The Importance Of Accounting Software For Business Profitability In Singapore

Literature Review

In the recent times the use of accounting software has become inevitable for a business. In this regard, the owners of the businesses are able to manage the finance successfully and attain the expected results. In several instances, the financial management through an accounting software is benefitted by effective conduction of the budget and prevention of possible financial loss (Wickramasinghe, Cooray & Dissanayake, 2017).  The relevant research on the subject enumerates how accounting software is also conducive to enable the companies to manage their budget through automation. The main objective of the financial management through an accounting software is evident in terms of the optimization of profit for the long-term viability of the business (Aduamoah, 2017).

Despite of the significant number of studies being conducted to show the importance of accounting and its importance in the organization, there exists a scant number of research which shows the impact of accounting software on the profitability of the organizations. Moreover, most of the studies has been conducted outside the companies which are seen to be headquartered outside Singapore (Ibrahim, Ali & Besar, 2020). In this regard, the study aims to address the importance of accounting software in terms of profitability among the top companies based in Singapore.

The aim of the research is to find whether or not implementation of an accounting software is important for an organisation.

• What are the factors to be considered while sourcing an accounting software?
• What is the difference between computerized and traditional accounting?
• Why does the organisation need accounting software for their business?
• What is the importance of AI in accounting software for the business?

• To know about the factors to be considered while sourcing an accounting software
• To know about the difference between computerized and traditional accounting
• To know about the reason of an organization needing an accounting software for their business
• To know about the importance of AI in accounting software for the business

The main rationale for conducting the research can be identified in terms of knowing about factors to be considered while sourcing an accounting software (Krájnik & Demeter, 2021). The topic is worth investigating as the providers opportunity to know about the difference between computerized and traditional accounting and why does the organisation need accounting software for their business. Another important reason for conducting the research is also based on interpreting whether or not the organisations look forward to take advantage of the newer techniques of AI tools during selection of the accounting software (Atanasovski, Trpeska & Lazarevska, 2019).

The use of academic research rationale can be seen with how the previous study has used the face-to-face interview method for reviewing the performance of nine organisations which is used AI-based accounting software especially in companies in Malaysia. However, such research has not been able to capture the usage of the AI based accounting software by the companies in Singapore (Lee & Tajudeen, 2020). Along with this, the use of applied research can be found in various types of medium and small enterprise where the recommendations have been made by Projects in Controlled Environments  using the quantitative methods such as the implementation of multiple linear regression model along with coalition analysis. In addition to this, such studies have also relied on the use of continued alignment of objectives and deliverables for acknowledging the applied research fundamentals (Zahed & Al Rafat, 2020; Bishop, 2018).

The study will be segregated into five chapters namely introduction, literature review, research methodology, plan for data analysis, conclusion and recommendations. In this manner the first chapter will discuss about the background of the study, along with the formulation of the research question and research problem.

Research Methodology

The excerpts of the literature review will discuss the existing literature on the definition of accounting software in general and various types of accounting software used by the different companies around the world.  In addition to this, the discourse of the study will be also based on knowing about the factors to be considered while sourcing an accounting software and the difference between computerized and traditional accounting. The literature review also discusses the specific benefits associated with the accounting software among the organizations. Along with this, the literature review will enumerate the contribution of cloud storage and AI in the accounting software benefiting the companies.

Factors to be considered while sourcing an accounting software

As per the existing literature, the factors associated with sourcing of accounting software have been identified in terms of good tactics of the business for tracking the finances. This has been further identified with whether or not the accounting software is able to act as an effective strategy by the management for categorization of the financial information and products for the purpose of paying of bills, managing payroll of the employees and generation of standard report as per the predefined format based on the relevant accounting standard (Lepistö & Ihantola, 2018). As per the existing studies some of the other reasons for selection of the accounting software can be directly identified as per saving time and instant generation of the financial reports. Based on the discourse of the exiting research, the most discussed reason of sourcing the accounting software is directly associated with whether or not the use software is able to contribute to saving of time in terms of automation of the accounting process (Gotthardt et al., 2020). Some of the other factors are associated with accounting software being able to generate instant financial reports, thereby saving a considerable amount of time for the administration department (Haje et al., 2019). The organisations also prefer factors such as instant generation of chief financial reports such as cash flow statements, balance sheet and P&L statement. In this aspect, such determinants of sourcing the accounting software have been directly identified with use of the special features such as filtering, adding of extra detail and customization of the report as per the specific reporting needs (Abbas-Alizadeh & Samadi, 2021).

