A1 20639150 Tran Nguyen Huyen Tran IES2 PDF

Preview

Summary

A1 20639150 Tran Nguyen Huyen Tran IES2...

Description

SCHOOL OF BUSINESS

ASSIGNMENT COVER SHEET STUDENT DETAILS Student name:

Tran Nguyen Huyen Tran

Student ID number:

20639150

UNIT AND TUTORIAL DETAILS Unit name:

Innovation, Enterprise and Society

Tutorial group:

Unit number:

200917

Tutorial day and time:

Lecturer or Tutor name:

Fri 15:30-18:45

Doan Duc Minh

ASSIGNMENT DETAILS Title:

INDIVIDUAL ESSAY

Length:

1500

Due date:

Home campus (where you are enrolled):

15/08/2021

Date submitted:

14/08/2021

WSU Ho Chi Minh City, Vietnam

DECLARATION hold a copy of this assignment if the original is lost or damaged. hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement is made in the assignment. hereby certify that no part of this assignment or product has been submitted by me in another (previous or current) assessment, except where appropriately referenced, and with prior permission from the Lecturer / Tutor / Unit Coordinator for this unit. No part of the assignment/product has been written/produced for me by any other person except where collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned. am aware that this work will be reproduced and submitted to plagiarism detection software programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism checking).

Student’s signature:

TRAN NGUYEN HUYEN TRAN

Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed.

ARO 00380 08/15

INNOVATION, ENTERPRISE AND SOCITY – 200917 OPTION 1: EFFECT OF INNOVATION ON PRACTICES IN YOUR FUTURE PROFESSION

NAME: TRAN NGUYEN HUYEN TRAN SID: 20639150

1

It is irrefutable that nowadays, innovation addresses an irreplaceable position in each speciality and the whole economy. While it might like innovation has arisen instead of late as a tremendous innovation, innovation has assumed an essential part over the historical backdrop of the accounting industry in the late '90s. Even as technology becomes more interwoven into how businesses function and judge the market, accounting firms and experts appear to play the proverbial technological catch-up game (Sean, 2019). Therefore, this issue was unnoticeable in the past; however, innovation has outperformed and taken over most job positions in recent years. The current mechanical advancement is laying outbreaks to control distant meetings, oversee constant information and convey essential work area-based programming functionalities. It is presently a worry for professions dependent on mechanical programming, and there has been practically no contention against the accounting conversation due to new creative innovations. This essay deepens the correlation between technological advancements and accounting professions and how it reduces the human resources in this industry. Several innovations and their influence on accounting fields are also mentioned to enrich the understanding and support the inclusive argument. Besides, two central, vital concepts are analysed to support the argument: the motivation of innovations and the businesses' cost race and the impact of mechanisation on employments. Thanks to technology progression in data frameworks, various products and process innovations such as Cloud computing, Manual entry, and Accounting software have broadly been utilised in the accounting industry, which has made colossally changes from physical work and conventional desk work Internet-based capacity. Most medium and small firms mainly prefer using cloud computing because of its better character and function. In contrast, larger companies will generally keep up with their IT obligation because of interest in higher insurance and enormous individual security through Internet firewall assurances and workstations. Cloud computing refers to storing and retrieving data and programs through the Internet rather than traditional, on-premise computers, networks, and servers (Matyac et al., 2015). The cloud expands the processing limit and abilities of organisations in a practical way. It frees certified public accountants (CPAs) from their workstations and desktops, allowing them to tackle the job on a basically whenever, anyplace premise. According to Warawa (2016), advancement in innovation, the Internet, additional tax software, and assessment programming have all changed the manner in which accountants work, acquainting more superior efficiencies with their 2

