Preview

ACC340 Week 1 The Effects of Technology on the Accounting Profession

Good Essays
Open Document
Open Document
850 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
ACC340 Week 1 The Effects of Technology on the Accounting Profession
The Effects of Technology on the Accounting Profession
ACC340 / February 16, 2015

There are several advancements in technology that has allowed companies from all different sizes to keep accurate financial data and records as well as decrease or as far as eliminate paper records. Technology has really advanced the accounting field by allowing the ability to process and interpret financial information more effective and efficient. Since technology has advanced with the introduction to the internet, companies now have the options have the ability to grow and expand beyond its region, and create new opportunity to expand internationally. New programs have been developed to assist in the internal operations and profitability. There is also the development of new software, which can help and meet the needs of the industry.
Changes in Accounting and Technology
Technology over the course of the decade has provided a valuable tool that helps companies and individuals who manage the finance of a company. Microsoft introduced the program Excel that has helped accountants to use electronic spreadsheets, verses using paper and pencil in manual entries which in turn minimizes error. With the advancement of software there are programs such as Quick Books and also Microsoft Money. Smaller companies now able to track and manage the business for efficiently. This helps companies from outsourcing and hiring outside companies to manage their finances.
Corporate accountants now have a great advantage with the development and advancement in technology. Accountants can now retain more information and can retrieve various information within its organization. There are numerous internal software that help individuals access company financial records, balance sheets and various personal information, also known as the intranet. The new technology helps companies’ project revenue and company performance.
The effect on Accounting with New Technology
The forefront of the advancements



References: Dillon, T. W., & Kruck, S. E. (2004, Spring). Management accounting quarterly Business services industry. The emergence of accounting information systems programs. Retrieved from http://findarticles.com/p/articles/mi_m000L/is_3_5/ai_n6272118/ Ingram, D. (n.d.). The Impact of Information Technology on Small Business. Retrieved from

You May Also Find These Documents Helpful

  • Good Essays

    A good accounting information system (AIS) will help create, maintain, and distribute the financial reports as well as perform tasks in payroll, accounts receivable, accounts payable, inventory, and budgeting (Bagranoff, Simkin, & Norman, 2010). Management will be able to set up controls in the system allowing staff to have access to what is necessary and appropriate for their job. They will be able to call up and modify this information electronically without searching or filling out new paperwork. Data entry will be mainstreamed, allowing for less key strokes, and integration of information. This will allow for better accuracy in accounting and accounts will be able to be managed more efficiently, including processing of bi-weekly payroll. Payroll will then be sent directly to processing and reports to the correct managers. Accounts receivable will be able to track when customers use the POS system and update the sales information. Accounts payable will track when a vendor payment is due, allowing for payment processing, and appropriate management and accounting reports. The inventory system will be more accurate saving Kudler time and…

    • 804 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Case Study

    • 625 Words
    • 3 Pages

    Jones, Frederick & Rama (2006). Accounting Information Systems: A Business Process Approach (2nd ed.). Mason, OH: Thomson South-Western…

    • 625 Words
    • 3 Pages
    Good Essays
  • Best Essays

    With rapid development of the information technology, computerized accounting information system plays an increasingly crucial role in the operation of organization regardless large, medium or small enterprises. This can be contributed to the merits of the marriage of accounting and the computer science technology, which dramatically improve the accuracy and speed of the process of information system. However, along with the advantages of the computerized accounting information system, there emerge several deadly deficiencies which, if not appropriately deal with, can be greatly detrimental to the interests of the organization and, even worse, may lead to collapse of the company. This essay mainly focuses on several important aspects of the deficiency of the computerized accounting information system and then provides feasible solutions to prevent the negative influence derived from these threats.…

    • 1788 Words
    • 6 Pages
    Best Essays
  • Satisfactory Essays

    New technology in information systems have bought significant changes in accounting profession, practices and processes. It has increased the efficiency and accuracy in accounting and has speed up the process for manual accounting tasks, but also improved security of accounting data and increased transparency. Large organizations and multinationals are changing over to this new information systems and technologies to carry out their accounting tasks on global basis. This information system has led to standardization not only among the different divisions, locations and offices of a single organization, but also on a global basis.…

    • 427 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    New developments in information systems have bought significant changes in accounting profession, practices and processes. It has not only increased the efficiency and accuracy in accounting and has speed up the process for cumbersome and long accounting tasks, but also improved security of accounting data and increased transparency. Large organizations and multinationals are making increasing use of new information systems and technologies to carry out their accounting tasks on global basis. These information systems has led to a great degree of standardization not only among the different divisions, locations and offices of a single organization, but also on a global basis.…