Furthermore, the determining factors of accounting software can be noted in terms of its ability to syncing of the accounting information as per the bank accounts, payroll services and credit card accounts. In this manner, the use of the accounting software is seen to save a significant amount of time which is often encountered in case of manually maintaining of the data (El Alili et al., 2020). The determining factors based on several types of the other studies have been able to state about the directly benefits of the accounting software for promoting accuracy of the data (Wang, 2021). The factors for sourcing the accounting software are also taken into account with a considerable contribution for updating multiple cells at a time and making the relevant changes in the accounting for updating the records as per the convenience of the user. Moreover, in several types of the other cases the relevant benefits of the use of the accosting software can be discerned in terms of automatically reflecting the changes pertaining to data to help it make free from any form of errors are also the reason of sourcing of the relevant accounting software (Putra, 2019).

Plan for Data Analysis

We need to also consider the use of the accounting software for the purpose of producing a professional looking report which can be used for dealing with the potential investors in the future. In particular the relevant means of factor for using the software for accounting is discerned with properly formatting of the data and improving the accuracy of the delivery of services (Hamad et al., 2021).  It also seen with prevention of any form of negative impact on the financial state and losing out future potential of earning further profit. At times, the relevant factors of sourcing accounting software are due to simplification of the payroll as a result of contributing to specialized payroll system and handling of the growth of the business (Karagiorgos et al., 2020). This is evident with contribution of providing detailed insight about using the accounting software pertaining to tracking the transactions by relevant department, classes, locations and projects. The accounting software is used by certain organisations for providing a clear picture of the particulars of income attributable to the specific areas of expense and strategic decisions (Hassan, Hsbollah & Ali, 2021).

According to Hossan (2018), traditional accounting is referred as the method of accounting as suggested by Luca De Pacioli also known as the father of accounting. The traditional accounting information method relies on basic accounting equation and accounting cycle. Despite of the concept being documented by Pacioli the importance of the original proposal remains unchanged. In case of traditional accounting system, the accounting cycle involves a series of sequential procedures for producing the financial statements during individual reporting period (Oladele, 2017).

Computerised Accounting software is defined as the computer program which is associated to providing the different types of services which are conducive for an organization in assisting the accountants and bookkeepers in reporting and recording the financial transactions of a firm. Additionally, as per the existing research, the functionality of the accounting software can be directly understood in terms of the different nature of the services as per the categorisation of the products (Esterhazy, 2018). It is further worth noting that the larger firm’s contribution to the profitability as a result of the use of the accounting software can be directly related with the integration of data among several departments. On the other hand, the smaller firms look forward to choose off the shelf products which may not be much benefited by accounting softwares (Crespo et al., 2018).

In this context, based on the existing research, it can be said that traditional accounting makes use of relevant financial data input and calculation on a manual basis. For several years, accountants have given the traditional accounting concepts with the use of ledgers. It is also worth noting how some accountants are still seen to use paper and pen, acknowledging the traditional accounting method. On the contrary, computerised accounting introduces concept of automation (Abdulai, 2018; Im, P. H. P, & Ng, 2019). At a global scale, the use of the accounting software is evident in terms of accounting software such as Xero, Tally, Busy, myob, Quickbooks, Zoho Books and Marg. Both the large scale and medium scale organizations are seen to use these accounting software around the world. In addition to this, the cost of the implementation of the ERP is depicted to be on the higher side (Stancheva-Todorova, 2018). This is due to the fact the ERP system is able to integrate the various types of the accounting information in the real time. In other words, the ERP integration along with the accounting software is able to significantly contribute towards an effective flow of information among different departments as and when required. Despite of the cost being on the higher side for the ERP implementation, it is seen to be usually preferred by all the companies across the world.

Conclusion and Recommendations

In case of traditional accounting there does not involve any scope of file corruption and data system errors. Moreover, when it comes to differentiate traditional accounting with computerised accounting, as a result of traditional accounting maintaining double entry system, there is a better possibility of eliminating data entry errors. However, computerised accounting software is known for its accuracy, thereby eliminating any requirement for crosschecking of data (Hanha, 2020). Overall, the use of accounting software is seen allow the business to take various benefits in terms of payment of bills, bank reconciliation, tracking projects, accepting payments, capturing of data, managing of contacts, capturing of data, pay runs, sending invoices, multi-currency and purchase orders (Moll & Yigitbasioglu, 2019). In addition to this, the use of relevant implementation of the accounting software is also identified in terms of analytics plus features. This feature is associated with investigating the future cash flows, tracking the metrics, checking the financial health and looking forward to additional features conducive for increasing the efficiency of the company (Dagilien? & Klovien?, 2019).

