy here.
Referencing is important. Scholarly references should be drawn upon – that is, articles and books that have been subject to extensive academic peer review. Wikipedia and other un-reviewed websites are not scholarly references. The exception to this is the use of a political or other policy document or media statement as a means of illustrating a particular political position or point of view. As a guide, select the “scholarly works” criterion on the library search engine under electronic resources. Please ensure to include the full references/links and the date that you accessed the sites/data bases.
6-Structure and clarity of expression
The introduction to a project sets the scene and should include the objective and scope, key research question (s) and the significance of the study. You should introduce the key issues you intend to discuss relating to the topic. In a well- structured project, each paragraph introduces a major point, provide relevant evidence or analysis to support or explain that point, and then round off that point.
A strongly structured project can use each opening paragraph to link the previous point to the one being currently discussed. In this way, the project becomes a single, complex argument. By the time the reader reaches the conclusion, the essence of the argument should already be visible. Clear expression and correct spelling is required. Please note that you will lose marks for poor spelling, improper referencing etc.
7-Research effort and where relevant additional reading
This is a major piece of assessment. You are expected to both use the suggested readings and to go beyond these to find your own relevant readings.
The effects of Mechanization and Technology on the Accounting Profession
Information technology is at the forefront in making significant developments that have transformed various professions with the world economy through its cutting-edge innovations. The accounting profession, for instance, is on a transition characterized by automation of basic functions such as a bookkeeping and data entry through standardized and highly efficient software devices from the IT sector. The mechanization and automation of the basic accounting practices was the onset of a revolution within the field as more business organizations take to advanced technological applications in accounting for their businesses. The motivating factor behind the new trend by such organizations with accounting needs ranges from the fundamental factor of cutting the cost of labor to the maximization of resources and potential achievement in the diverse lines of business. The effects the widespread mechanization and automation of the accounting field are equally diverse and dependent on how an accountant or accounting entity adopts to the inevitable changes facing the entire profession. A correlation exists between the motive of business organizations’ adoption mechanized and automated accounting and its consequent effects on the accounting profession.
In the article, What does automation mean for the accounting profession? Eva Nagarajah places accountants and auditors as the second highest placed job categories facing the risk of being adversely affected by automation and mechanization of their processes. It is evident that the two job categories offer financial services to organizations and that most of their processes are automated through various software that proves to be highly reliable in data storage and its interpretation. Whether or not mechanization and employability affect the rate of employment in the accounting profession depends on various factors ranging from the innovations made in the field and the ever-evolving customer needs. The flexibility of the profession towards the changes brought by both factoring agents is integral to determining whether employment in accountancy is indeed affected or not. Advance information technology, such as cloud computing, provide a three-dimensional service approach that encompasses all the functions of accounting and auditing. Cloud computing enhances the accessibility of vital financial information and data that guides both the medium-sized and large corporate enterprises in making key financial decisions that would maintain their competitive edge in the market. The cutting-edge innovations drastically reduced the cost of gaining important data on the key industry indicators that influence the formulation of business plans for start-ups and continuing businesses wishing to expand. Furthermore, clouding computing multidimensional approach where it provides for data storage, platform, and software applications for carrying out specific accounting processes and tasks reduces the monopoly of information previously held by corporate accounting and audit firms around the world.
One of the factors making clients shift to the automated accounting processes is the fact that their expectations form the accounting fields have evolved from the mere compliance ensuring role to the more intimate advisory task. On that note, clients will often prefer that accounting agent that is equipped with the relevant information that is needed in making long-term financial plans for business development. On that regard, accounting firms are engaging in automation techniques that will equip the organizations with the required knowledge and skills in data interpretation and development of business plans or strategic organization of their clients. The technology-oriented generation of today also intensi...
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