Digital Receipts of Online Transactions in the Reconciliation Process and the Preparation of Financial Reports

Ferry Kosadi; Wajib Ginting; Vina Merliana

doi:10.22146/jieb.59884

Digital Receipts of Online Transactions in the Reconciliation Process and the Preparation of Financial Reports

https://doi.org/10.22146/jieb.59884

Ferry Kosadi^(1*), Wajib Ginting⁽²⁾, Vina Merliana⁽³⁾

(1) STIE Indonesia Membangun (INABA) Bandung
(2) STIE Indonesia Membangun (INABA) Bandung
(3) STIE Indonesia Membangun (INABA) Bandung
(*) Corresponding Author

Abstract

Introduction/Main Objectives: This research seeks to analyze the use of digital receipts and multi-platform e-commerces’ data integration and the influence they have on the process of reconciliation and the preparation of financial reports by micro, small, and medium-sized enterprises (MSMEs). Background Problems: The use of multi-platform online transactions requires the validation and conversion of the data, which can be an issue during the reconciliation process and the preparation of financial reports. The issue of the data’s integration is due to differences in the interfaces used for the multi-platform transactions and the MSMEs internal abilities. Novelty: The integration and treatment of online transactions via multi-platforms should an internal records or database for the MSMEs, the reconciliation process and preparing financial reports. Research Methods: This research uses a quantitative method with partial least squares structural equation modeling (PLS-SEM) analysis and descriptive analysis to reveal the reconciliation process and the conditions under which financial reports are prepared. Finding/Results: The problems of integrating data from various platforms into internal reports causes duplication of the internal reporting and a long reporting process and the chance of errors. The digital receipt is treated as proof of a manual transaction. Records’ duplication is a technical issue that causes delays in the processing time and reconciliation. None of the MSMEs have a machine-to-machine based (automized) reconciliation process. Conclusion: Transaction receipts from all the platforms affect the transactions’ recording, the reconciliation process, and the preparation of financial reports. Digital receipts provide high levels of confidence because of their completeness, accuracy, easiness, efficiency, simplicity, and suitability for use by MSMEs. The adoption of online sales and payments by MSMEs is highly effective, yet this has not been followed-up with the data’s integration into the reconciliation and accounting process for preparing financial reports.

Keywords

Automation, Digital Receipt, Multiplatform Ecommerce, Digital Accounting, Reconciliation and Financial Report Preparation

Full Text:

PDF

References

Abboura, A., Sahri, S., Baba-Hamed, L., Ouziri, M., & Benbernou, S. (2016). Quality-based online data reconciliation. ACM Transactions on Internet Technology (TOIT), 16(1), 1-21.

Anisah, N., & Pujiati, L. (2018). Kesiapan Usaha Mikro Kecil dan Menengah Dalam Penerapan Standar Akuntansi Keuangan Entitas Mikro Kecil dan Menengah Untuk Menunjang Kinerja. JAD: Jurnal Riset Akuntansi dan Keuangan Dewantara, 1(1), 45-56. DOI: 10.26533/jad.v1i2.239

Astuti, N. C., & Nasution, R. A. (2014). Technology readiness and e-commerce adoption among entrepreneurs of SMEs in Bandung city, Indonesia. Gadjah Mada International Journal of Business, 16(1), 69-88.

Bakhtouchi, A. (2019). Data reconciliation and fusion methods: A survey. Applied Computing and Informatics. https://doi.org/10.1016/j. aci.2019.07.001

BPS, Badan Pusat Statistik Indonesia. (2019a). Statistik E-Commerce 2019, /BPS Catalog: 8101004, ISBN: 978-602-438-290-2.

BPS, Badan Pusat Statistik Indonesia. (2019b). Analisis Hasil Sensus Ekonomi 2016 lanjutan, Potensi Peningkatan Kinerja Usaha Mikro Kecil.

Budhiasa, S. (2016). Analisis Statistik Multivariate dengan Aplikasi SEM PLS SmartPLS 3.2.6, Pengembangan Model Struktural, Hierarchies Latent Second Order Model, Mediasi Ganda. Udayana University Press.

