THE IMPACT AND INFLUENCE OF ADVANCED TECHNOLOGICAL

INNOVATION TO ACCOUNTANCY STUDENTS IN

ST. VINCENT DE FERRER COLLEGE

Introduction

Accounting is the systematic process of collecting, recording, interpreting, and

communicating financial data about an economic entity. Advanced technology means a
technology which has a technological level higher than that of existing technologies of the
same type in Vietnam, and has been applied in reality to improve productivity and quality
of products which are outstanding and environmentally-friendly. As technologies
previously labeled as emerging (such as blockchain, robotic process automation, and AI)
become mainstream, clients and customers will increasingly expect CPAs to be able to
explain what these tools do and mean. While it is not necessary for all accounting students
to become computer programming experts, it is critical that we equip our students with the
appropriate levels of information to be active participants in technology conversations.
One of the reasons for the accounting industry's rapid transformation is the
productivity enhancement provided by more advanced technologies. Task-oriented
projects are no longer a hardship for the accountant of today. Instead, the job of the
accountant is shifting to one of a business counselor as a result of the change in static
accounting technology, which has resulted in more automated accounting software
packages. Modern accountants must develop new skill sets, such as external auditors,
judgment, and abilities to think critically as they transition from being accountants to
business advisors. When seeking new personnel, accounting companies will continue to
place a high priority on these talents. Technological advancements are causing the
profession to change quickly, but the demand for these kinds of soft skills is constant. But
the way that organizations run, particularly how accounting is handled, can alter as a result
of technological advancements. Computerized accounting systems are used to efficiently
store financial data for businesses while streamlining the accounting process. Regardless of
advantages, technology in accounting has disadvantages and weaknesses that may affect
the business. Knowing about those difficulties allows you to take action before they become
a major problems. No matter the sector in which a company works, it has an accounting
department tasked with handling its financial accounts and offering suggestions to improve
its overall liquidity position. The accounting system has been significantly altered by
technological advancements. The way that routine chores were carried out has been
transformed by the introduction of computers, accounting software, and artificial
intelligence.
 For us students, accounting can be automated because of technological advances by
transmitting data to numerous reports and systems. The systems offer the capacity to send
invoices or payments automatically. Automation can cause issues if data is entered
incorrectly, even though it saves time overall. The automatic transfer of those numbers
could lead to inaccuracies later on in the system's numerous reports and other output.
Software bugs are another potential issue that may result in inaccurate data or
calculations. The world of accounting has attracted numerous technological discoveries.
These new programs reduce the error margin which leads to a more reliable outcome.
Accounting programs can perform most tasks much easier than human beings and with
more accuracy. This saves time and money for both the accountant and their customer. In
the past, errors in financial reports or tax returns could cause quite a bit of trouble for
everyone involved. With a good accounting program and someone to input the correct data,
these errors are greatly reduced.

