Research problem
Discuss about the Digitalization on Economy and The effects of Demonetization.
The digitalization transaction could be imperative to decline manual process of organization and support to attain the organizational goal in the least time and cost. In the current business scenario, it is required for an organization to gain their understanding towards the digitalization transaction as it could support to get the higher competitive benefit (Daru, 2015). There are many causes that inspired to select this topic for investigation like higher availability of information, interested topic, and lack of study on this particular dilemma. Moreover, the main cause of selecting this research topic is that researcher is interested to gain their understanding towards organizations that are embracing to practice digitalization transaction in their accounting sector.
Digitalization supports an organization to reshape their business process for completing their business functions. It declines the manual process of the transaction and makes the easier process of accounting sector (Dodgson, et al., 2015). Furthermore, the financial technique plays an innovative role in the whole business process. Additionally, the financial data management enables the company to analyze accounting information for controlling the process of financial sectors. Thus, the organization has needed to gain their understanding towards digitalization techniques for making a positive image in the market.
In the research, ethics consist of performing suitable behaviour at the time of performing research activity. It permits the research scholar to perform their behavior in a methodological manner (Joshi and Parihar, 2017). In this, research scholar face many issues related to different factors like violation of copyright act, data manipulation, and plagiarism in order to gather the information. This concern could be eliminated by research scholar by offering credit to actual authors with respect to the suitable references and citation in each section. Moreover, it is also analyzed that research scholar will be used simple language to describe the collected data (Nayak, et al., 2017). From the implementation of ethical norms, researcher will be capable to reach at realistic conclusion with respect to current research concern. The research scholar will also provide the instruction towards the confidentiality among the research participants. As per the ethical norms, research scholar could not disclose the personal information of research contributors (Nayak, et al., 2017)
It can be summarised that digitalization is a platform to share the understanding in a time-bound manner. It also helps the investigator to simply access different kinds of data in an authentic way. Today, digitalization has been increasing and it embraces the organization for making accounting transaction. It takes more hours as it could influence modern business with respect to new lease of life (Gigov, and Poposka, 2017).
Research background
It can be also evaluated that significant aspect of digitalization has been used to make changes in the accounting sector. It is assessed that the wave of digital medium has increased in the day to day working of the company. There are number of benefits for accountants. One of the significant benefits of digitalization transaction is that it could facilitate the account manager for maintaining financial records at the international level (Shukla and Bose, 2017).
It can be also summarised that the digitalization transaction in the accounting sector could enhance the probabilities of cybersecurity in the organziation. As usage of internet and implication has gained, the safety against cyber-attacks becomes required. Accountants of the different leading business organization should cooperate with cyber experts to eliminate the cyber threats (Özdo?an, 2017). There are several mobility benefits offered by the company to accountants. Several accountants are investigating the technologies of mobile in order to offer the quality services, gains for business and productivity. It is analyzed that digitalization is used to handle the different financial activities of the organization. It also enables the organization to sustain their position in the marketplace (Rahman and Sloan, 2015). It can be also evaluated that the common theme of cloud computing has been repeatedly evaluated across all the different academic publications. In today era, accountants are exploring cloud in practices of business. Since, cloud-based infrastructure facilitates the unlimited storage services (Kishnani, 2017).
It can be also summarised that different CFOs have reportedly demonstrated facts that they are not adequately ready to take on the latest advancement in technology. The changes in technology have caused of creating a big issue for CFO. About 39% of CFOs of different global level corporations have generally regarded technological modification as one of the most distressful factors in the today business era.
It can be also evaluated that accounting practices have influenced the business. Digitalisation in accounting business has an impact on accounting and finance. A large amount of information of different sizes can incorporate into the business organization in every day. It is the job of accounting with finance experts of making adequate sense of it (Bhatnagar, 2017).
The internet economy has increased by leaps and bounds that was discussed in the Ketterer‘s 2017 study on Digital Finance, New Times, and New Challenges. The financial service industry is one of the leading growth industries in this digital era and this industry relies on the internet economy for its existence. Furthermore, the digital currency has been highly implemented in the today’s business world.
Ethical consideration
It can be also summarised that one of significant theme that the internet era and digital platform has provided a transformation in the current social order. It is discussed by the Gulati and Soni’s report Digitization: A strategic key to business, Journal of Advances in Business Management. It is also stated that the modern finance job is being led by the CFOs in the modern hyperactive world that is dominated by the large effect of digitalization. This dealing is frequently disrupted by the influx of digitalization. The production of big information, the uncertainty curiosity of the atmosphere and the persistent demand of the stakeholders has a large impact on them. It can be discussed that there are different key functions that influence the jobs of finance and accounting such as data analytics, big data, digitalization and cloud computing (Hirt and Willmott, 2014).
It can be also evaluated that digital transformation is not the revolution of technology in a preform but also a leading part of it. It is a driving force behind the revolution of the fourth digitalization. It is also stated that organization should focuses on different articles to get practical conclusion and result.
