The Effects of Technology on the Accounting Profession

The Effects of Technology on the Accounting Profession ACC/340 The Effects of Technology on the Accounting Profession Advancements in technology have allowed companies, small and large, to keep accurate financial records and eliminate paper entries. Technology has also allowed individuals in the accounting field the ability to interpret the financial information efficiently and effectively. With the introduction of the internet, a company now has the option to expand their business beyond a specific geographic area, and seek new opportunities for expansion around the globe. The introductions of new software programs, which can be designed to meet the specific needs of an industry, assist with the internal operations and†¦show more content†¦Through the intranet, which is the internal software, CEO’s have access to the company’s financial health, sales-personnel can access client and vendor information, and managers can determine operating costs within their departments. This new technology also allows an accountant to forecast future financial information, create valuable gra phs or charts, and analyze problems or opportunities for the organization. New Technology and the Effect on Accounting Processes New advancements in technology are constantly being introduced for business and personal use. This can increase productivity within the business, but also create challenges for the accountant. One program that larger companies have incorporated into their operation is the Enterprise resource planning system. This software program integrates information from different departments within the organization. All information is shared through a common central database and is used by finance, human resource, sales, marketing, and production. This provides each department with information to assist them in decisions crucial to their role with the company. Cloud computing is a service which is offered over the internet and allows a company to permanently store data over a remote server. This service is usually billed at a monthly charge and saves the company space on their hard drive. There are data mining tools and web based alert tools that can be used to alertShow MoreRelatedThe Effects of Technology in the Accounting Profession1069 Words   |  5 PagesThe effects of technology on the accounting profession are clear and undeniable. The advancements in technology have increased both the accuracy and efficiency of the accounting profession. Thus, the advancements also bring an increase to the education in the accounting profession. In order to stay competitive with today fast pace society accountants must become more and more technologically incline. The accounting profession has experienced remarkable growth and success in both the 20th and theRead MoreThe Effects of Technology on the Accounting Profession600 Words   |  3 PagesThe Effects of Technology on the Accounting Profession In today’s business society, the accounting technology whether it be software or hardware is a vital part of just about every major business. Many people overlook the importance of the role of accounting technology in business and in the accounting profession. The fact is technology such as accounting information systems can make or break a business. Utilization of Information Technology in the Retail Businesses (Wal-Mart) To succeed in theRead MoreEffects of Technology on the Accounting Profession1085 Words   |  5 PagesEffects of Technology on the Accounting Profession University of Phoenix ACC/340 Accounting Information Systems Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, amp; Strand-Norman, 2006) This paper will examine how accountingRead MoreEffects of Technology on Accounting Essay713 Words   |  3 PagesEffects Of technology On the Accounting Profession The accounting profession has experienced many different changes and as well as a tremendous amount of growth over the past century. 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Many people overlook the importance of the role of accounting technology in business and in the accounting profession. The fact is technology such as accounting information systems can make or break a business. Utilization of Information Technology in the Retail Businesses (Wal-Mart) To succeed in the rapidly evolving business environment we face today, businesses rely heavily on accounting technology to track information about their customers and inventory (Lazerus, 2010). Wal-Mart and other businesses around the world have also come to rely†¦show more content†¦With the development accounting information systems managers have inherited the task of learning and training their employees what they learn. For example, in a retail store accounting systems are used to order, locate and organize inventory so supervisors are tasked with learning and training employees to perform these tasks. Because employees and managers can now perform such tasks easily it has limited the jobs that accounting professionals had cornered as theirs in the past. Because of accounting systems managers have also inherited the task of learning how to perform minor troubleshooting of their systems and to train others to perform the task. Accounting systems demand more with rega rd to computer literacy but provides significant advantages such as helping organizations to handle more tasks in a timely and efficient manner. Accounting software is an important part of information technology, which relates to computer applications that enable a company to generate, store, program, and retrieve data as and