Findings

Changes in technology come with a variety of challenges. First, there is the need to change
and adapt to the new advancements. There are always financial costs associated with this process.
The effects of technology are often widespread. Some people are concerned that new products and
programs will put them out of work. The new developments in robotics are a good example. Many
workers are concerned that their jobs will be taken over by robots in the future.
We researchers discovered that even we benefit the advanced technology we still
encounter the difference complication using it.
Teaching method refers to the method or medium that the teacher employs to
achieve the goals of the teaching process which involves the delivery of information, skills
and knowledge to students. It is also defined by Turkish (2010) as a way of teaching that is
based on either traditional face-to-face interaction or modern means of computer and
networks (e.g. audio, graphics, search mechanisms) with the aim of delivering knowledge
or skill or information with minimal time and effort. Although the emergence and use of
modern teaching methods is shaping the teaching environment and most teaching methods
nowadays tend to be computerbased, the traditional-old school face-to-face methods are
still in use. Some argue that the traditional approaches of teaching including lecturing and
class discussion with minimum access to technology-based learning environment can
provide more interaction between the teachers and their students as well as among the
students themselves. On the contrary, modern school of teaching argues that the currently
available technology-based approaches (e.g. power point, elearning, audio, and video
facilities) may add more flexibility and accessibility to the learning environment. According
to Toudari (2004), the importance of employing modern approaches in the teaching
process can achieve many benefits including the creation of an interactive environment for
learning through the diversity of techniques and methods used and the diversity of the
presentation facilities available to deliver information, which contributes to building the
experiences of the students. As well as, these modern techniques play an important role to
improve personal attitudes, views, theories and beliefs about teaching and learning for
students and teachers (Kakana et al., 2015).
Perceived usefulness (PU) also can influence students’ desire to use a new platform
and subsequently influence the acceptance of online learning. Davis (1989) mentioned that
usefulness is concern on ‘how well a person believes that using a particular system will
improve their performance’. As proof, Taat and Francis (2020) stated that e-learning
improves learning performance and by taking an online course it also can be increased
their productivity. They showed a positive impact on the acceptance of e-learning that
could enhance understanding and effectiveness of learning online. Meanwhile, Johari et al.
(2015) found out that PU has significantly influence students' intention to use online
learning and also influence students’ attitudes to accept the online learning. Besides that,
PEOU is considerable to influence PU of technology. Then as well, Farahat (2012) showed a
contradict result on his study. He mentioned that students will perceive that online
learning can aid them to improve their learning performance and there is a hope that they
can accept to use the online learning. But the result showed that students were not be
conceived as perceiving the usefulness of online learning. Both the accounting and auditing
functions are experiencing a major wave of automation that most likely will result in
substantive reduction of staff (see Li Zhang, Duo Pei, and Miklos A. Vasarhelyi, “Toward a
New Business Reporting Model,” Journal of Emerging Technologies in Accounting, Fall
2017, http://bit.ly/2odcUgD; and Helen Brown-Liburd and Miklos A. Vasarhelyi, “Big Data
and Audit Evidence,”Journal of Emerging Technologies in
Accounting, 2015, http://bit.ly/2obeaB0). It is predicted that the traditional mix of jobs in
accounting firms will change substantially, and accountants will need to learn new skills
when the more traditional tasks become automated and the technical maintenance and
analytic needs of the work increase substantively. A major wave of educational change is
also emerging with the advent of distance education, various forms of unorthodox training,
and a large set of new learning needs.
Discussion

The accounting industry as well as how accountancy students are taught and
practice their profession have been significantly impacted by advanced technology.
Accountants and auditors can now operate more accurately, efficiently, and productively
thanks to technology. Accounting procedures have been streamlined thanks in large part to
automation and software platforms, which frees up accountants to work on more difficult
and valuable jobs. This has expanded accountants' reach and possibilities for advancement
by allowing them to work remotely and collaborate with peers around the world.
The manner that accountancy students learn and get ready for the profession has
also been impacted by modern technology. Students may now more easily access
information and resources and have an interesting learning experience thanks to online
and interactive learning systems. Also, the availability of data analysis tools has enabled
students to develop the skills to evaluate and understand complicated financial data and to
make informed judgments in their field.
To sum up, modern technology has significantly impacted the accounting profession
and made it possible for accountancy students to learn and practice the profession more
successfully. In order to be current and competitive in their industry, accountants must be
ready to adopt new tools and methods as technology develops.Since Covid-19 pandemic
has spread, most of the higher institutions have changed the learning method from physical
class to online learning. Therefore, some difficulties faced by both students and lecturers.
In particular, technical difficulties such as limited internet access as well as the coverage
and speed of internet would disrupt online classes. Landrum (2020) highlighted the
technology infrastructure must be well equipped to ease the online learning process. It also
can enhance students’ ability to perform online classes and satisfy with perceived
usefulness of online learning. Park (2009) mentioned another problem of online learning is
a web-based education platform. On the other hand, students’ enthusiasm towards learning
is decreased because of inconvenience environment at home. Hence, students might not
have an interest in accepting online learning. Saade (2003) stated many universities faced
enormous difficulty in online learning that cannot meet students’ expectations and may
cause unexpected failure (Kilmurray, 2003). Because of that, students being discontented,
dissatisfied and displeased with their online learning experience (Bristow, Shepherd,
Humphreys & Ziebell, 2011). The problem of accountancy students in advanced technology
is that they are not receiving enough training in the latest developments. This could be due
to a lack of resources, inadequate or outdated teaching methods, or a lack of understanding
of the importance of incorporating the latest technologies into the curriculum. To address
this issue, accounting departments should invest in providing students with better access
to the latest technologies and training programs, as well as integrating modern
technologies into their courses. This can help to prepare students for the demands of the
modern workplace and increase their employability.
By advanced technologies the development of the accounting industry has been
accelerated. As a result, in order to succeed in their area, accounting students need to be
well-versed in using technology. The tools they need to more effectively and precisely
analyze financial data can be provided to accountancy students by modern technology. For
instance, accounting students may swiftly collect and evaluate vast volumes of data with
the use of strong databases, enabling them to make better judgments. In addition, faster
processing and reporting speeds enable advanced technologies, helping accounting
students manage their workload. Finally, technology can offer fantastic opportunities for
collaboration to accounting students, enabling them to interact with a variety of
corporations and colleagues.