Brown, T. A. (2006). Confirmatory factor analysis for applied research. The Guilford Press. New York.

Capri, A. (2020). Micro and small business in Indonesia’s digital economy keys to developing new skills and human capital. Asia Pacific Foundation of Canada. https://apfcanada-MSMEs.ca/

Cater, A S. & Al Hakim, L. (2009). Information system research methods, epistemology, and applications. Information Science Reference, IGI Global, USA.

Chalil, D., & Barus, R. (2014). Analisis Data Kualitatif: Teori dan Aplikasi dalam Analisis SWOT, Model Logit, dan Structural Equation Modeling (Dilengkapi dengan Manual SPSS dan Amos).

Charlesworth, A. (2018). Digital marketing, a practical approach. 3^rd Edition. Routledge. Taylor & Francis Group. London & New York.

Chin, W. W. (1998). Issues and opinion on structural equation modeling. MIS Quarterly, 22(1), VII-XVI

Christidis, K., & Devetsikiotis, M. (2016). Blockchains and smart contracts for the internet of things. Ieee Access, 4, 2292-2303.

Cohen, J. (1988). Statistical power analysis for the behavioral sciences. Lawrence Erlbaum Associates. Hillsdale, New Jersey.

Das, K. Tamhane, T. Vatterott, B. Wibowo, P. &Wintels, S. (2018). The digital archipelago: how online commerce is driving Indonesia’s economic development. McKinsey. Executive summary, Retrieved from https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Asia%20Pacific/The%20digital%20archipelago%20How%20online%20commerce%20is%20driving%20Indonesias%20economic%20development/The-digital-archipelago-Executive-summary.ashx

Deloitte. (2018). SME digital payments, new opportunities to optimize, the paytech revolution series. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/au/Documents/financial-services/deloitte-au-fs-sme-digital-payments-270218.pdf

Deloitte. (2019). Process automation in financial closing and reporting, The CFO Program, Deloitte China.

Depkop.go.id. (2018). http://www.depkop.go.id/data-umkm

Deshmukh, A. (2006). Digital accounting the effect of internet and ERP on accounting. IRM Press. Idea Group Inc. USA.

Deshmukh, S. U. (2020). Impact of E-Business on Business Association. International Journal of Engineering and Management Research, 9. www.ijemr.net. https://doi.org/10.31033/ijemr.9.6.2.

Ertz, M., Durif, F., & Arcand, M. (2016). Collaborative consumption: Conceptual snapshot at a buzzword. Journal of Entrepreneurship Education, 19(2), 1-23. Pages Posted: 26 Jun 2016 Last revised: 14 Dec 2016. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2799884

Firdaus, R., & Wondabio, L. S. (2017, August). Financial Report for Micro, Small, and Medium Enterprise According to Financial Accounting Standards: Case Study Rafita Cake. In 6th International Accounting Conference (IAC 2017). Atlantis Press.

Ghozali, I. (2014). Structural Equation Modeling Metode Alternatif dengan Partial Least Square (PLS) Dilengkapi Software SmartPLS 3.00 Xistat 2014 dan WarpPLS 4.0. Edisi ke-4. Semarang: Badan Penerbit Universitas Diponegoro Semarang.

Google & Temasek & Bain & Company. (2019). E-Conomy SEA 2019, Swipe Out and to the Right: South East Asia's $100 Billion Internet Economy.

Haenlein, M., & Kaplan, A. M. (2004). A beginner's guide to partial least squares analysis. Understanding statistics, 3(4), 283-297. DOI: 10.1207/s15328031us0304_4 https://www.researchgate.net/publication/228861711_A_Beginner's_Guide_to_Partial_Least_Squares_Analysis/link/5a2cee61a6fdccfbbf876397/download

Hair, J. F., Sarstedt, M., Ringle, C. M., & Mena, J. A. (2012). An assessment of the use of partial least squares structural equation modeling in marketing research. Journal of the academy of marketing science, 40(3), 414-433.

Hair Jr, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM). European business review.

Hall. J. A. (2011). Accounting information systems. 7^th Edition. Cengage Learning. The USA.