Reason of organisation needing accounting software for their business

As per the excerpts of the existing literature the rational for organisations needing accounting software for the business can be seen in terms of streamlining the tax filing and categorizing the data as per the available tax credit. In this regard, the main form of the accounting programs in this regard can be taken into account as per the direct benefits associated with the calculating the tax credit and accounting for specific tax reports (Ali, Nori & Baharudin, 2019). Several organizations further rely on the use of the accounting software for the purpose of its relevant contributions in minimizing the inventory errors. In this manner, the accounting software directly includes basic inventory management techniques for accurately accounting for the flow of inventory (Paul & Sadath, 2019). The main purpose of the organization in using the accounting software is directly discerned with reducing the overall costs and its role in meeting the needs of the accounting department through emphasising on better allocation of administration expenses (Borthick & Pennington, 2017). It is further worth noting how the use of the accounting software directly leads to facilitating improved accuracy in terms of assisting the business in attaining timely and accurate information related to accounting. Several organizations are depicted to rely on accounting software for implementation of AI in bookkeeping to automate the instance of repetitive tasks (Lee, Kerler & Ivancevich, 2018).

The implementation of AI in accounting in general is conducive for recording data into the correct thing formats. Moreover, AI in accounting software also helps in the process of reconciliation and inputting the data in the appropriate accounting formats. In order to leverage the process of recording data, the accountants make use of AI technologies. In addition to this, the accountants also incorporate AI in accounting software in order to better the conservation of statements in the bank (Moll & Yigitbasioglu, 2019). Some of the other leverage provided by the AI to the accounting software is also evident with how the AI algorithms helps in recognising the data from different invoices and scanned receipts from the vendors. Moreover, the invoices or receipts are also seen to aid in the process of backing of relevant transactions. As per the existing literature, the Implementation of AI helps in the process of comparison of expense reports with the expense management policy in order to ensure compliance. Lastly, AI seem to aid in the process of tracking changes associated with contractors, suppliers and subscriptions. AI is frequently used in conjunction with machine learning (ML) (Hasan, 2022).

ML is seen to implement the relevant algorithms, statistical models, and feedback loops to identify patterns in data that help the computer make more correct decisions in similar instances in the future. In this regard, the accounting as well as the giving systems can also use machine learning to figure out why certain incomes or expenses are out of line with previous months. Therefore, the greater number of transactions ML can review and learn from, it is considered that the ML is equipped AI will be to make proper decisions and fulfil accounting jobs in the future (Malviya & Lal, 2021).

The existing literature also suggests how companies combining complimentary technologies to automate bookkeeping processes reap four major AI accounting benefits. This can be identified with improving the accuracy of the records, cost savings, gaining advanced financial insights and increased focus on the expertise of the financial team. Traditional bookkeeping and accounting systems rely on manual data entry, which is prone to human mistake (Lee & Tajudeen, 2020). The use of AI, on the other hand, makes sure that the records are always up to date and ready for audit compliance and adherence to relevant regulations pertaining to local, federal, state and internal (Malviya & Lal, 2021). The increased focus of Finance team expert is taken over by the use of AI, which ensures that the transactions are better processed for reconciliation and strategy tasks that as financial modelling and financial analysis. The adoption of ML algorithms through AI automation delivers the required financial insights instantly so that CPA doesn’t have to wait until the month-end reporting cycle to process transactions and convey conclusions. In this manner, an individual not only get the required financial insights right away but also in the minimum possible time. In certain situations when the AI is amalgamated with the use of NLP, then the user is able to take informed decisions even faster than a regular ML algorithm (Moll & Yigitbasioglu, 2019).

Conclusion to Literature Review  

The factors to be considered for sourcing the accounting software can be directly identified with time-saving, implemented as per effective strategy and instant generation of the financial reports. The main determinant of accounting software is also seen with implementation of an effective strategy by the management for categorization of the financial information and products. In addition to this, several types of other reasons for the determining factors of the accounting software can be identified for the purpose of paying of bills, managing payroll of the employees and generation of standard report as per the predefined format based on the relevant accounting standard. The literature on traditional vs computerised accounting elaborates how traditional accounting makes use of relevant financial data input and calculation on a manual basis, while computerised accounting introduces concept of automation. As per the existing studies reason of organisation needing accounting software for their business is seen as per saving time and instant generation of the financial reports. The benefit of the accounting software can be further traced in terms of the syncing of the accounting information as per the bank accounts, payroll services and credit card accounts. In this manner, the use of the accounting software is seen to save a significant time which is often encountered in case of manually maintaining of the data. As per the literary excerpts on the importance of accounting software among organization, we can say how accounting software for an organization helps in streamlining the tax filing and categorizing the data as per the available tax credit. The main form of the accounting programs in this regard can be taken into account as per the direct benefits associated with the calculating the tax credit and accounting for specific tax reports.