Conclusion
‘The introduction of technology has made some major changes to the role of accountants. A
lot of repetitious accounting tasks are now computerised,’ Dr Contessotto says. ‘Accountants are
able to work with a lot less paper, relying on spreadsheets and software packages for much of their
work.’
With technology bringing closer links with our international neighbour, accounting
procedures around the world have aligned. ‘Globalisation has increased the standardisation of
accounting practices around the world,’ Dr Contessotto says. ‘There are also increasing levels of
regulation affecting the work of accountants. Things like cloud computing also has had an impact:
accounting records are available anytime and anywhere.’
There has also been an increase in accountability across the profession. ‘The number of
accounting, ethical and auditing standards have grown considerably over the years and have
become increasingly more complex.’‘
The use of advanced technology is essential for accountancy students to be successful in
their field. Advanced technological innovation has had a significant impact and influence on
accountancy students. It has enabled them to access and use a variety of accounting software,
databases, and tools to better process, analyze, and report financial information. It has also allowed
them to easily collaborate and share data with colleagues, customers, and vendors. With the help of
advanced technological innovation, accountancy students are better equipped to understand and
manage the complexities of today’s accounting systems. Advanced technological innovation has
also provided a wealth of new opportunities for accountancy students to learn, develop, and
demonstrate their skills. Overall, advanced technological innovation has been a great benefit to
accountancy students and the profession as a whole.
 In conclusion, advanced technological innovation has had a tremendous impact and
influence on accountancy students. The use of sophisticated software, digital tools, and mobile
applications has enabled students to access data and information more quickly and efficiently,
thereby improving their productivity and accuracy. It has also opened the door to new
opportunities for students, such as the ability to work remotely and collaborate with colleagues
from around the world. Ultimately, advanced technological innovation has enabled accountancy
students to become more knowledgeable and up-to-date in their field, equipping them with the
skills and tools necessary to become successful professionals.

Recommendation

As the accountancy field continues to change, to excel in their careers, it is crucial

for students to learn how to use new technology. But, learning and mastering cutting-edge
technology can be intimidating and overwhelming for many students. I strongly
recommend accountancy students take the appropriate precautions to avoid challenges
employing cutting-edge technology because I have extensive knowledge both in
accounting and technology.
It is crucial for students to benefit from any technology training possibilities
provided by their program. It can involve attending workshops, taking online classes, or
getting private tuition. Students can better know the software and tools used in the
accounting industry by spending the time to study under professional people. Students can
then use this knowledge to improve their efficiency and performance applying it to real-
world situations by activities
I advise learners to explore and learn about different software and tools on their
own time in addition to receiving official instruction. Reading trade journals, participating
in webinars, or experimenting with all different software packages can contribute to this.
Students can become familiar with the technology and gain the confidence to use it for their
future careers by being proactive in their learning.
Also, it's critical for learners to maintain current with technological changes.
Keeping a look out this entails for new trends and investigating new tools as they become
accessible. Students may establish themselves as relevant authorities and valuable assets to
their employers by staying ahead of the curve.
In general, staying proactive and committed to studying will help you avoid
problems when adopting advanced technology in accounting.   In addition to improving
their skills as accountants, this will put them in better position to succeed in an industry
changing continuously. You need to be sure you can keep the level of control you desire,
compare various accounting systems before settling on one.
References
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accounting-and-auditing-education/
https://www.journalofaccountancy.com/newsletters/extra-credit/new-accounting-
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https://this.deakin.edu.au/career/how-technology-is-changing-the-future-of-accounting
https://fincroinsights.com/impact-of-technology-on-accounting-an-uncertain-future/
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Appendix