Handayani, S. (2018). Perancangan sistem informasi penjualan berbasis e-commerce studi kasus toko kun jakarta. ILKOM Jurnal Ilmiah, 10(2), 182-189.

MS Irwan Hariandi, I. (2019). E-Commerce, Competitive Advantage And Business Performance Of Banyuwangi Small And Medium-Sized Enterprises. INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH, 8(8).

IFAC-Information Technology Committee of International Federation of Accountants. (2002). E-Business and The Accountant, February 2002, Retrieved from http://www.ifac.org

Internetworldstats. (2020). Internet usage in Asia. https://www.internetworldstats.com/stats3.htm

Jahanshahi, A. A. & Zhang, S. X. (2013). E-Commerce for SMEs: empirical insights from three countries. Journal of Small Business and Enterprise Development Vol. 20 No. 4, 2013 pp. 849-865, Emerald Group Publishing Limited. 1462-6004, DOI 10.1108/JSBED-03-2012-0039

Kay, D. & Ovlia, A. (2014). Accounting information systems, The Crossroads of Accounting & IT. 2^ndEdition. The USA. Pearson Education Inc.

Laudon, K. C. & Laudon, J. P. (2018). Management information system, managing the digital firms. 15^th Edition, Global Edition. Pearson Education Inc. New York.

Laudon, K, C. & Traver, C. G. (2018). E-commerce business, technology, society. 13^th Edition. Pearsons Education Inc. USA.

Marhamah, M., Hidayatuloh, S., & Irawan, A. (2016). Sistem e-commerce B2C pada PT. Harapan Sentosa Nusantara Jakarta Pusat. Studia Informatika: Jurnal Sistem Informasi, 9(2).

Mazza, T., Azzali, S., & Brooks, L. (2016). Determinants of Information Technology Audit Quality. In Strengthening Information and Control Systems (pp. 237-258). Springer, Cham.

Mancini, D., Dameri, R. P., & Bonollo, E. (2016). Strengthening information and control systems. Springer International Publishing.

Moqbel, M. A. (2014). The impact of accounting information systems (AIS) On e-commerce analytical study-service sector. Jordan ASE. International Journal of Scientific and Technology Research, 3(1).

Mukherjee, M., & Roy, S. (2017). E-commece and Online Payment in The Modern Era. International Journal of Advanced Research in Computer Science and Software Engineering, 7(5). Available online at www.ijarcsse.com. DOI 10.23956/ijarcsse/SV7I5/0250

Nakajima, M. (2011). Payment system technologies and functions: innovations and developments. IGI Global.

Nurlinda. Fathimah, V. (2019). Determinan adopsi e-commerce dan dampaknya pada kinerja usaha mikro kecil menengah (UMKM). Jurnal Riset kuntansi dan Keuangan, 7 (3), 2019, 445-464.

Nuryahya, E. Ichsana, Y. Andini, K. M. (2019). Perilaku pengguna sistem informasi akuntansi di e-commerce. Jurnal Akuntansi Multparadigma, v.10(3), p. 502-515

OJK-Otoritas Jasa Keuangan. (2019). The impact of e-commerce adoption on MSMES performance and financial inclusion (fi) in Indonesia

Oliveira, J. (2018). Accountants roles and accounting related technologies. Quinn, M. & Strauss, E. (Eds). The Routledge Companion to Accounting Information Systems. Routledge, Taylor Francis Group. London & New York.

Putra, Y. M. (2018). Pemetaan penerapan standar akuntansi keuangan EMKM. Profita: Komunikas Ilmiah Akuntansi dan Perpajakan v.11(2) p-ISSN: 2086-7662, e-ISSN: 2622-1950

Rahardja, U. Aini, Q. Azizah, N. Santoso, N. P. L. (2018). Online Accounting Effectiveness in Supporting the Reconciliation Process. NJCA - Volume 3, Nomor 2, Desember 2018: 105 – 112.

Rahayu, R. & Day J.(2017). E-commerce adoption by SMEs in developing countries: evidence from Indonesia. Eurasian Bus Rev 7:25–41, DOI 10.1007/s40821-016-0044-6

Rogers, D. L. (2016). The digital transformation playbook: Rethink your business for the digital age. Columbia University Press.