Research methodology is identified as a set of tools for the researchers to depict the necessary information in order to interpret and analyse the immediate aims along with the objectives of research study. In this manner, the research methodology directly provides the methods and steps is to be adopted by the researchers are effectively conduct the weird aspect of the study and ethical manner (Pandey & Pandey, 2021). It is therefore important for the researcher to consider only those data which will have an effective impact on the interpretation. In other words, the research methodology can be also stated as the means to ensure validity, reliability and relevancy of the study along for the data collected. In other words, it encompasses all aspects of the research methodology, research onion has been used for showing the approach of the researchers that will be followed in the final study, research strategy, research choice and process of collecting the data to finish the research in an ethical manner (Snyder, 2019).

This is considered as one of the important aspects of conducting the research study. This is due to the fact that research onion shows the relevant stages which would be included throughout the research. The initiation of this model was identified in the year 2004 by Lewis, Thornhill and Saunders. The primary focus of this model has been taken into account with the steps which are necessary for proceeding with the research in an ideal manner (Mohajan, 2018). Therefore, research onion will help to understand the basic details of the study in a more intuitive manner, thereby acknowledging the research ideology and research ethics at the same time. This particular model has further enumerated main steps which would be useful for the research to acknowledge the data collection method, research strategy, research design and research approach. Therefore, the incorporation of research onion within the study would be conducive for encompassing the different layers of the study, thereby resembling an onion in real life (D?wigo?, 2018). In this manner, the consideration of different layers would allow the users of the research to particularly dig deeper among the various models. This is the rational how the concept got its name. Based on the advantages of using research onion, the study has acknowledged the relevant it is objectives associated with factors to be considered while sourcing an accounting software, difference between computerized and traditional accounting and reason of an organization needing an accounting software for their business (Basias & Pollalis, 2018).

On a similar note, the research philosophy can be referred as the one of the most integral steps of research which enumerates the different types of underlying assumption of the study and the data which needs to be analysed based on the pre-determination of the objectives and aims. The typical form of research philosophies and be organised in form of “Pragmatism.”, “Positivism”, “Realism” and “Interpretivism” (Ngozwana, 2018). In this regard, it is necessary to select the appropriate choice of research which is best suited to acknowledge the different assumptions of the study. The rational for the choice of research philosophy is interpretivism. Such research philosophy is based on the notion of personal experience and practical expertise and therefore it is free from any form of external force. Such a choice of research philosophy would be conducive to implement the personal experience, thereby helping to gain valuable insights on the importance of accounting software for an organisation (Ørngreen & Levinsen, 2017).

According to Ragab & Arisha (2018), the concept of research approach includes the various types of procedures and planning which are adapted for the purpose of attaining the objectives of research. In this regard, as the research does not comprise of any formulation of hypotheses and it only aims to address the research questions, aims and research objectives, inductive research approach would be most appropriate (Varghese, Ramesh & Veeraiyan, 2019). As the research would be mainly conducted based on secondary research approach using qualitative information, it will be most suitable to adopt inductive research approach. Moreover, such research would be directly be able to acknowledge the secondary data collected from company website, and annual report and journal articles. Along with this, as the entire research will be based on defining individual themes, which would allow us to consider the research questions are objectives which are relevant for the analysis in order to arrive at the desired conclusion. Moreover, it is important to understand that inductive approach would be suitable for conducting a secondary analysis in order to proceed with the final conclusion.

The three main choices for the research can be named as mixed research approach, quantitative research and qualitative research approach. The qualitative choice of research would be conducive for analysing the qualitative information collected from company website, and annual report and journal articles. In contrast, the qualitative approach of research would be more suitable for analysing the themes from the annual report (Kumar, 2018). Therefore, qualitative research approach is also applicable for evaluation of thematic analysis. On a later aspect, the mixed research choice is to be taken into account as per hybrid version of amalgamating both qualitative as well as quantitative research choices. However, the study will be mainly based on non-numerical data analysis and only qualitative research design would be selected (Daniel & Harland, 2017). 

In addition to this, the three main stages of the research can be discerned in form of explanatory research, exploratory research and descriptive designs. In this regard, as the research will be based on the exploratory research analysis, it will look forward to identify the impact of accounting software on profitability of the organisation and also assess the importance of online software on Singaporean organisations in general (Kanu, 2019). The exploratory research is seen to be identified as a method for investigating a particular research problem which has not been defined properly. In this regard, it is conducted for having a better idea of the existing research problem and providing conclusive results. It is worth noting that exploratory research method will be ideal for the study in order to depict the relevant issues and future prospect of the study. Therefore, the implementation of such a user’s design will allow us to focus on the new insights of the overall impact of accounting software for an organisation. Moreover, the use of exploratory research will help us to find out ways to expand the selection according to the questions formulated for the study. In this manner, the research design of exploratory analysis will particularly conducive for proceeding with observations. These observations will be qualitative in nature and an allow the research to focus on certain parameters which is seen to be having a direct relationship in respect with the subject. In addition to this, the exploratory research will be useful for the literature research will be implemented from the selected journals during the implementation of empirical research and analysis. Moreover, such research will be conducive for establishing the relevant research questions and online sources associated with commercial databases. The process of amending the expertise would be seen with identifying the problem, according to research questions and formulating future scope of research.

