An investigation of how the emergence of new technologies have impacted the accounting
profession within selected organizations
University of Technology, Jamaica
Accounting Research Project (ACC4990) submitted to the School of Business Administration
in partial fulfillment of the degree of Bachelor of Business Administration
Submitted to: Mr. Courtney Garrick
Due: February 28, 2022
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TABLE OF CONTENT
Content
Pages
Chapter 1- Introduction
3
Introduction
3
Statement of the Problem
4
Purpose of the Study
5
Research Objectives
6
Research Question
7
Significance of the Study
7
Delimitations of the study
8
Definition of Key Terms
9
Abbreviations Used
9
Chapter 2- Literature Review
10
Introduction
10
Technological advancements incorporated by accounting professionals and the factors
that contributed to the use of such technology
111
Advantages that the emergence of new technologies had on the Accounting
Profession
155
Challenges and risks associated with the adoption of such technologies within the
accounting profession
177
Level of support provided by management to assist with the changes associated with the
emergence of new technologies
20
2
Summary
Chapter 3-Methodology & Design
233
254
Overview
254
Research Method
255
Data Collection Method
26
Sample Frame
266
Sample Selection & Size
266
Sampling Technique
27
Data Collection Instrument & Procedure
277
Data Analysis Method
288
Pilot Testing
Reliability & Validity
29
299
Ethical Issues
30
Timeline
30
Budget
322
References
333
Appendices
40
3
Chapter 1- Introduction
Introduction
Technology innovations are driving the accounting profession to new levels of
complexity. From the Sumerian scribes' carved clay tablets, to the 19th-century adding
machines, then to the calculators and computers of the 20th-century, accountants have always
used developing technologies to help them do their tasks more accurately, swiftly, and simply.
All of these technological advancements were simple notions by comparison with the many
technologies that are now rapidly transforming the world of business and accountancy
(ACCA, 2013).
Accountants, both in practice and in finance, are a part of that interconnected world.
This is altering how people communicate and collaborate with those in the companies they
work with and for, as well as forming new working patterns. It allows accountants to automate
and de-skill time-consuming and repetitive tasks, allowing them to focus on higher-value
work and consolidate their role as financial and business consultants. While many businesses
are eager to improve their services through these new innovations, others are wary of adapting
because of the problems they will encounter, such as increased financial expenditures, the cost
of retraining personnel, and the potential need to acquire new workers (Billington, 2021). It
has left room for some debate as to whether or not it will replace the need for Accounting
professionals or just alter their functions in better ways than not.
Owing to the vast developments, it has become increasingly imperative and necessary
for Accounting professionals to be fully equipped and trained on how to maneuver through
these new softwares, computerized systems and other advancements, thereby allowing them to
avoid discrepancies and any other accounting related risks. Technology has been developing
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at an exponential rate and as aspiring Accountants the aforementioned reasons have sparked
the interest of the members of this group and as such, we aim to discuss and analyze how the
emergence of new technologies impacted the accounting profession within selected
organizations.
Statement of the Problem
The accounting profession is now speaking a completely new business language,
owing to the tremendous technological revolution over the past few years. Apps and analytics
have replaced stacks of documents, allowing accountants to make the transition from taskoriented projects to modern day business consultants. This new era of change though
reshaping the accounting profession, poses both new and diversified benefits and future
opportunities for the field but also presents unavoidable challenges and risks for those
interfacing with these new technologies.
Pepe (2011) states that core concepts which encompassed basic accounting, auditing
and tax preparation was a thing of the past. An accountant may now undertake statistical
accounting or forecasting analysis with more efficiency, thanks to the computer and access
they now have to smart and sophisticated software programs such as QuickBooks, Xero,
FreshBooks as well as other automated instruments. These allow financial accounting
processes to become more effective, organized, productive and less time consuming (Kaushal,
2020). Cloud, Big Data, mobile and social technology trends are also converging as we enter
the twenty-first century, changing the ways we consume information technology resources,
exchange knowledge and experiences and access products and services (ACCA, 2013).
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On the contrary, this transition has compelled accountants to learn new advanced
computer and technological skills, now reshaping entry-level requirements to include
application and integration of information technology; thereby raising some concerns for
accountants keeping abreast of the latest inventions and trends (Pepe, 2011). Some researchers
are of the opinion, that some accounting procedures may be taken over by robotics and that a
portion of the profession may be lost, while others are of the view that technology is not
intended to replace experts but rather provide the essential tools for practitioners to focus on
tasks that provide value to the company (Rindasu, 2017).
Whilst the future remains impossible to predict with any degree of certainty, it is
imperative that current and future accountants are fully aware of the ever changing pace and
technological advances of this profession and are fully trained and equipped with the requisite
support and skills, to enable them to minimize burdens and maximize the benefits of using
these technologies.
Purpose of the Study
The purpose of the study is to determine the extent to which the emergence of technology has
impacted the accounting profession within selected organizations. Much emphasis has been
placed on digital transformation, a data-driven culture, and a more open-minded or innovative
accounting labor force, and as such, the accounting curriculum in various universities have
been adjusted to include the different emerging technologies (Wang, 2021).
