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Running head: HOW ONLINE COLLABORATION AND REMOTE WORK HAS IMPACTED ACCOUNTING, FINANCE, AND MANAGEMENT. 1

HOW ONLINE COLLABORATION AND REMOTE WORK HAS IMPACTED ACCOUNTING, FINANCE, AND MANAGEMENT. 5

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To what extend is this problem affecting the work environment.

Remote working and online collaborations are labor actions that keep employees doing their job or activities outside a working environment. It is a kind of environment where one prefers and that gives him comfort while doing busy hustle (Herath and Herath, 2020). 

The COVID-19 pandemic has halted many facets of human activities. Among others is the working place or the working environment of different workers. Or even so, before the pandemic, several jobs were inclined to remote working. Some job seekers seek jobs that require a different working environment, like home (Babatunde, 2020).

Nevertheless, wherever one works or whatever his work environment has a beneficial and adverse effect. The practical impact on remote working are: self-driven, minimal contact from co-workers, more productive and progressive, comfortable, find joy and satisfaction while working, enhances family relationships and gaps, can focus more, and set standards of goals which they can easily comply (Herath and Herath, 2020).

While the adverse impact on working remotely are; communication gaps between employer and employee in a since that instruction given are sometimes complicated, it can make you feel lonely and burdensome in a sense that you've got no one to talk to or no one you can lean on for help, it is also emotionally draining in a way that some distractions are coming either from family or friends, time pressure and management and the absence of work tools. Comment by Neisha Skippings: Reword

2. FACTORS THAT CONTRIBUTE TO THE INCREASING LEVEL OF ONLINE COLLABORATION AND REMOTE WORKING, FOR EXAMPLE COVID-19

Over the past decade, technological advancements have radically altered how we do our jobs. Perhaps the most noticeable change has been the rise of the Internet, which has allowed for the development of online collaboration tools that will enable distributed teams to work together without the need for physical proximity to one another. This has been especially true in the field of Accounting, Finance, and Management, where online tools have allowed teams to work together from literally anywhere in the world(Pouliakas and Branka, 2020). This has facilitated the development of innovative business models and practices, many of which are impossible to implement in a traditional 9-to-5 office environment, such as remote working. Comment by Neisha Skippings: These two paragraph are saying the same thing. Comment by Neisha Skippings: These two paragraphs are saying the same thing.

Over the past decade, technological advancements have radically altered how we do our jobs. Perhaps the most noticeable change has been the rise of the Internet, which has allowed for the development of online collaboration tools that would enable distributed teams to work together without the need for physical proximity to one another. For example, online tools have allowed teams to collaborate from virtually any location in the world in accounting, finance, and management. Comment by Neisha Skippings: The highlighted section is saying the same

This has facilitated the development of innovative business models and practices, many of which are impossible to implement in a traditional 9-to-5 office environment, such as remote working.

Since the advent of the Internet, there has been an exponential increase in the amount of work that can be completed from the convenience of one's own home or office.

As a result, people are spending more time working and less time commuting to and from work, which has increased the amount of time people spend working. Additionally, the widespread use of online collaboration tools, such as Google Docs and email, has significantly increased the ability to work from home. We will discuss the various ways that online collaboration and remote work have contributed to increased productivity and how these tools have changed the way that people perform their jobs in this paper.

In today's world, more and more things are done online for work and personal reasons. This has resulted in the proliferation of online collaboration tools, which allow people to collaborate virtually on projects. On the other hand, remote work is a trend that is increasing the number of people who work from home. This trend has gained in popularity in recent years as the cost of living has increased, and people have more choices regarding where they want to live and work (Pouliakas and Branka, 2020).

3. NEW EMERGING TRENDS AFFECTING FINANCE, ACCOUNTING, AND MANAGEMENT

The first trend from my perspective is environmental, social, and governance for short (ESG). ESG is very important since it helps companies fulfill consumers' mandates for an increased rate of corporate responsibility. This also works as a critical metric that ensures the delivery of better organizational risk. This criterion has become one of the essential components for key stakeholders in the account and finance management at large.

Cloud-based accounting and finance management is certainly one of the hottest trends out here; accounting has should its capabilities to go beyond automation. Cloud has, over the years, become a popular choice for accounting firms to its increased ability of allocation of various digital resources and therefore enebling a reduction for any physical commodity. This enables independence since more firms have access to their system at anytime from anywhere, thanks to cloud-based capabilities. Most of the certified public accountants are now no longer bound to internal networks or far-off data centers. Therefore, it is the mandate of many accounting firms to innovate as quickly as possible to embrace digital transformation.

Another trend is increased digital payment methods; this is a rapid trend that is on a forward momentum across the globe. The knock-off effect is a big shift of investment from both. The digital platform technology makes everything a little bit easier for end customers and other stakeholders to make payments for accountants. Such fees eliminate a lot of unnecessary back and forth with manual paperwork and the entire invoice process. This saves a very significant amount of time across the whole operation. Comment by Neisha Skippings: Not sure what this mean.

4.Challenge 1: Communication

Communication Is Very Important When It Comes To Any Working Scenario. When ensuring there is accurate information across the different structures of the companies, hiring other right people. The building of things is a communicative culture; therefore, things don't go as normal when lacking. "Closer attention to relationship building and a process to ensure good communication is really important (Mosteanu and Faccia, 2020). When a group or organization has a strong culture that supports collaboration, it can stand for much detailed action - it helps," said Jennifer Stein of the Massachusetts Institute (Mosteanu and Faccia, 2020).  Comment by Neisha Skippings: Reword Comment by Neisha Skippings: Reword Comment by Neisha Skippings: Rword

Challenge 2: Trust

Trust is key in any relationship. Online collaboration and engagements on any engagement that happens, managers have to trust their employees that the collaborative online work is being done well and make them believe that work is being done towards one direction and vision. Trust is hard-earned in a scenario where face-to-face interactions are rare. A shared mission, collaborative attitude, and strategic team building can help instill confidence in remote and onsite staff alike. Comment by Neisha Skippings: Rword

Reference

Babatunde, M. A. (2020). The effect of cloud-based technology on accounting practice during a pandemic. In Proceedings of the 2nd International Conference, The Federal Polytechnic (pp. 940-945).

Herath, T., & Herath, H. S. (2020). Coping with the new normal imposed by the COVID-19 pandemic: Lessons for technology management and governance. Information Systems Management, 37(4), 277-283.

Pouliakas, K., & Branka, J. (2020). EU Jobs at Highest Risk of COVID-19 Social Distancing: Will the Pandemic Exacerbate Labour Market Divide?.

Mosteanu, N. R., & Faccia, A. (2020). Digital systems and new challenges of financial management–FinTech, XBRL, blockchain and cryptocurrencies. Quality-Access to Success Journal, 21(174), 159-166.