The strategy for collection of data can be noted in form of implementing thematic analysis pertaining to information collected from company website, and annual report and journal articles (Aithal, 2017). The companies targeted for examining the qualitative information would include Singapore namely Singtel, Singapore airlines, DBS, OCBC Bank and Sea (Garena). The data for performing the thematic analysis will be collected via journal articles, company websites and annual report if applicable. The information provided in the journal articles will look forward to explore the different types of factors to be considered while sourcing an accounting software. Moreover, the secondary sources will be also explored for knowing about the relevant difference between computerized and traditional accounting. The supportive secondary research articles will be used for knowing about the exact reason of organisation needing the accounting software for their business. Lastly, that it is another article will be used for performing the thematic analysis on importance of AI in accounting software for the business.

Singtel

“Singapore Telecommunications Limited (Singtel)” incorporated in 1992, along with its subsidiaries is identified to provide relevant telecom services to small businesses and consumers in Singapore, Europe, the United States and Australia. In addition to this, Singtel is seen to engage in several businesses such as wire services, gaming, fixed broadband, digital content business, intelligent business analytics. Moreover, Singtel is for the seen to offer various types of other IT professional consulting services such as earphones, headphones, cameras, multimedia hubs, gimbals, tablets, speakers and storage solution products. There is a considerable contribution of Singtel and areas of facilitating video on demand services and Microsoft 365 subscription (Finance.yahoo.com, 2022a).

Singapore Airlines Limited established in 1947 along with its subsidiaries is seen to offer various types of cargo aircraft and services and passenger data and services under the brand name of SilkAir, Singapore airlines and Scoot brands in East Asia, Africa, West Asia, South West Pacific, Europe and the Americas. The airline is further seen to offer various types of non-technical as well as technical services such as repair, overhaul of the aircraft, overhaul of cabin components, ground handling and line maintenance. Additionally, Singapore airlines also offers various types of Services related to travel booking via online portal (Finance.yahoo.com, 2022b).

DBS Group Holdings Ltd. incorporated in 1968 is seen to offer different types of financial product services in Southeast Asia, greater China, Hong Kong and Singapore. The main operating segments of DBS can be identified with treasury markets, wealth management, consumer banking and institutional banking. In this regard, the consumer banking segment is associated with providing various savings and current account services under financial services. Moreover, DBS is also recognised for providing other banking services related to home finance, loans, fixed deposits, savings account, insurance products, car payments and financial products for individual customers. The institutional banking segment is also known to provide nonbanking financial institutions and large corporates (Finance.yahoo.com, 2022c).

The OCBC incorporated in 1912 is seen to offer different financial services across Singapore, greater China, Asia Pacific, Indonesia and Malaysia. The private and global banking consumer segment is identified to offer various fixed and savings account deposit services for providing the necessary brokerage services, structured deposits, banc assurance products, credit cards, home loan and personal loans. The various segments of OCBC are further noted to offer the estate and portfolio management services for individuals with high net worth and individuals requiring investment and portfolio management advice. The global market segment and Treasury segment of OCBC bank incorporates various money market operations and derivatives trading services along with fund management services.

Sea (Garena)

Sea Limited, established in 2009 is a Singaporean digital entertainment and digital finance service provider in Singapore, Latin America, the America and Southeast Asia. The company is known for providing Garena digital entertainment which is used for accessing various esports operations, live streaming services, online forums, user chat and social features. Sea Limited is noted to operate across various types of mobile-centric marketplace which are able to consider integrated logistics and payment infrastructure to the seller. The digital financial services offered particularly includes payment services in form of SPayLater, ShopeePay and AirPay (Finance.yahoo.com, 2022e).

The data analysis plan would mainly comprise of conducting thematic analysis. This will be mainly done by collecting bits and pieces of information in form of transcripts from the websites of the individual companies, journal articles and annual report. Based on the information collected, the themes will be arranged according to the individual research objectives. During the time of final analysis of the results, the findings of the individual themes set for the research would be related with the individual research questions/objectives in order to arrive at the final conclusion (Etikan & Bala, 2017). In this manner, the accuracy of the data analysis plan would be ensured by making sure that all the information collected for the thematic analysis are from authentic sources and not any third-party websites.