As final year students pursuing a Bachelor's Degree in Business Administration with a major
in Accounting, the researchers are being trained on technical skills and how to approach a
problem, conduct an analysis, evaluate and interpret findings, as well as present results. Being
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aspirants of the profession, the researchers are therefore particularly interested to know how
the acquisition of such skills will enhance their job performance, the more advanced
technologies they will encounter and the benefits and challenges these are expected to have on
the profession.
Research Objectives
The aim of this research is to investigate the extent to which the emergence of new
technologies have impacted the accounting profession within selected organizations. The
specific objectives are:
1. To identify the new technological advancements that have been adopted by accounting
professionals within selected organizations and the factors that have contributed to
their use.
2. To assess the advantages that the emergence of new technologies have on the
accounting profession.
3. To examine the challenges and risks associated with the implementation of such
technologies with the accounting profession.
4. To identify the level of support given by management to accounting professionals
within selected organizations, to assist with the changes and adaptation of new
technologies within the field.
5. To determine the demographic profile of those who interface with accounting
technology.
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Research Question
How has the emergence of new technologies affected the accounting profession within
selected organizations?.
Sub-questions
1. What technological advancements have been incorporated by accounting
professionals within selected organizations and what factors have contributed
to the use of such technology?
2. What advantages have the emergence of new technologies had on the
accounting profession?
3. What challenges and risks are associated with the adoption of such
technologies within the accounting profession?
4.
What level of support has been provided by management within selected
organizations to assist with the changes associated with the emergence of new
technologies?
5. What is the demographic profile of those interfacing with the accounting
technology?
Significance of the Study
With the rapid emergence of this technological era, it is inevitable that sectors and
businesses across the board take advantage of the consequent opportunities to strategically
remain competitive and efficient. Similarly, it has become important for Accountants to
acknowledge and employ these technologies as a means of adapting, considering that the
nature of their profession is changing with this evolution.
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The relationship between accounting and technology is important to be examined,
especially as accounting students, to ensure cognizance of potential threats or even
opportunities arising in the field that may affect its relevance. This study aims to examine the
different technologies that have been employed within the field of accounting and how these
have impacted the nature of the profession. It is also intended to analyze the benefits
accompanying this and the level of support and or reception that the technologies have had in
practice.
Delimitations of the study
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For this research, interviews will not be conducted due to time constraints, instead a
questionnaire consisting of only close-ended questions will be used to ascertain
responses from participants in order to limit the scope of the study.
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The study will be conducted during the height of the COVID-19 pandemic, which
poses significant difficulties for the researchers to access a greater target audience
when attempting to find accounting professionals who are willing to participate. The
study will therefore be constricted to a stratified random sampling technique, from
which only specific groups of accountants will be pulled.
-
This study will only focus on accountants working within the accounting and financial
sectors.
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Definition of Key Terms
Accounting- This is the process of capturing and summarizing business and financial
transactions, as well as analyzing, verifying, and reporting the outcomes (Merriam Webster,
n.d.)
Technology- This can be defined as the use of science in many fields such as manufacturing,
engineering, and so on, in order to create useful items or to solve issues. (Merriam Webster,
n.d.)
Demographic- These are specific features of a human population, such as age, used to identify
a market or segment (Merriam Webster, n.d.)
Abbreviations Used
-
CPA (Certified Public Accountant)
-
AICPA (American Institute of Certificated Public Accountants )
-
NASBA (National Association of State Boards of Accountancy)
-
IFAC (The International Federation of Accountants)
-
AI (Artificial Intelligence)
-
IT (Information Technology)
-
RPA (Robotics Process Automation)
-
ACCA (Association of Chartered Certified Accountants)
-
BYOD (Bring Your Own Device)
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Chapter 2- Literature Review
Introduction
This literature review is a survey of published peer reviewed and scholarly literature
that provides a detailed description of how the emergence of new technologies affected the
accounting profession.
Emerging technologies are changing the way accountants do their jobs, affecting the
professional lives of millions of people around the world. With the rapid pace of technology
advancements, this phenomenon is becoming increasingly apparent. Rapid technology
advancements, more globalized and easily facilitated communication via the internet, and
legal and regulatory reforms have all contributed to the changes. The Accounting profession
as we know it will face an abundance of changes in the coming years as a result of developing
technologies. These changes will be disruptive but will also open up a slew of new
opportunities in the industry which therefore requires thorough assessment of how the
profession's careers will adapt and how skills will develop (Kroon et al., 2021).
Therefore, the focal question concerning this review is “ How has the emergence of
new technologies affected the accounting profession and sub-topics to be discussed are:
“What technological advancements have been incorporated by accounting professionals
within selected organizations and what factors have contributed to the use of such
technology?”, “What advantages have the emergence of new technologies had on the
accounting profession?”, “What challenges and risks are associated with the adoption of such
technologies within the accounting profession?” and “ What level of support has been
provided by management within selected organizations to assist with the changes associated
with the emergence of new technologies?”.
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The articles reviewed within this paper are peer reviewed journals and scholarly
articles garnered from online databases such as EBSCO, Emerald, Proquest, Google Scholar
etc. as well as from professional accounting bodies. The literature surrounding this topic was
available, credible and recent but not in abundance for certain aspects of the sub-questions
particularly because of the requirement to be peer reviewed.
