Effects Of Technology On The Accounting Profession

989 words - 4 pages

Effects of Technology on the Accounting Profession

Effects of Technology on the Accounting Profession
Information systems are changing many aspects of business, especially in accounting. Accounting information systems (AIS) affect various aspects of the profession including: Financial Accounting, Managerial Accounting, Auditing, and Taxation. New technologies have made it much easier in many cases to accomplish tasks that accountants work on every day. The new job that I work at attempts to use many forms of information systems to increase efficiency as well.
In financial accounting, the scandals over the past several years have caused many more requirements for companies to ...view middle of the document...

16). Activity Based Costing is one system that companies use to track labor dollars, but more commonly companies are today using a balanced scorecard. The balanced scorecard measures business performance in four categories including: financial performance, customer knowledge, internal business processes, and learning and growth (Bagranoff, Simkin, & Norman, 2008). This is the system that my current employer uses because it is much fairer in many situations and it shows a better representation of performance when comparing restaurants in the same company.
Budgeting is very important in my company because it reduces waste and it sets the tone to work at maximum efficiency. To make it easier many companies, including mine use information systems for budgeting both short and long term. For short-term budgeting each general manager uses a computer program that shows both weekly trends and previous year sales to create and easy to follow plan. This computer program is much more effective than just simply letting an individual guess on projections. In addition, at the home office, systems are used to budget on the yearly basis or even longer.
Auditing is used to evaluate the accuracy and completeness of a corporation’s financial statements (Bagranoff, Simkin, & Norman, 2008, p. 18). Information systems are used to ensure that laws are being followed and the accuracy of the statements are confirmed. Many auditors say that they are in the assurance business. One problem with computerized accounting information systems in this facet of accounting is that as these systems have matured and become better, standards have increased and tolerance for violating these standards has decreased. Although this may seem better, the systems have not reduced the workload of accountants who must be very accurate to comply with these laws and standards.
Taxation, however, has definitely reduced the need for as many accountants. Software programs such as TurboTax and others have put preparing tax returns back in the hands of individuals who can understand the material much better with these simplified programs. In addition, tax preparers can now answer their difficult...

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