In general, thematic analysis is depicted as a common method for implementation of qualitative research. Furthermore, the use of this method will be useful for knowing about the relevant techniques and methods which will acknowledge the qualitative analytic approaches. In this context, the qualitative analytic approaches can be identified with interpretative phenomenological analysis, narrative analysis, discourse analysis and grounded theory analysis. Therefore, the use of thematic analysis would be most applicable for acknowledging different varieties of research and data collection methodologies. Therefore, the various versions of the thematic analysis will lead to divergent and conceptual assumptions associated with the formulated research questions such as knowing about the factors considered for accounting software sourcing, knowing about the relevant reason for organisations needing the accounting software for the business and having the relevant knowledge about the difference between the computerised and traditional accounting software. 

The study of meaning patterns is known as thematic analysis. In other words, it’s about analysing the gathered information from the existing research into themes to find significance. Most importantly, the research questions drive this approach, so it’s not required to find every single theme in the data; instead, concentrate on the key characteristics that relate to the actual research questions. The thematic analysis can be regarded as the ideal approach for not only proceeding with qualitative analysis but also identification of the relevant patterns and involving the best theoretical concepts. Therefore, the main reason for using the thematic approach for the given research objective and research question is seen with its advantage such as its flexibility. It is worth noting how the given thematic analysis would enable the us for looking forward to accessible approach and find out the type concepts from the available information as per the existing literature. However, the research has also ensured that they do not exist any difficulty in understanding the meanings of the theories used in relation to the effect of. Moreover, the study has taken into consideration the fact that interpreting what data is or isn’t important to emphasise might be challenging. Furthermore, because thematic analysis focuses on finding patterns across different research journals, annual report and company websites, occurrences that only occur in a single account may be disregarded. Furthermore, a drawback of thematic analysis is that we don’t use pre-existing theoretical frameworks, which can limit the overall analysis’ interpretative ability.

The step-by-step process used for conducting the massive analysis can be understood with familiarising with the relevant information, assigning the relevant themes, marking the different codes for the supporting data and grouping the codes into relevant themes. Lastly, that approach has also reviewed the themes and provided a narrative for the same. The process of analysing the data is done in form of transcribing the data through the literature research done from existing research journals, company website and annual report. The process of creating the initial themes is related with representing the patterns and meanings from the information and identifying the appropriate excerpts from the relevant codes of information. Thirdly, the process of collating the teams with the supporting data is done by gathering all the information together and automatically collating them in order to derive meaningful interpretations to address the research questions and research objectives. The process of using the relevant themes is done by removing the concepts which are not acknowledging the research questions and research objectives and keeping only the relevant ones in the final study. In the process of writing the final narrative, the readers need to check for the validity of the analysis and make sure that the data is acknowledging the argumentative and interpretive concepts associated in the analysis.

Theme 1: Factors to be considered while sourcing an accounting software

Sub Theme 1: Accounting software used by companies used by Singtel, Singapore Airlines, DBS, OCBC Bank, Sea (Garena)

Based on the existing journal sources, the companies in Singapore use various types of accounting software such as Sage, Xero, Highnix, FreshBooks, ABSS (previously referred to as MYOB), Smart Cursors, Autocount Accounting, QuickBooks, Bevootech, SkyBiz Financial, Axxis Consulting’s SAP Business One, 361 Degree Consultancy and Oci System. Highnix adheres to the most severe federal regulations and Inland Revenue Authority of Singapore has certified its systems, which include automatic reminders to pay thier tax due. Another advantage of its accounting software that SMEs value is how well it connects with third-party programmes, allowing organisations with numerous departments to communicate information effortlessly, resulting in fewer data errors. Sage has garnered a number of important honours from prominent business executives (Sawangjan & Suttipun, 2020).

Xero permits the aforementioned companies to assist them in maintaining a healthy and consistent cash flow. Moreover, the overall billing procedure is sped up and simplified as a result of this. ABSS is identified as an accounting software made in Singapore which has helped businesses of all sizes improve employee efficiency and optimise operations (Liu et al., 2019). Smart Cursors is seen as great for multi-entity companies, but it also provides accounting systems that are suitable for single-entity organisations. Smart Cursors provides an easy solution to handle financial interactions across several entities through a single platform for multi-entity businesses. In this manner the companies are able to communicate with other departments less frequently now that we are all utilising the same accounting system (Le & Cao, 2020).

