The Effects of Technology on the Accounting Profession
June 11, 2015
According to Accounting Web, the next decade will see industries transition to a Cloud-enabled world where work can be accomplished anywhere, anytime. This will especially be true of the accounting profession, according to Intuit, as such tools as Cloud-connected smartphones and tablets will enable firms to provide clients with an "accountant in their pocket" at all times. In the modern age, technology is constantly evolving and this has an effect on every profession, especially accounting. Processes and procedures are becoming less manual and more automated. Accounting begun ...view middle of the document...
A computerized accounting system records accounting transactions using a computer and accounting software. It is one of the database-oriented applications wherein the transaction data is store in a well-organized database. The user operates on this database using the required interface and also takes the required reports by suitable transformations of stored data into information. Therefore, the fundamentals of computerized accounting include all of the basic requirements of any database-oriented application in computers. It helps simplify, integrate and streamline all the business processes cost effectively and easily helps present the true picture of the business undertakings to users of financial reports. This allows departments to work together more easily and helps decrease overhead. This not only saved time but made documents, information and calculations (especially audits) more easily accessible for both accountants and external shareholders. In my organization, it made financial analysis infinitely quicker and more accurate. It allowed for audits to be completed faster and for taxes to be filed more efficiently. This revolutionized business in general however specifically makes my job easier on a daily basis and that of everyone in the company from bottom to top (we utilized time entry software as well which this benefits). I’d argue that this was one of the largest innovations for the accounting profession as it changed it forever.
Snowballing off of that, I’d argue that the accessibility to the internet, specifically wirelessly changed the landscape and scope of accounting engagements. According to Accounting Web, "Clients will expect real-time support that is delivered when, where, and how they want it," the report stated. "Online customer relationship management and support systems will grow in importance. High-touch, face-to-face client contact will not go away, but it will be augmented by virtual support and collaboration systems. The use of customer relationship management systems will also increase and automate simpler support tasks and provide clients with self-serve options." With many systems moving towards cloud-based...