This literature review is of much importance for aspiring accountants and other
interested parties because it provides a clear understanding of how the accounting profession
has transitioned and will continue to adapt with the changes in technology, the challenges and
benefits that it poses for those within the profession and the level of support that can be
rendered.
Technological advancements incorporated by accounting professionals and the factors
that contributed to the use of such technology
The rapid evolution in information technology over the last few decades has
transformed the nature of the many professions across all sectors. Owing to the crucial role
accounting has in the supply chain of information, it is inevitable that this evolution would
have greatly impacted the profession (Wang, 2021). Accountants have transitioned from
manual and paper based systems to the now wide array of softwares and systems that have
been evidently increasing organizational efficiency (Thottoli, 2020). This transition was
influenced by a number of advancements in the earlier years of accounting.
According to Gordon (2018), early advancements included; money, abacus, slide rule,
electricity, Cathode ray tube, adding machines, comptometer, handle-held calculator,
computer, data storage, microchip and software. This paradigm shift in the profession has now
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demanded more focus on getting accountants to be sufficiently knowledgeable about the
various systems and softwares so that they may understand how to utilize them to ensure the
financial reporting process remains fair and accurate (Mustafa, 2020).
As Information and Communication Technologies have advanced, the accounting
process has incorporated technologies such as Big Data, Artificial Intelligence (AI), Cloud
(Yoon, 2020), Blockchain and Cybersecurity (IFAC, 2019). Not only have these made instant
data processing and improved decision making possible (Yoon, 2020), but their capabilities in
the field have been regarded as revolutionary and disruptive (Centobelli et al., 2021), allowing
accountants to become better strategic advisors (Gulin et al., 2019).
According to Augustine et al. (2020), Big Data can be defined as large sets of data that
may be assessed using statistical methods with the expectation of identifying any trends. It has
gained prominence due to the increased volume, variety and velocity of data accessible to
decision makers (Augustine et al., 2020). Previously, companies have been suffering from a
decrease of data and information, but now huge amounts of big data are available from many
sources which increase the value and skill of accountants and the accounting profession
(Younis, 2020). According to El- Dalahmeh (2021), the presence of big data will affect the
way of disclosing accounting information and moving from the traditional role of disclosure
in the financial statements to other disclosure channels such as websites and social media. The
research also mentioned that, “Big data represented in photos and videos affects the traditional
accounting records and provides additional evidence to support those records” (El-Dalahmeh,
2021) which are additional aspects of big data improving the traditional methods of
accounting.
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Artificial Intelligence (AI) has also been seeping it’s way into the business world with
no exception to public accounting. Bakarich and O’Brien (2021) describes this integration as
“immense and extensive” as AI has transformed the way assurance and advisory services are
being done and will be done in times to come. Vetter (2018) defines Artificial Intelligence as
the ability of computerized systems to imitate human intelligence. It goes beyond surface
level data processing as these systems have now advanced to be able to apply and utilize
problem-solving techniques to complete tasks (Vetter, 2018). Research has shown that AI has
the ability to replace some of the tasks traditionally done by public accountants (Bakarick &
O’Brien, 2021), allowing them to shift their focus to monitoring and assessing other risks of
the financial data itself (Tysaic and Drew, 2018). According to Deliotte (2017), this could be
particularly beneficial in tax where AI and Machine Learning can now be used to locate and
extract clauses from legal documentation to classify the trust. The findings of the study done
by Barack and O’Brien (2021) highlighted that AI is in the initial stages of interception in the
accounting profession, however, professionals currently working in the field have so far been
receptive to this change and remain optimistic that it has great potential to transform the
nature of their jobs.
Another technology that has also been widely adopted in the accounting field is Cloud
Technology. According to Khanom, (2020), The cloud is a platform to make data and
software accessible online anytime, anywhere, from almost any device having an internet
connection. She continued by saying, “In cloud computing, users access software applications
remotely through the internet or other network via a cloud application service provider and
likewise, in cloud accounting, data is sent into 'the cloud’, where it is processed and returned
to the user”. This wasn't usually the case. Traditional accounting software is generally bought
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as a product and installed on each user’s desktop while cloud accounting is provided as a
service (Khanom, 2020). With this new technology, organizations also have the advantage of
having the majority of their data residing remotely in the ‘cloud’ rather than in their own IT
infrastructure (Dordevic et al., 2018), which has been more cost efficient. Though this carries
many risks, studies have shown that this technology has been thriving in the field where
accountants have been actively upgrading to preserve their roles in this technological era
(Dordevic et al., 2018).
Blockchain has also been another impactful technology in the industry with it being
regarded as disruptive (Centobelli et al., 2020). Blockchain has improved the accounting and
auditing function significantly, especially over the last decade, especially contributing to the
integrity of transmitted financial data (Smith and Castonguay, 2020). With blockchain
technology, complete information can be transmitted to various parties as encrypted data
blocks, preventing any tampering or alteration of the information (Centobelli et al., 2020).
According to Schmitz and Leoni (2019), this has the potential to transform the profession as
the validation process is no longer central, thus reducing costs (Secinario et al., 2021).