La Rosa, F., & Caserio, C. (2013). Are auditors interested in XBRL? A qualitative survey of big auditing firms in Italy. In Accounting information systems for decision making (pp. 13-45). Springer, Berlin, Heidelberg.

Rudiantoro, R., & Siregar, S. V. (2012). Kualitas laporan keuangan umkm serta prospek implementasi SAK ETAP. Jurnal Akuntansi dan Keuangan Indonesia, 9(1), 1-21. DOI: http://dx.doi.org/10.21002/jaki.2012.01

Schultze, U. (2018). Leveraging accounting information systems for standardization, a case study of a SOX compliance journey. Quinn, M. & Strauss, E. (Eds). The Routledge Companion to Accounting Information Systems. Routledge, Taylor Francis Group. London & New York.

Shakr, S. & Zomaya, A.Y. (Eds). 2019. Encyclopedia of big data technologies. Springer Nature Switzerland AG.

Shorman, S. M., Allaymounq, M., & Hamid, O. (2019). Developing the E-commerce model a consumer to consumer using blockchain network technique. International Journal of Managing Information Technology (IJMIT) Vol, 11.

Singh, M. (2002). E-services and their role in B2C e-commerce. Journal of Service Theory and Practice, DOI: 10.1108/09604520210451911

Smartpls.com. (2015). Discriminant validity assessment, https://www.smartpls.com/documentation/algorithms-and-techniques/discriminant-validity-assessment#:~:text=Discriminant%20Validity%20Assessment%20in%20SmartPLS&text=cross%2Dloadings%2C%20and,established%20between%20two%20reflective%20constructs.

Téllez, J., & Zeadally, S. (2017). Security in mobile payment systems. In Mobile Payment Systems (pp. 93-106). Springer, Cham.

Turner, L. & Weickgenannt, A. & Copeland, M. K. (2017). Accounting information system, controls, and processes. 3^rd Edition. John Willey & Sons Inc. USA

Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries?–An empirical evidence from an enterprise survey. Borsa Istanbul Review, 16(3), 167-176. http://www.elsevier.com/journals/borsa-istanbul-review/2214-8450

Widhiarso, W. (2009). Semantik diferensial. Fakultas Psikologi UGM. Retrieved from http://widhiarso.staff.ugm.ac.id/files/3_-_semantik_diferensial.pdf

Willems, V. (2018). European federation of accountants and auditors for SMEs-EFAA International Conference 2018, Digital Transformation of SMEs. July 2018

Wulandari. Maslichah. Sudaryanti, D. (2020). Pengaruh ecommerce dan penggunaan sistem informasi akuntansi pada pengambilan keputusan dalam berwirausaha. E-JRA Vol. 09 No. 04.

Xia, Q. (2016). Study on impact of electronic commerce on the development of financial accounting. 4^th International Education, Economics, Social Science, Arts, Sports, and Management Engineering Conference (IEESASM, 2016).

Yanto, H. K. Pramono S. E. & Jati K. W. (2020). Utilizing accounting information for enhancing performance of Indonesian SMEs. Academy of Accounting and Financial Studies Journal Volume 24, Issue 2.

Yezekyan, L. (2018). Compilation of e-commerce data for balance of payments statistics. IFC-Irving Fisher Committee on Central Bank of Armenia Workshop of External Sector Statistics. Central Bank of Armenia. Dilijan, Armenia, 11-12 June 2018

DOI: https://doi.org/10.22146/jieb.59884

Article Metrics

Abstract views : 8434 |

Refbacks

There are currently no refbacks.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Journal of Indonesian Economy and Business

Journal

Editorial Team
Focus and Scope
Peer Review Process
Publication Ethics
Screening for Plagiarism

Authors

Author Guidelines
Submission Guidelines
Online Submissions
Copyright Notice
Privacy Statement
Author Fees

Download

Author Pack
Submission Form & Manuscript Template

Reviewer

Reviewer Guidelines
Reviewer Acknowledgement

Reader

General Search
Achieves
Author index
Title index

The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistics