ACT 564 Homework

Problem 1.1
Information technology is continually changing the nature of accounting and the role of accountants. Write a two-page report describing what you think the nature of the accounting function and accounting information system in a large company will be like in the year 2020.

When thinking about the future of accounting and the accounting function and accounting information system, it is hard to imagine what it will be like in the future. We have come so far in such a little time technology wise. The year 2020 isn’t that far off into the future if you actually think about it and so much is bound to change! Though as a side note, if I started thinking about the Mayan calendar and how they believe the world will end on December 21, 2012. If this is true, will there even be the year 2020 to look forward to? I can remember my cousin, who is an accountant, doing all her work on paper and in a book. She always stayed late to make sure she wouldn’t get behind on her work. Now ten years later ninety percent of her work is all on the computer. Not only does this save her time but it can also make things easier when automated. In the next eight years, I believe that ninety-eight percent will all be done on the computer. The only thing that will need to be hands on or on paper will be backup copies in case something happens to the computer database. I expect large companies will only need maybe two accountants once everything is almost automatic.
In the past year, most companies needed multiple people to deal with their accounting information system. They needed multiple people to gather the data and input it into the system using the accounting information system. Then the users looked at the system to form a decision or look at the information and figure out what to do with it. Now these days very few people are needed. I believe