Blockchain also has the advantage of decentralization as storage no longer has to be at a
central system. Various distributed nodes store and secure portions of the information system
that is only made available to authorized parties (Bonson, 2019). The benefits of this
technology have been acknowledged by the Big 4, evident where in 2017 KPMG reported the
security and efficiency it has brought to their operations (KPMG, 2017). Blockchain also
changed the data recognition process from double-entry accounting to a triple-entry system
where every transaction leads to three entries: recording the debit, recording the credit and the
cryptographic signature verifying a transaction’s validity (Garanina et al., 2021). The
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remarkable benefits of this technology has even extended to addressing transparency and
confidence, making timely and trustworthy information more accessible to stakeholders
(Centobelli et al., 2021).
Advantages that the emergence of new technologies had on the Accounting Profession
Emerging technologies are changing the way accountants go about their daily work,
and they are having an impact on the professional lives of millions of people around the
world. Kroon et al., (2021) stated that in order to remain competitive and maximize your
productivity as an accountant in today's world, it is essential that you keep up with the most
recent technological advancements and developments.
Goldberg (2012) defined Automation as the creation and application of technologies to
produce and deliver goods and services with minimal human intervention. Subsequently,
accounting automation has the potential to relieve accountants of the plethora of mundane,
inconsequential, and laborious duties that they perform on a daily basis, as well as to improve
efficiency, lower costs, and improve overall accuracy (Peace, 2021).
Robotics Process Automation (RPA) is the use of a new class of software to automate
business transactions at a fraction of the cost of conventional methods, without requiring any
changes to existing IT systems (Lamberton et al., 2016). RPA works by mimicking people's
present behaviors, such as using existing core apps, visiting websites, and manipulating
spreadsheets, documents, and email to perform tasks. According to Peace (2021), using RPA
manual, error-prone tasks are taken from human responsibility, allowing accountants to
improve efficiency and accuracy at a cheaper cost for the business.
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Moreover, the adoption of an automation system such as Continuous Accounting,
embeds automation control, and period-end tasks within day-to-day processes, allowing the
inflexible accounting cycle to reflect the larger business more accurately. It also changes the
way corporate processes are carried out by stressing real-time processing, particularly skilled
workers, and thorough analysis (Peace, 2021). Without technology, human error is inevitable,
when entering data, simple mistakes such as transposing numbers can take up time and
resources, making the switch to new technology is important in error reduction (Billington,
2021). Additionally, using automation systems, accountants are able to access financial data
anytime that allows for constant monitoring for errors, inefficiencies, and measuring the
impact of economic events (Peace, 2021).
According to Billington (2021), one of the most significant benefits of adopting new
technology is the potential for businesses to concentrate more on high-level tasks as a result of
the increased automation of services enabled by technology. Accounting professionals will be
able to focus on higher-level duties such as advising clients and developing stronger
relationships with them as operations in their firms become more automated. Additionally,
this technology allows Professionals to concentrate attentively on decision-making based on
data entered and analyzed by computers. Furthermore, this will result in the elimination of
traditional accounting tasks, which will in turn result in a larger pool of accountants with a
wider range of skills.
Incorporating technology will not only allow corporations to build more efficient
operations within their organizations, but it will also allow them to provide a better customer
experience. One of the primary reasons why technology is continuously being produced and
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improved is to help people. Firms will be able to expand their client base and make more
contacts as a result of these capabilities (Billington, 2021).
Challenges and risks associated with the adoption of such technologies within the
accounting profession
New technologies introduced to the accounting profession, like all novelties, come
with their own set of risks, obstacles, and challenges. The expense of using new technology is
one of the most significant problems for many accounting businesses. Accounting firms may
be hesitant to invest in new technology because they believe it will be too expensive. Even
though few businesses are responding to new technologies entering the market, many remain
behind and have been unable to capitalize on the trend due to financial restrictions. Rapidadapting companies that are not intimidated by cost, on the other hand, can run into issues if
they have not thoroughly evaluated tools before investing in them. As a result, they must now
reinvest more of their financial resources in solutions that will deliver a larger return based on
their company's specific demands. Many businesses have already invested in new
technologies without first gaining a clear understanding of how to use and maximize the
technology's potential and are now dealing with the consequences of their decision
(Billington, 2021).
Another major difficulty that businesses face as a result of increased technology
adoption is the employees themselves. There is widespread worry about the skills and
information that accountants should possess to stay current with emerging technology and the
continuous training, retraining, and learning accompanying this. Auditors will be unable to
effectively apply data analytics approaches if they do not acquire these technical skills, recent
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graduates with a diverse set of accounting and IT abilities will have an advantage in the job
market and may be able to seek higher entry salary (Earley, 2015).
Many companies struggle to find experts who are technologically savvy and have the
necessary skill set and so the problem of retraining personnel so that they have an adequate
understanding of how to utilize the tools, is a major roadblock that must be addressed for new
technology adoption to be successful (Billington, 2021). As a result of this difficulty,
revisions to the CPA exam are on the way to ensure that CPAs entering the field are
adequately equipped. The accounting profession is modifying training requirements through
initiatives like the AICPA and NASBA's CPA Evolution effort, which aims to update the CPA
test to better reflect increasing technological improvements and other changes in the industry.