    • 555 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Technology is constantly increasing and invades every aspect of a person 's life. Accounting professions are no exception and even more so are affected by the information systems that are used within the accounting field. This paper will describe how information systems are changing the various aspects of the accounting profession and include a description of a variety of new technologies and their effects on accounting processes. In addition, this paper will discuss how these technologies have changed the way accounting is performed within the insurance industry at Allstate followed by a conclusion that recaps the major points of the paper.…

    • 755 Words
    • 3 Pages
    Good Essays
  • Better Essays

    “A reliable information system is a necessity for all companies. Companies must properly maintain accounts and detailed records or face unnecessary costs. A well-devised accounting information system, which ensures relevant and reliable information is reported in financial statements, benefits every type of company” (Pettir - Accounting, 2013). I believe that a company should change to new systems in order to keep up with technology and their competition. An updated “accounting information system can help businesses run better by providing timely information on internal operations” (Small Business-Chron, 2013).…

    • 3660 Words
    • 15 Pages
    Better Essays
  • Good Essays

    The accounting profession has been around in one way or another for as long as people have traded goods and services. As the transactions between people have become more frequent and complex the accounting profession has become more and more essential and the tools used to perform its functions have become increasingly advanced. For the most part, the days of writing every transaction in a journal and charting and adding accounts on manual charts is gone, replaced by integrated computer systems that often enter transactions into accounts with little or no user interface. These technological advances have…

    • 762 Words
    • 4 Pages
    Good Essays
  • Better Essays

    CEO and CFO perceptions about AIS impact on firm performance and financial reporting: How do SOX, COSO, and the implementation of IT help reduce fraud and increase productivity in a business?…

    • 2939 Words
    • 10 Pages
    Better Essays
  • Satisfactory Essays

    case analysis

    • 429 Words
    • 2 Pages

    IT networks and computer systems have shortened the time needed by accountants to prepare and present financial information to management.…

    • 429 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    The first step when implementing a new technology system in the Finance Department is what software is suitable for the accounting which is done in the organization. “Upgrading for the sake of upgrading is not a sound business strategy. However, continuing to use outdated technology could cost your business. Upgrading may advance your company’s competitive position in the marketplace” (Kform, 2006, ¶ 5). Accounting software programs work differently depending on what type of organization you work for and in a law firm, the Finance Department works differently from most organizations. When the author of this paper worked in a law firm, she had the experience of a new accounting software program being implemented during the time she worked at the law firm. Since all employees in the Finance Department were being affected by the new software, they all should have had some say in the project, but it was the CEO and the Billing Manager who were involved in the project planning.…

    • 1457 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Possible ways of replacing the existing accounting package Accounting software is designed in such a way that you can easily take care of your business expenditures, profit, employee and pay rolls along with a range of other book keeping tasks that you might find useful in the office or at home. Since the mid 1990’s, the market has been undergoing a substantial amount consolidation, which made a number of traders suffer a huge amount of loss in their business. As a result Accounting software has been commenced. It is a class of computer programs that acts as an accounting information system. Accounting software will definitely save your time and money. Other benefits of accounting software include: good accounting software will take advantage of your efficient programming systems. Again, it reduces your cost and helps you to track inventory. Accuracy cannot be over emphasized when dealing with benefits of accounting software. In replacing the existing accounting software the options available to the company include: in-house development, commercial off the shelf and outsourcing.…

    • 2738 Words
    • 11 Pages
    Powerful Essays
  • Better Essays

    The Dinteman Company is an industrial machinery and equipment manufacturer with several production departments. The company employs automated and heavy equipment in its production departments. Consequently, Dinteman has a large repair and maintenance department (R&M department) for servicing this equipment.…

    • 1140 Words
    • 4 Pages
    Better Essays
  • Good Essays

    The introduction of computerized accounting systems provide major advantages such as speed and accuracy of operation, and, perhaps most importantly, the ability to see the real-time state of the company’s financial position. In my experience I have never seen a business that has upgraded to a computerized accounting system return to paper based accounting systems.A typical computerized accounting package will offer a number of different facilities. These include: * On-screen input and printout of sales invoices * Automatic updating of customer accounts in the sales ledger * Recording of suppliers’ invoices…

    • 942 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Research Paper

    • 798 Words
    • 4 Pages

    It makes efficient use of the advance technology and has ambition to discover more. Computers have the great impact on the profession of accounting. With the rapid growth of technology today,…

    • 798 Words
    • 4 Pages
    Good Essays