It can be also summarised that the finance function is a significant function that is undertaken by each and every business practices. It entails a different range of practices from making decision of investment, dividend distribution decision and liquidity decision is some of the essential concepts of financing functions. It can be explained that the decision of investment in the project offering the higher return, in the same way, the amount of dividend to be paid and date, and forms of core dividend judgment (He, et al., 2014).
It can be also evaluated that the today hyperactive world is dominated by the large impact of digitalization trasaction in the accounting sector of organziation. The modern job of finance is being led by the CFOs. This operation is highly disrupted by the arrival of digitalization. The production of big data, the uncertainty curiosity of atmosphere and the persistent demands of stakeholders have a large impact on them (Loebbecke and Picot, 2015).
The key aim of this study is to address the role of digitalization transforming in the accounting sector and their impact on the business. The following specified objectives will be executed to complete the aim of research:
- To explore digitization that influences finance functions of the businesses
- To identify the factors that lead to change
- To determine the strategies for improving practices of digital technology
- To examine the effective use of digital technology in future
- How is digital technology transforming accounting functions?
- How business corporations consider and embrace technology in future?
- What are the factors lead to change/transformation of business?
- What are innovative technologies related to accounting and finance?
- How company CFO’s considering the digital technology transformation?
- Digital transformation‘s impacts on accountants?
- What is the future of finance or accounting in an age of digital transformation?
This section supports to gain the best knowledge about many strategies, tools, and techniques, to perform the research study and obtain a reliable outcome (Karimi and Walter, 2016).
Summary of Literature review
For the research, research philosophy could be effective for collecting feasible information towards research issue. The research philosophy is practiced for executing thoughts and views of the investigator in the study to meet the aim and objective of the research. In the research, different kinds of philosophies could be involved by researcher like interpretivism, realism, and positivism research philosophy. For this, the positivist philosophy is practiced for evaluating the facts and figures on the basis of measurements and observation.
It also supports the research scholar to determine factual understanding by considering statistical figures and facts. Apart from this, realism philosophy is used to present human thoughts as it could demonstrate any specific condition.
For this, interpretivism philosophy will be used by research scholar to collect opinion and views of the research contributors towards research concern (Zhu, et al., 2015). It enables the researcher to make effective understanding of research matter. There are two kinds of methods that could not be considered by research scholar to conduct their research concern such as realism and positivist philosophy. Furthermore, it can also be illustrated that researcher has no need to make a hypothesis for examining digitalization transaction in the accounting sector. Thus, it is also examined that interpretivism philosophy could be effective for the getting fesiable result (Bharati and Chaudhury, 2015).
The research approach could also be imperative for getting a positive outcome. The selection of appropriate research approach could enable the researcher to collect the feasible information in the context of research concern. The research approach could facilitate the researcher to demonstrate collected figures and facts of research as it could be crucial to accomplish aim and objectives of the study (Taylor, et al., 2015). Further, it is also analyzed that there are two kinds of approaches that could be involved in the study such as deductive and inductive approach.
It also enables the researcher to use of any particular data collection method and examine the information of the study. It could also be effective for the researcher to increase their knowledge with respect to current research concern. In addition, it is also analyzed that deductive approach could facilitate the research scholar to create a hypothesis and accept and reject them on the basis of gathered information. Furthermore, the deductive research method could not be appropriate if the research is subjective in nature. In addition, it is also analyzed that the deductive research approach could be complicated as compared to the inductive approach caused of making research hypothesis and accepts or rejects them on the basis of collected information (Mackey and Gass, 2015). In addition, it is also analyzed that the inductive approach could also be imperative for the study due to the subjective nature of study.
It could be less complicated as compared to the deductive approach caused of no need to make research hypothesis. For this, the inductive approach will be practiced by the researcher to complete the research aim and objectives (Brinkmann, 2014). It could be imperative for increasing theoretical understanding towards the digitalization transaction in the accounting sector of the organization and their impact on the organizational performance. In this, the researcher is able to get a valid and reliable outcome. In addition, it is also found that researcher could collect obtain factual information to meet valid conclusion about research concern with the help of inductive approach (Flick, 2015).
There are different kinds of techniques that could be involved in the research design for examining the research plan. The research design could consider different techniques such as exploratory, explanatory, and descriptive research design. In addition, it is also examined that the exploratory research design is practiced when research scholar meets research issue by hypothesis. Apart from this, descriptive research design aids the researcher to obtain theoretical data with respect to the current research concern. In addition, it is also analyzed that the descriptive research design could support to explain the relationship between two and more variables (Panneerselvam, 2014). For this study, the research scholar is practiced descriptive research design as it would enable the researcher to enhance their consciousness about research concern. In this, the researcher will examine the relationship between digitalization transaction in accounting sector and organizational performance. For this study, the causal research technique could not be used by the investigator because there is no need to evaluate the cause and effect relations (Bauer, 2014).