The goal of this effort is to ensure that students have a high level of proficiency in the
technology sector, as this is likely to be what companies will be looking for henceforth
(Yeaton, 2014).
Additionally, several researchers have recognized the desire of accountants to adjust in
practice as another obstacle. When voice assistants are used in accounting offices, users will
have to adjust to a more intimate, habit-forming interface. These interfaces can be perceived
as obtrusive, a danger to privacy, and even go beyond some social standards or boundaries,
making users uncomfortable (Kroon et al., 2021).
Another new and significant challenge to the accounting profession is represented by
the mobile technologies, which succeed to enhance the quality of the services due to a higher
degree of connectivity, crossing the geographical borders (ACCA, 2013). Due to incorrect
access management, ineffective controls, and a lack of security, mobile technologies also
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increase the danger of data leakage. BYOD (Bring Your Own Device) enables employees to
do their tasks using their personal mobile devices, which has proven to be an effective
technique of enhancing employee productivity while also allowing greater flexibility. This
new notion, on the other hand, raises the risk of data exposure and theft, with the actual
difficulty being physical security and access control to sensitive company data, as well as a
lack of adequate controls and policies to prevent security events. When it comes to emerging
technology trends like cloud computing or mobile technologies, companies usually have
improved performance and cost efficiency in mind. Despite this, studies have revealed that
current and prospective professionals are unaware of how to use these technologies properly
(Rindasu, 2017).
When it comes to assisting the accounting profession in identifying meaningful
patterns from big and potentially sophisticated data sets, emerging technologies offer
numerous advantages. However, the quality of the inputs or the potential biases of the
algorithms used can have an impact on the results. Advanced approaches have frequently been
identified as enabling technologies that can support continuous monitoring or auditing,
however some have questioned whether the suggested monitoring metrics remain meaningful
over time (Wang, 2021).
There has been much talk as to whether or not the need for accountants will cease to
exist and if it will become an even greater challenge, but various researchers are of the
opinion that the role of accountants and auditors will only evolve rather than be entirely
dismissed (Abdennadher et at., 2021). Kroon et al., (2021) states that, “In the short term, job
losses associated with the implementation of AI technologies will be relatively slow and
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marginal, as these technologies replace specific tasks and not entire jobs”. They outlined some
of the activities that are anticipated to be included in the remaining accounting jobs:
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Work alongside intelligent accounting machines, monitoring their performance and
results and (eventually) improving them.
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Monitor the use of intelligent machines in audit processes and determine whether
automation tools need to be adjusted (more, less, or differently).
-
Perform accounting tasks that are infrequent and out of the ordinary, for which automated
solutions are not economically viable and perform tasks that AI-based computers cannot do,
such as cultivating internal and external customers, interpreting results for top managers and
boards of directors, and so on (Kroon et al., 2021).
Level of support provided by management to assist with the changes associated with the
emergence of new technologies
The development of new technologies is one key change brought about by the digital
era, with developers, entrepreneurs, and governments constantly pushing the boundaries of
technology and digitalization. Technological breakthroughs have brought many significant
changes to the accounting profession, but for Accountants to be open to change, there must be
a level of acceptance for technological benefits and the incorporation of other factors into
accounting operations. As a result, the onus is not solely on accountants to evaluate and access
rapid advances; rather, managerial forces must intervene to keep abreast of these
advancements, provide training for accountants, explain the benefits of new software, and
develop long-term strategies to combat any challenges they may face. Even though cloud
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computing benefits accountants and makes their jobs easier, there is a risk of hackers, viruses,
and workers contaminating the database. If a company, particularly an accounting firm, is
breached and confidential client information is lost, it can ruin the company's reputation and
lead to litigation (Moffitt et al, 2018). Data stored on physical hard drives, on the other hand,
is more vulnerable to corruption, theft, or destruction, resulting in the loss of critical corporate
information. This alludes to the notion that management must provide some type of assistance
to Accountants for them to understand the nature and scope of the technical software used to
avoid fraudulent activities and to keep the firm's operations running smoothly. As a result, for
businesses to overcome new technology problems, leadership must recognize and support the
transition. CPAs must gain a thorough understanding of IT capabilities to properly implement
new technologies and maximize the firm's profit (English, 2019).
Cloud accounting adds extra cost to the firm; however, it can also lower the costs of
the accounting department. It is the job of management to guarantee that the company's
expenses are kept to a minimum while yet running in a modern and considerate manner. Firms
should investigate technological advancements to determine which technology is acceptable
and useful for their specific needs. Firms should be cautious in determining which technology
is appropriate and useful to the unique situation before adapting to new technologies (English,
2019). The pressures of digitalization and technology have forced businesses to alter on a
frequent basis to stay competitive. Managers should devise a strategy that capitalizes on
employees' talents, competences, and talent, establishing forward-thinking organizational
procedures, and actively navigating workplace dynamics, personalities, and duties. In
deciding whether to implement emergent technologies, managers should consider the personal
elements of the eventual users of information systems (Tiron-Tudor et al., 2020). The way
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accounting organizations might effectively and innovatively manage technological advances,
as well as how they will impact companies' daily activities, teams, and practitioners' roles, are
however still controversial.