Sub Theme 2: Key features considered during selection of the accounting software

Based on the secondary sources of information from the existing journal articles, we are able to identify that the companies such as Singtel, Singapore Airlines, DBS, OCBC Bank and Sea (Garena) look forward to aspects such a general functionality, multicurrency functionality, industry specific functionality, cloud-based functionality, scalability, bank compatibility and security options provided to the users (Ling & Loh, 2020). In addition to this, the company in Singapore is also look forward to ease of use, customer support, reporting, accountant recommendations and price of the accounting software. In terms of general functionality, the contents look forward how the choice of right accounting software will be able to raise their purchase orders. In terms of industry specific functionality, the accountants are seen to integrate the e-commerce aspect along with general accounting packages. Based on the multicurrency functionality, the individual accountants are able to hold particular currency, liability and assets for the purpose of kinds of revaluations. Therefore, it becomes an important factor for selection of the accounting software which can use different currencies and has multicurrency functionality. The cloud functionality is associated with allowing the individuals to access their accounts along with via a reliable internet connection. The bank compatibility factor relates to integrating the various accounting packages in the bank in order to perform the complete bank reconciliations. Moreover, the accountants look forward to such a functionality in order to automate the process of bank reconciliation and check the compatibility of the bank software as well (Arnould et al., 2018).

Theme 2: Knowing about the difference between computerized and traditional accounting

Sub Theme 1: Features of traditional accounting

Based on the existing literature, the traditional accounting refers to a kind of accounting software which performs accounting based on the vision of profit and sending invoices irrespective of actually spending or receiving money. The specific nature of the accounting performed under traditional accounting system is seen as cash basis accounting (Pingcas et al., 2019). Furthermore, traditional accounting takes into account regarding individual invoices showed received by a sudden business. Such invoices relate to information which are stored in a particular hard drive. However, such information was not fed into any dedicated accounting software is similar to computerised accounting software (Moody & Zhao, 2020).

Sub Theme 2: Features of computerised accounting software

The relevant need for computerised accounting software can be identified with performing several transactions, reduction in paperwork, incident reporting, performing accounting queries, flexible reporting, online facility, ensuring accuracy, ensuring security and branding scalability. Build on the existing studies, we are able to infer that the advantages of speed, accuracy, and lower cost of managing company transactions drive the demand for computerised accounting. In addition to this, the computerised accounting system is capable of processing a huge number of transactions in a timely and accurate manner (Ranjith et al., 2021). One of the important features of computerised accounting software is also seen with the ability of performing automated queries with the help of aid others tools such as structured query language and other types of database technology. This is particularly seen with using various types of joins. Along with this, it is worth noting how the data and reports generated are accurate and trustworthy for making decisions in case of using computerised accounting software. Additionally, if several employees work in a manual accounting system and the volume of transactions is extremely high, such data and reports are likely to be biased, unreliable, and erroneous (Nugroho & Prasetyo, 2018).

Sub Theme 3: Distinction between traditional accounting and comprised accounting

In case of manual accounting system, there exists the use of financial records, account books and physical registers. On the other hand, computerised accounting takes into consideration the use of accounting software for the purpose of recording financial transactions in an electronic form. Furthermore, in case of manual accounting original entry in the book allows the recording and data content is recorded in a specific customers database. All the calculations in manual accounting are further proceeded manually. On the other hand, computerised accounting system takes into consideration performing the calculations only on computer system (Popli & Girdhar, 2019). In terms of speed of implementation, the manual accounting system is definitely a lot slower than computerised accounting. In the context of entry adjustment, the existing journal studies suggest how the manual accounting is more prone to rectification of errors. In contrast, no rectification of errors can be made in comprised accounting. It is also not possible to take backup in case of manual accounting. On the other hand, computerised accounting allows for entries to be backed up and saved. The trial balance in manual accounting can be prepared whenever necessary. On the other hand, in case of computerised accounting, instant trial balance is seen to be provided on a daily basis (Asmuni, 2018).

 Theme 3: Knowing about the reason of an organization needing an accounting software for their business

Sub Theme 1: Benefits of implementation of accounting software to the business

The real benefits pertaining to the implementation of accounting software for the business as per the existing research can be identified with improving the financial data security, improving the decision-making system, increasing the accuracy in the data, saving cost and ensuring financial control. Accounting software enables business owners to automatically manage their accounts, even if they are not accounting specialists. Based on the appropriate use of the accounting software, the organisations are able to manage all accounting processes using their computers or mobile devices with minor training and avoid paying other parties to keep their budgets in check (Shveda et al., 2021).

