The consequences of Technology within the Accounting Profession

 The Effects of Technology on the Accounting Profession Article

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The consequences of Technology on the Accounting Career

ACC/340

Neal Hennessy

The consequences of Technology for the Accounting Profession

The accounting profession has been around in one way or another for as long as individuals have traded services and goods. As the transactions between people have be a little more frequent and complex the accounting career has become a lot more essential as well as the tools used to perform the functions are getting to be increasingly advanced. For the most part, the times of publishing every purchase in a diary and planning and adding accounts upon manual charts is gone, changed by included computer systems that often enter ventures into accounts with minimum user interface. These technological developments have altered the accounting profession rendering it both much easier in some ways and others harder. With computer systems and accounting software, fewer accountants happen to be needed to deal with more accounts since, " Software can assist accountants in their daily responsibilities, such as paying bills, documenting transactions and reporting. This software keeps almost all data arranged and in a centralized location” (Shanker, 2015). Eliminating most of the need for manually entering ventures means that much larger businesses can use fewer accounting professionals and/or use people for self-auditing, investigating, or perhaps other activities that they would have short amount of time for if perhaps they needed to enter and calculate almost everything by hand. In addition , new accounting software offers helped to minimize human error and installed checks and balances that otherwise more than likely have been in place. These benefits for channel and large companies are clear, but there are significant changes that apply to small businesses as well. There are a number of sophisticated accounting software packages available for affordable. These courses allow companies and managers with nominal accounting know-how to do the lion's share of accounting for a organization. In the past your small business owner will have to spend a lot of time managing their books or utilize an accountant or perhaps firm to take care of it. New-technology allows these same owners to the actual work themselves without sacrificing all their ability to carry out other jobs. So , to put it briefly, this technology allows businesses to me better and productive with fewer errors inside the accounting procedure. The advancing nature of technology may also create ever advancing problems and problems. On the one hand, computers and accounting software have got greatly helped in the accounting cycle and made accountants better. On the other hand, developments in mobile phone technology just like mobile phones, tablets, and cellular applications include raised security concerns. " Tomorrow's accountancy firm are portion of the so-called " millennial” technology who only know a global in which apps—think Facebook, Tweets and YouTube—are omnipresent. These accountants usually take staying connected for granted. For them, text messaging has substituted phone calls and even email can seem antiquated like a communication mechanism. They apparently have little appreciation for the importance of privacy and security and do not realize the results of everything they put up on the earth Wide Web” (Freeman, 2012). Mobile phones and mobile applications are a double edged sword for accountants now and in the future. These mobile phones allow conversation instantaneously in order that accountants may collaborate and share information. The danger is that the unit and applications, particularly social media applications, is much less safeguarded than a organization intranet or possibly a locked document cabinet. The care for firm financial info being distributed is vitally important as it could lead to insider trading, theft, scam, etc . Whilst it's very clear that the scientific advances of computers, accounting software, mobile phones, and cellular applications include aided and transformed the accounting method in a myriad of positive techniques, it is also obvious that these advancements...

Cited: Freeman, D. (2012, October 23rd). Technology is Impact on Accounting and Organization. Retrieved January 26th, 2015, from rdacorp. com: http://www.rdacorp.com/2012/10/technologys-impact-on-accounting-and-business/

Shanker, S. (2015). How is I . t Used in Accounting. Retrieved January 26th, 2015, from Chron. com: http://smallbusiness.chron.com/information-technology-used-accounting-2101.html