Duplication and distribution of blockchain records across numerous users are two
essential properties of blockchain technology. When a transaction is placed on a blockchain
network, instead of having two copies, it may have thousands of copies. All these copies must
be saved. As the volume of data saved grows, so does the infrastructure required, as well as
the cost. The huge potential benefits of blockchain-based solutions have prompted major
efforts to overcome all the technology's shortcomings in more advanced blockchain versions.
To that goal, a group of major enterprises, technological specialists, and end-users, including
worldwide accounting firms, have formed an open-source partnership to create Hyperledger, a
cutting-edge blockchain technology. Many of the Hyperledger project's primary activities are
aimed at addressing the data security and privacy challenges of blockchain (Fuller &
Markelevich, 2019).
Industry 4.0 can help solve a variety of technological problems. The goal of Industry
4.0 is to achieve a higher degree of operational efficiency and productivity, as well as greater
automation. Industry 4.0 elements such as big data, the Internet of Things, and the smart
factory have a favorable role in encouraging information technology (IT) implementation,
which leads to long-term commercial success. The use of new technology improves corporate
performance. However, to deploy new technologies and benefit from Industry 4.0, the
organization's structure and processes must be supportive (Haseeb et al., 2019). This will
necessitate a shift in perspective about information systems, and a readiness to embrace new
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training in business technology tools to aid in the handling and analysis of data and the
presentation of essential information. Management accountants must improve their capacity to
engage with and help IT teams as the primary guardians of company information and
reporting. Employers, particularly in public accounting, have responded by requesting that
accountants gain a better understanding of modern technologies and data analytics (Coyne et
al., 2017)
Summary
The goal of the research is to explore and determine the underlying reasons that surround the
emergence of new technologies and how these new technologies have impacted the
accounting profession within selected organizations. The literature study identified and
discussed several advancements in technology and their contributing factors, challenges that
might be associated with these advancements, benefits and the level of support provided by
management to assist with the changes associated with them. Technology advancements such
as: Artificial Intelligence, Cloud Computing, Big Data and Blockchain arose as a result of the
need for Accountants to make rational and timely decisions to become strategic leaders.
Alongside these technological advancements, Robotics Process Automation and Continuous
Accounting have prompted various benefits for Accountants within the profession such as the
relief from a plethora of mundane and laborious tasks as well as lower cost, improved
efficiency and overall accuracy. The incorporation of technology has also contributed to an
improvement in customer experience and the ability of firms to expand their customer base.
In contrast, the adoption of these technologies within the accounting profession has
posed various challenges for the organization and its employees. The expense of using new
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technology has made accounting firms hesitant to invest and therefore many remain behind.
Those who adopted rapidly without gaining a clear understanding of how to maximize the
technology’s potential now have to deal with the consequences of their decision. On the other
hand, employees are concerned about the technical skills that they should now possess and the
continuous training and retraining accompanying this as well as the need to adjust.
For these reasons the forces of management needed to be swift to intervene in the
adoption process. Management have been tasked to train Accountants, render support relative
to system advancements, provide insights on the potential benefits of new accounting
softwares and formulate strategies to combat any challenges. They are also expected to guide
Accountants according to the reform nature of new softwares used so that they can avoid
misappropriations and potential fraud in support of the smooth operation of the firm's daily
operational and financial activities. The onus is rather on those charged with management to
understand, evaluate and support the transition into a new technological environment.
25
Chapter 3-Methodology & Design
Overview
This research is aimed at identifying, collecting and analyzing data pertaining to the
impact that the emergence of new technologies has on the accounting profession within
selected organizations. A quantitative research will be conducted by five (5) final year
accounting students of the University of Technology, Jamaica, which will span over a eight
week period. Participants will be chosen from the accounting and financial sectors of Jamaica
using a stratified random sampling technique and a questionnaire administered via Google
forms for easy transferability, collection of data and convenience to the researchers. A pilot
testing simulation exercise will be conducted using accounting interns also attending the
University of Technology, Jamaica before the actual instrument is administered.
Responses gathered from the main participants will be thoroughly analyzed by the
researchers using PSPP, a reliable software from the analysis of quantitative data and a
graphical representation of the results will be created using Microsoft Excel. After this, the
researchers will discuss the findings in relation to the subtopics, make informed conclusions
and identify and expound on any recommendations for future studies on the related topic.
Research Method
In order to achieve the objectives of this research, the researchers have concluded on a
Quantitative method approach to the study. According to Devault (2020), Quantitative
Research is the process of applying statistical, computational, or mathematical approaches to
collect observable data in order to answer a research issue. It is frequently regarded as more
accurate or valuable than qualitative research, which is concerned with collecting non-
26
numerical data. This research design has distinct advantages in the research process because it
can easily be tested, checked and it also gives a straightforward analysis which will help the
researchers to gather information from a wide range of responses in a timely manner.