Accounting software take charge of the company’s revenue structure and automate fundamental calculations and administrative procedures, so the businesses doesn’t have to outsource the financial administration to a third party. It is also worth noting how the companies use their accounting software for the purpose of increasing the data accuracy by detecting the inaccuracies in financial statements which can jeopardise the lifespan of the business (Puspitawati, 2021). The accounting software provides businesses the relevant figures to assist them and decide whether or not they should proceed with cutting costs or invest more. The businesses are further able to design wiser strategies and manage resources more efficiently through having a clear picture of the present financial situation (Bishop, 2018).

Sub Theme 2: Overall features of advanced accounting software

In terms of overall features of accounting software, we are able to identify how financial forecasting, billing and inverse management, banking consolation, financial reporting, sales management, purchasing and asset management are some of the noteworthy advanced accounting software features. Financial forecasting is probably one of the most important features of any accounting software as stated in the secondary discourse (Jasim & Raewf, 2020).

The individual businesses look forward to estimate expenses and revenues and implement the relevant forecasting tool for controlling the finance wisely and optimising profits thereby eliminating unnecessary costs. In the context of billing and inverse management, business owners may use advanced accounting tools to produce, manage, and distribute numerous bills and invoices. Along with this, the owners of the business are able to customise the business preferences and also be able to generate the same instantly. The process of banking reconciliation is needed for making sure that the use financial data is accurate. As a result of using comprised accounting system, the process of banking consolation is relatively fast and can be done through modern accounting apps (Jasim & Raewf, 2020). The using of advanced accounting software is for the scene to allows creation of digital reports by using changes in equity, balance sheet and income statement and cash flow statement. Accounting software is usually integrated with purchasing and sales management, thereby allowing the business to handle any given number of transactions at any time. As a result of complex accounting system, the computation of an order that have assets and applicable tax calculation becomes easier by the use of computerised accounting software (Samuel & David, 2018).

Theme 4: Knowing about the importance of AI in accounting software for the business

Based on the review of journal articles, and company websites, the importance of AI in accounting software can be seen with businesses rapidly using product recommendation engines and AI chatbots. In this manner, the existing research suggests how the use of AI in accounting software by companies such as Singtel, Singapore Airlines, DBS, OCBC Bank, Sea (Garena) is able to save a considerable amount of money, time and automate repetitive tasks. In addition to this, the use of such a concept also it is in the process of compliance, audit and fraud protection (Sawangjan & Suttipun, 2020). AI also has a considerable contribution to finance. In this regard, AI is able to save time by optimising and streamlining the definitive accounting processes, thereby providing useful insights and the same is taken into account by the major banking corporations of Singapore. Therefore, AI saves time and money for businesses by providing significant insights to accounting and financial analysts and assisting with the rapid analysis of massive amounts of data, resulting in more accurate, actionable data at reduced prices. The contribution of the AI in terms of automating repetitive tasks is relevant with providing additional insights and uncovering new trends (Le & Cao, 2020).

The biggest influencing factor of use of AI in the banking sector in Singapore and be identified with increasing accuracy and efficiency to overcome the administrative and repetitive tasks, thereby helping the accounting team to add real value to the company. Moreover, the accounting team is also required real value to the customers as well. The relevant use of AI technique is further identified to take into account the processes such as purchasing, procurement, expense management, billing, invoice, considerable Accounts Payable with larger volume (Liu et al., 2019). The fraud protection benefit through application of AI is evident in form of financial auditing processes which allows companies to take into consideration the compliance issues and international regulations. The algorithms used in the AI aides in the process of rapidly sorting of large datasets and finding out any possibility of suspicious or fraud activity at the same time. In the context of little banking, AI accounting software contributes in reducing the fraud as a result of increased data and volume of transactions (Ling & Loh, 2020). There is tremendous benefit of AI in finance as the bank a single automate their net interest income received cycle for billing and generating the necessary reports. Moreover, the use of machine learning tools helps to dig deep into the problem of improper billing and electronic conversion of data. Moreover, the features such as NLP in the accounting software is also conducive in the process of preparing invoice, bills and helping the financial aspects with better workflow. In this manner, the businesses in the Singapore are provided with the option of better integration of the abilities and focusing on specific off shelf projects to further improve the existing operations. The help of AI to the auditing team is identified with relevant use of records which are in compliance with state regulations and government compliances. Therefore, the application of AI in various situations makes it easy for adjustments in a close and preparation of month-end closing reports (Arnould et al., 2018).

Conclusion & Recommendations for Future Research

The following research has been conducted only based on qualitative data analysis. In this regard, it is important for the future studies to incorporate quantitative research methods as well, such as using interview analysis. It is recommended for the future studies to conduct quantitative research by using sample size of at least 300 research participants. It is also worth noting that the final study will be based on only importance of accounting software in Singapore. Lastly, the future research can include investigation of the formulated research objectives on other countries as well.

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