when needed (Rampur, 2011). An example is an employee using an accounting information system to analyze inventory with a couple of clicks of the computer. Accounting technology definitely has made the accounting field more competitive. This is because with the use of such technology individuals outside of the profession can perform manyShow MoreRelatedThe Effects of Technology in the Accounting Profession1069 Words   |  5 PagesThe effects of technology on the accounting profession are clear and undeniable. The advancements in technology have increased both the accuracy and efficiency of the accounting profession. Thus, the advancements also bring an inc rease to the education in the accounting profession. In order to stay competitive with today fast pace society accountants must become more and more technologically incline. The accounting profession has experienced remarkable growth and success in both the 20th and theRead MoreThe Effects of Technology on the Accounting Profession1065 Words   |  5 PagesThe Effects of Technology on the Accounting Profession ACC/340 The Effects of Technology on the Accounting Profession Advancements in technology have allowed companies, small and large, to keep accurate financial records and eliminate paper entries. Technology has also allowed individuals in the accounting field the ability to interpret the financial information efficiently and effectively. With the introduction of the internet, a company now has the option to expand their business beyond aRead MoreEffects of Technology on the Accounting Profession1085 Words   |  5 PagesEffects of Technology on the Accounting Profession University of Phoenix ACC/340 Accounting Information Systems Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, amp; Strand-Norman, 2006) This paper will examine how accountingRead MoreEffects of Technology on Accounting Essay713 Words   |  3 PagesEffects Of technology On the Accounting Profession The accounting profession has experienced many different changes and as well as a tremendous amount of growth over the past century. (Schaefer, 1998) Its unfortunate that due to unethical accounting practices there has been an increased need for advanced technology of accounting systems in order to better monitor what is going on with organizations. The need for real time reports and financial information at the click of a button seemsRead MoreThe Role Of Accounting And Possible Future Of Accountancy Profession992 Words   |  4 PagesIntroduction Traditionally, accounting has a role to play in preparing financial reports, and tax preparation manually (Zodage, 2015). According to World Report’s Best Jobs (2014, cited in Hood (2014)), the accountancy was recognised as the third rank of the best professionals, and it is one in all careers having high demand (Hood, 2014). Nevertheless, the business practices and the environment have continuously changed and reshaped aspects of the accountancy profession (Wolters Kluwer, 2014). SomeRead MoreWhy Accountants Are Important For The Future Of Accountants And How Will Accountants Adapt Themselves With Changing Needs?963 Words   |  4 Pagesimplementing accounting systems and rules required by any particular business and area. Increased business profitability is another factor for which accountants are important drivers as they provide cost effective measures and unique operating techniques. Accounting is an old profession which has evolved significantly over time from manual bookkeeping to complex accounting software (Caulfield, 2016). Accounting is mostly confused with just data entry and reporting for which accounting software areRead MoreImpact of Ict on Accounting Practice in Nigeria1663 Words   |  7 PagesThe impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction 1.1  Ã‚  Ã‚   Background of the study   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheetRead MoreEvolution Of Accounting : Past And Present Building The Future1299 Words   |  6 PagesEvolution of Accounting: Past and Present Building the Future Application and improvement of some modern accounting and financial techniques are fundamentally changing the company’s ability to make a profit. (Warren Buffett). In 1994, I was introduced to the world of business math which is just a simplified basic accounting. Though it was just a school year of taking the class it left a lasting imprint in my life. It was there when I realized how much I loved business math along with journal entriesRead MoreWhat Is Data Analytics The Future Of Audit Engagements1629 Words   |  7 Pagesto the financial statements on which they are reporting. Therefore, high-quality audits support financial stability, which in turn builds public trust and confidence in financial statements and corporate financial reporting. The evolving world of technology has brought shifts in how the audit is executed. Prior to the current risk-based approach, companies operated in a far less complex environment. Therefore, the audit of the past was carried out in a la rgely manual way with a relatively high proportionRead MoreWhat Makes Someone A Good Writer?915 Words   |  4 Pagesabout Accounting, which is my major, and its connection to language. Being that Accounting is my major, I didn t need much help writing my paper but I still used evidence from articles to prove my points. Not only did my first paper show my use of epistemology, but it also prepared me for my career, by enhancing my knowledge of accounting. I, luckily, had another chance to learn more about my major because of this class. I chose to do my eight page research paper on the effects technology has on