Data Collection Method
This research will take a quantitative approach and so an online survey will be used as
the primary source of data collection, with the aid of Google Forms which will be used to
administer a questionnaire to the prospective participants. The questionnaire will consist of
fourteen (14) closed ended questions in accordance with the objectives of this research inorder
to garner only the specific information needed from participants within the sample. According
to Jones et al. (2013), using a survey as the preferred medium of data collection will allow the
researchers to target a larger population, receive quick response and data compilation, while
maintaining reliability and anonymity.
Sample Frame
The target population of this research are accounting professionals who are currently
employed within the accounting and financial sectors of Jamaica.
Sample Selection & Size
The participants for this sample will be accounting professionals selected from the
accounting and financial sectors within Jamaica. The sample size will consist of
approximately fifty (50) respondents, twenty-five (25) from each of the aforementioned
sectors, strategically chosen to achieve a fair representation of the population. This will allow
27
the researchers to identify the differences and similarities in responses from participants from
each sector and critically assess the outcomes.
Sampling Technique
Probability sampling is the selection of a sample from a population that is based on the
principle of randomization, which is to say, on chance or random selection. It is sometimes
referred to as Chance sampling. Consequently, the selection probability of each unit can be
calculated, reliably predicted, or derived using statistical assumptions about the population as
a whole (Government of Canada, 2021). The researchers have decided to utilize the Stratified
Random sampling technique as the selected probability method.
Using this sampling method, the sampling population will be split into nonoverlapping groups or strata in order to make the sampling strategy more efficient.
Respondents will therefore be selected based on shared characteristics or attributes among
members (Sullivan, 2016). The representatives for this study will be stratified according to
their respective sectors (accounting or finance) and then sampled within each strata. The
purpose is to ensure adequate representation of subjects in each stratum.
Data Collection Instrument & Procedure
The online survey will take the form of a questionnaire consisting of fourteen (14)
closed-ended questions with a mixture of screening and research objective questions (see
Appendix A). According to Jones et al. (2013), questionnaires are an exceptionally useful
survey tool for assessing big populations quickly and easily, therefore it will be useful for
gathering primary data that will be analyzed in this research. Google forms (online software)
28
will be used to construct the questionnaire which will be dispersed to accounting professionals
within the accounting and financial sectors known or available to the researchers; Whatsapp
and other social platforms will be the mediums used to facilitate this. These participants will
be encouraged to pass on the questionnaires to other accounting professionals known to them
within the aforementioned sectors, until the target sample size per strata is achieved.
The participants will be given access to the questionnaire for one (1) week, after which
the form will be closed in order for analysis of the results to commence. The responses
provided will be kept confidential and the assessment thereof will be conducted by researchers
themselves. The online use of the instrument will cover a wide range of participants, reduce
costs and will also be conducive during the current pandemic.
Data Analysis Method
PSPP, which is a dependable and stable program for statistical sampling, will be used
by the researchers in the analysis of the quantitative data gathered from the questionnaire. It
provides descriptive statistics, T-tests, anova, linear and logistic regression, measures of
association, cluster analysis, reliability and factor analysis, non-parametric tests, and more. Its
backend is built to do analysis as quickly as possible, no matter how large the incoming data
is and is a convenient and effective method that also limits risk (GNU Operating System,
2021).
The information gathered through the questionnaire will be entered into an excel
spreadsheet to generate graphical representations of the number of people who responded.
Charts and statistics will be used to display the results of the questionnaire's questions using
Microsoft Excel. The data will be double-checked and double-verified to ensure that it is free
29
of errors and redundancies. Tables and graphs will be used to summarize the responses in
order to promote additional investigation and correlation, making the data more
understandable to users.
Pilot Testing
Prior to conducting the actual data collection for this study, the researchers will
perform a pilot test and take note of the results before the instrument is administered. The
participants to be used in this simulation exercise are accounting interns attending the
University of Technology, Jamaica, to whom the data collection instrument (Questionnaire)
will be sent via Whatsapp and their responses collected. According to Hassan et al (2006), a
pilot study is an essential step in a research project that is used to discover possible issue areas
and flaws in the research equipment and protocol before they are used in the main research. It
can also assist members of the research team in becoming comfortable with the protocols and
processes.
Reliability & Validity
Validity and Reliability are concepts that are used to assess the overall quality of
research. "The idea of validity is concerned with the precision of a measure, whereas the
concept of reliability is concerned with the consistency of a measure" (Middleton, 2019).
The use of closed-ended questions aids in the testing of validity because the responses would
appear to the researchers as relevant, as well as accurate and truthful in their interpretation of
the data. It is considered reliable when the results of a questionnaire match those that were
given in the questionnaire itself. Consequently, if the analysis of the questionnaire data leads
30
to meaningful and defensible findings about the research's emphasis, i.e., it addresses the
problem, produces interpretable results that can be generalized to create the same outcome,
the data collected is regarded as reliable and valid.
Ethical Issues
In conducting this study, the researchers will observe and respect the privacy of all
participants and the confidentiality of the information to be obtained. As such, intentional
steps will be taken to ensure that access to this information is restricted to the researchers
only, for the duration of and even beyond this Accounting Research Project. As previously
mentioned, a questionnaire constructed via Google Forms, will be distributed to accounting
professionals in the aforementioned strata. The researchers will ensure that the identity and
responses of each participant is concealed and protected against alteration, loss or damage by
employing relevant security measures.