The research strategy could be imperative technique as it could facilitate the research scholar to identify research problem by collecting the responses of research participants from research questions. By implementing the research strategy, research scholar could collect contextual data and evaluate the data to reach at a specific conclusion. With respect to attain aim and objectives of the study, researchers could practice certain kinds of approaches such as survey through a questionnaire, literature review, focused group, experiment, case study, observation, and interview method (Billig, et al., 2014). For this study, interview and survey through questionnaire method will be used by research scholar because these approaches permit to collect feasible information with respect to current research concern. It could also be imperative for collecting reliable information with respect to digitalization transaction in the accounting sector of the organization. By implementing survey approach, the research scholar will be capable to obtain facts and figures in the least time and cost. It improves the research quality of study among key shareholders. Bu at the same time, it is also analyzed the use of interview approach assists the research scholar to obtain depth data in the context of research matter as it facilitates to make reliable relation with research participants. Moreover, it could also support to attain research aim and objectives in particular time as well as it enables to make a reliable conclusion (Choy, 2014).
Data collection method is practiced for collecting the feasible information in a reliable way by implementing many sources to attain aim and objectives of the study. The appropriate data collection process could support to generate data towards the research matter. It could be effective to obtain a valid conclusion as it could be related to the research concern. Moreover, there are many resources that could be used by the researcher to attain aim and objectives of study like secondary and primary data collection method (Nieswiadomy, et al., 2017). In this way, the primary data collection method could support the research scholar to obtain the creative or innovative ideas towards research matter. For collecting the primary data, research scholar uses different methods like survey through a questionnaire, interview, case study, and group discussion. Apart from this, secondary data collection method could enable to get the conceptual information with respect to the research concern (Riedl, et al., 2014). Secondary information is published data that could effective for simply addressed by the research scholar to get the authentic data. There are certain sources that could be involved by the research scholar to get the information with respect to current research concern such as journals, governmental reports, newspaper, books, magazines, articles, and websites. This research supports to explore the information about the role of digitalization transaction in the accounting sector wherein both primary and secondary data collection method would be used by the researcher. From the use of primary data collection method, the researcher will be capable to make a robust relationship with the research participants to obtain their beliefs with respect to the current research matter. Apart from this, the secondary data collection method could be imperative for collecting conceptual understanding towards the research matter. By applying this method, research scholar would be capable to collect the information from different sources such as websites, articles, journals, and books as it could be supportive to improve the research validity. In this study, primary data collection method is collected from different sources such as survey through questionnaire and interview method. It could be imperative for collecting the feasible and accurate data with respect to the current research matter. This technique is significant for the research scholar to obtain the view and opinion from specified research candidates with respect to digitalization transaction (Riedl, et al., 2014).
Sampling strategy could be determined as a selection of right participants for a study to gather the reactions of research participants towards the research questionnaire. Consequently, it could be imperative for the attainment of the research participants. There are different kinds of sampling methods that could be used by research participants such as probability and non-probability sampling method (Robson, 2016). It supports the research scholar to select observation from the specified population. In this, the probability sampling method could be defined as the method that is worked with respect to the random selection of participants. This method facilitates to equal chance to the researcher for selecting the research participants. In opposition to this, the non-probability sampling approach is an approach wherein the investigator could not be capable to equally select the participants for conducting the research. For this research, the probability sampling method will be practiced by the research participants with respect to the current research concern. Through probability sampling method, random sampling approach would be implemented to select the contributors for conducting the survey through a questionnaire (Alvesson and Sköldberg, 2017). For this study, researchers will use 50 employees of accounting department form the different region of Australia. In this research, the researcher will not use the non-probability sampling method to conduct their research as it could create the biases in the research caused of selecting the participants on the basis of experience, age, gender, income, and education.
After pooling the information, it is required for the investigator to analyze them to generate the reliable as well as valid outcome about the concern of research. In the research, different tools could be implemented by a research scholar such as content assessment, disclosure assessment, statistical assessment, and conversation assessment. These data are gathered for obtaining the effective and adequate analysis of collected data (Jaggar, 2015). For this research, statistical data analysis technique will be used by the research scholar to implement for analyzing the data. By using this tool, a researcher would be competent to demonstrate the pooled facts through different sorts of charts, graphs, and diagram. This tool would be advantageous for evaluating the meaning behind the responses of selected employees. In this research, MS-excel software will be implemented by the researcher for interpreting the outcome through graphs and charts as it could build the meaningful awareness about the digitalization transaction in accounting sector for improving the performance of business (McCusker and Gunaydin, 2015).
There are many factors that could create difficulty to conduct their research systematically. In addition, it is also analyzed that the research scholar could face complexity due to lack of suitable sample size for collecting feasible facts and figures. In this, it is also analyzed that primary data collection technique could be time consuming as it could directly negative impact on the research outcome. It could directly influence the quality of research outcome. In addition, it is also addressed that lack of assets could decline the possibilities to collect the feasible information about research concern that could also influence the outcome of research (McCusker and Gunaydin, 2015).
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