accountancy rehearses. When undertaking, clients can get to whatever PC and IT administration they need from the cloud, capital interests in IT infrastructure and application programming might be considerably diminished. It is incredibly beneficial for small firms. They can likewise radically reduce work expenses to create and keep up with the IT function. Scalability is another advantage of cloud computing that offers organisations the adaptability to adjust to changing necessities. When a company is developing, applications to help business cycles can be immediately increased by taking advantage of the computing power from the cloud without experiencing limitations for an extension; when the time has come to downsize in a terrible economy, they can just buy less assistance (Du &Cong, 2020). Moreover, during the tax payment process, the cloud network has delivered an austere receptive climate between tax payee, tax specialists, and the Australian Taxation Office (ATO), where each exchange can be completed through applications or online payments. Despite its advantages, the primary vital innovators, such as cloud computing, is also one of the most significant reasons for declining accounting professions in the future. Innovative mechanisation, especially the explosion of accounting software, adversely affects work levels due to the principles of cost reserve funds identified with labour reduction and lessening an enormous quantity of low-level skills jobs. The reason is that by using cloud-based accounting, employments can deal with administrations from applications stored on a remote server such as finance, expenses, liabilities, and some more; this offers a more approachable user interface and mitigates the necessary human resources inside organisations. Expansions in the Internet of things (IoT), blockchain, and cloud computing will keep on disturbing old-style accounting but will not supplant accountants; instead, the professions' incentive will relocate away from manual exchange passage, compiling reports, and calculating (Grant Thornton, 2019). Antoucci and Pianta (2002) inferred that technological change negatively affects the employment rate in their investigation at the sectoral level. Additionally, it is concluded that quicker techno-coherent change would expand joblessness for the time being (Yildirim et al., 2020). Furthermore, another advantage of cloud computing is the capacity to supplant the manual labour force with equipment establishment, which reduces human error and efficiently reestablishing lost data, hence a diminution of human capital in the profession. Accounting firms are directing studies on cloud computing, big data, innovative change, new extortion and defilement, and corporate sustainability to address the profession's continuous and future chances and difficulties (Islam, 3

2017). Therefore, in the future, the accountancy profession will recoil as programming merchants construct more finance proficiency logically in self-study and analysis products and services. Another explanation prompting the decay of HR in the accountancy industry is the explosion of Artificial Intelligence (AI), which is defined by Oxford Dictionary as an advancement of computer technology ready to perform errands that regularly demand human intelligent, as graphic insight, conversation acknowledgement, dynamic, and interpretation between languages. Artificial Intelligence is presently not just a sci-fi dream or a basic computer program that messes around it has fostered specific psychological characteristics of the human cerebrum that can learn and create its reactions without unequivocal programming (Su, 2018). AI is replacing accountants, beginning from the slightest duties, such as ascertaining, inputting information, books measurements, charge computation, to complex tasks, for example, market investigation, risk estimation in light of higher discipline and accuracy. This revolution could push 35% of all specialists in the UK and 47% of accountants in the US in danger of being dislodged by innovation for the following 20 years (Stewart, 2015). As indicated by research, while less expensive work could reduce expenses by 60%, robotisation could reduce work expenses by 90% and even China, a nation known for its bountiful modest work and blue-collar positions, has become a country with rising wages and work deficiencies (Mahoney, 2012). In addition, the reason that businesses will, in general, eliminate accountants and supplant them with AI is that AI can moderate costs on Human Resources. For instance, rather than going through cash to enlist various accountants, firms can essentially set up AI programming, which saves time and lessens the threat of errors. According to Su (2018), artificial intelligence can take over numerous human positions and push compensation lower than any other time, making the workforce significantly more subordinate. For the above reasons, AI will, in the future, replace countless accountants, substantially reducing human accounting resources. That will require accountants in the coming age to be more expert and capable, more closely approaching innovations. The above arguments are situated to a limited extent on the rationale of mechanisation and the cutthroat expenses of businesses. The mechanisation of the accounting is specified to incorporate robotised frameworks for risk investigations, probabilistic computations, monetary accounting, and other financial help. This phenomenon has been acknowledged since the end of the nineteenth century. From that point forward, the human resources of accountancy have diminished, primarily due to the proficiency in asserting precision and speed, lessening cost, also 4

assist supervisors with further developing work efficiency just as increment revenue and profit margin. Therefore, it will constrain future accountants to get new abilities and mastery in new technology such as cloud computing, which thus will influence other industries as research and education. Additionally, the employments effect of mechanisation is also a cornerstone of the above arguments. Nowadays, more and more professions bring AI and robots to automate positions such as assistants, secretaries, and accountants. It had a considerable influence on the current accounting human resources. Part of the reason is that companies can save money by simply paying for an automated system instead of paying to enlist an enormous number of accountants. AI can self-analyse mistakes, become more competent, and learn from experience in the long run, which is difficult for most employees to meet. Furthermore, it is also a warning bell that fewer and fewer accountants will want to enter the accounting profession. The explosion of innovations and advancements such as cloud computing and AI has brought the extraordinary potential for the accounting industry to save costs and further develop work productivity. It advances the difference in research just as the best approach to prepare accountants more logically and pragmatically approach the most recent innovations. Through the contentions, just as proof from the above investigations, articles, reports, it tends to be seen that later on, accountants will be continuously supplanted by computerised and robotised innovations since variables as factors from the element of automation and its effect on vocations. Also, accounting firms and accountants should cautiously set up essential abilities and information to confront the forthcoming difficulties.