Prospective participants, with whom the link to the form will be shared, will be given
an opportunity to indicate consent or withdrawal by agreeing or refusing to enter and submit
the information required respectively. They will be explicitly informed of the purpose of the
study and responses gathered will be used only for the purpose intended. Professionalism and
objectivity will be maintained throughout the research inorder to eliminate any research bias
and the researchers will maintain honesty by upholding this ethical standard. During the data
analysis process, the data will be kept anonymous and anonymously presented after which, it
will be appropriately discarded as they are no longer relevant.
31
Timeline
One of the most important aspects of achieving goals and objectives efficiently and
reducing the risk of project overrun is proper time management. As a result, the researchers
devised a schedule that will allow them to effectively manage the research process and
accomplish it within the allotted time frame. The study will be conducted over an eight-week
period commencing January 18, 2022 through to March 14, 2022. The researchers’ main
priority is to gather adequate data from the target population and perform the necessary
analysis in order to complete the research project within the allotted time frame set by their
instructor and provide valid and reliable results.
Timeline of Activities
Time Frame
Formulation of research topic
January 18, 2022 - January 19, 2022
Preparation of concept paper
January 20, 2022- January 24, 2022
Data collection method and sampling
decision
January 25, 2022- January 27, 2022
Preliminary Literature Review
January 28, 2022- February 2, 2022
Creation of questions for the
questionnaire
February 4, 2022- February 8, 2022
Conduct Pilot Testing
February 15, 2022 - February 24, 2022
Completion of proposal
February 25, 2022- February 27, 2022
Literature Review continuation
February 28, 2022- March 2, 2022
Data collection
March 3, 2022- March 9, 2022
Analyze the data collected and determine
major findings
March 10, 2022- March 12, 2022
Presentation of final report
March 13, 2022- March 14, 2022
32
A Gantt Chart depicting the series of activities that will be carried out throughout the research
and their duration.
Budget
In order for the study to be carried out in full effect, a budget was prepared outlining
the expected expenses that the team of researchers will incur. Our research will be conducted
using an online platform, therefore costs that involve traveling and physically printing
questionnaires will not be incurred. The only expense that will be incurred for the research
will be for internet services and the allocated amount for the research is five thousand dollars
($5000).
33
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Appendices
Appendix A: Questionnaire
This questionnaire is being administered by students of the University of Technology,
Jamaica, in partial completion of their Accounting Research Project. The sole purpose of this
questionnaire is to gather the necessary data pertaining to how the emergence of new
technologies have affected accounting professionals within selected organizations. The results
from this research will be used only for the purpose intended and your confidentiality and
anonymity will be maintained. Please note that you are only asked to respond to this
questionnaire if you are an accounting professional working within the accounting and
financial sectors of Jamaica.
Please place a tick � in the space provided for your response.
1. Are you an accounting professional?
● Yes
●
No
2. If yes to the above question, which of the following Jamaican sectors are you a part
of?
● Accounting sector
●
Financial sector
3. What is your gender?
● Female
●
Male
41
4. What is your age?
● 20-25
●
26-31
● 32-37
● 38-43
● 44 and above
5. How long have you been working as an accounting professional?
● Less than a year
●
1-2 years
●
3-5 years
●
6 years and over
6. What is your highest level of education?
● High School CSEC
● Diploma
● Associate Degree
● Bachelor Degree
● Masters
●
Ph.D
7. Were you exposed to any accounting technologies during your previous studies?
● Yes
● No
42
8. The emergence of new technologies has affected the accounting profession.
● Strongly disagree
● Disagree
● Undecided
● Agree
● Strongly agree
9. What technological advancements have been incorporated within your organization?
● Big data
● Cloud technologies
● Artificial Intelligence
● Blockchain
● Quickbooks, Sage, etc.
10. Have you benefited from using the above mentioned technologies?
● Yes
● No
11. If yes, what is the most substantive benefit you have received from using these
technologies?
● Accounting processes are less time consuming and tedious
● Greater accessibility to data
● Improved efficiency
● Improved overall accuracy
● Greater security of data
● Cost efficiency
43
● Better visuals
12. Have you encountered any challenges while using the aforementioned technologies?
● Yes
● No
13. What are some challenges posed by these technologies?
● Increased workload
● Increased vulnerability of data
● Need for additional skills/training to navigate the technologies
● Uncertainty of input quality and potential biases of algorithms
14. What challenges have you encountered during the transition or incorporation of these
technologies?
● Job redundancy
● Salary inequality due to lack of technical skills
● Constant need for training and retraining
● Difficulty adjusting
15. Has the management of your organization provided any support to assist with the
changes associated with the emergence of new technologies?
● Yes
● No
16. If yes, how effective have these initiatives been?
● Very effective
● Effective
● Neutral
44
● Ineffective
● Very ineffective
17. What support mechanisms have been rendered by the management of your
organization?
● Provide technical training
● Explain benefits of new software/technologies
● Implement long term strategies to combat any future challenges/risks
● Investigate appropriate technologies for each function
● Devise strategies that capitalize on internal capabilities while using technology
45