5

REFERENCES 5 Human Skills Robots Will Never Replace. (2019, June 18). Digit. https://digit.fyi/5-human-skills-robots-will-never-replace/ Antonucci, T., & Pianta, M. (2002). Employment Effects of Product and Process Innovation in Europe. International Review of Applied Economics, 16(3), 295–307. https://doi.org/10.1080/02692170210136127 Du, H., & Cong, Y. (2020). Cloud Computing, Accounting, Auditing, and Beyond. The CPA Journal; New York, 80(10), 66–70. 07328435. https://www-proquest-com.ezproxy.uws.edu.au/scholarly-journals/cloud-computing-accountingauditing-beyond/docview/814876588/se-2?accountid=36155 Grant Thornton. (2019, March 11). What will the accounting profession look like in 5 years? Bizcommunity.com. https://www-proquest-com.ezproxy.uws.edu.au/other-sources/what-will-accounting-professionlook-like-5-years/docview/2189796592/se-2?accountid=36155 International Federation of Accountants. (2017, December 6). AI, Bots reshaping accounting industry is welcome trend, says visiting IFAC President Grimes. Businessline. https://www-proquest-com.ezproxy.uws.edu.au/newspapers/ai-bots-reshaping-accountingindustry-is-welcome/docview/1973247202/se-2?accountid=36155 Islam, M. A. (2017, February 10). Future of Accounting Profession: Three Major Changes and Implications for Teaching and Research. IFAC. https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/futureaccounting-profession-three-major-changes-and-implications-teaching-and-research

6

Jeff, D. (2012). Technology and CPAs: Visions of the Future. Journal of Accountancy, 213(6), 110–112, 114, 116, 118, 10. https://www-proquest-com.ezproxy.uws.edu.au/trade-journals/technology-cpas-visionsfuture/docview/1022694600/se-2?accountid=36155 Jeff, D. (2014). Harnessing the Power of the Cloud. Journal of Accountancy, 217(4), 24–28, 8. https://www-proquest-com.ezproxy.uws.edu.au/trade-journals/harnessing-powercloud/docview/1512880853/se-2?accountid=36155 Kroon, N., Alves, M. do C., & Martins, I. (2021). The Impacts of Emerging Technologies on Accountants’ Role and Skills: Connecting to Open Innovation—A Systematic Literature Review. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 163. https://doi.org/10.3390/joitmc7030163 Lloret Romero, N. (2012). “Cloud computing” in library automation: benefits and drawbacks. The Bottom Line, 25(3), 110–114. https://doi.org/10.1108/08880451211276566 Mahoney, S. (2012). The Real Cause and Impact of China’s Labor Shortage. The Manzella Report | the Premier Source for Global Business and Economic News. http://www.manzellareport.com/index.php/special/the-real-cause-and-impact-of-china-s-laborshortage Matyac, E., PMP, Mishler, Chris, C., CIA, CISA, & Brad, M. (2015). KEY TECHNOLOGY TRENDS FOR MANAGEMENT ACCOUNTANTS. Strategic Finance, 97(1), 62–63. https://www-proquest-com.ezproxy.uws.edu.au/scholarly-journals/key-technology-trendsmanagement-accountants/docview/1695972823/se-2?accountid=36155 Perez, J., Deligianni, F., Ravi, D., & Yang, G.-Z. (n.d.). Artificial Intelligence and Robotics. UKRAS White Paper Series on Robotics and Autonomous Systems (RAS).

7

Petkov, R. (2019). Artificial Intelligence (AI) and the Accounting Function—A Revisit and a New Perspective for Developing Framework. Journal of Emerging Technologies in Accounting, 17(1), 99–105. https://doi.org/10.2308/jeta-52648 Sean, S. S. (2019). Blockchain, artificial intelligence and financial services : Implications and applications for finance and accounting professionals. Springer International Publishing AG. http://ebookcentral.proquest.com/lib/uwsau/detail.action?docID=5979086 Stewart, H. (2015, November 5). Almost half of all US workers are at risk of losing their jobs to robots, according to a new report. Business Insider; https://www.businessinsider.com/almost-half-of-all-us-workers-could-lose-their-jobs-to-robots2015-11 Su, G. (2018). Unemployment in the AI age. AI Matters, 3(4), 35–43. https://doi.org/10.1145/3175502.3175511 Warawa, J. (2016). Adopting technology empowers accountants. Bottom Line, 32(2). ID: TN_cdi_proquest_reports_1759545383. https://west-sydneyprimo.hosted.exlibrisgroup.com/permalink/f/1t3tv7l/TN_cdi_proquest_reports_1759545383 Yildirim, D. Ç., Yildirim, S., Erdogan, S., & Kantarci, T. (2020). Innovation—Unemployment Nexus: The case of EU countries. International Journal of Finance & Economics, 1(1). https://doi.org/10.1002/ijfe.2209

8...