...The Effects of Technology on the Accounting Profession Eliot Sherman ACC/340 June 11, 2015 Michael Raponi 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 being all written and having hard copies as the only backup. Systems are becoming more advanced and powerful which allows them to aggregate large amounts of data. As time went on, new software and hardware allow calculations to occur more quickly and allow backup to be more readily accessible. As well, with accounting constantly changing, the standards and regulation overseeing the profession were as well. As well, a lot of companies in the early 2000s when the technology bubble was building, companies such as Enron and WorldCom tried to take advantage of lax audit rules and committed extensive fraud. This constantly requires technology to change to allow for it to be in line with what is required, specifically in relation to audits and GAAP. In this digital age, technology adapts and improves...
Words: 946 - Pages: 4
...The Effects of Technology on the Accounting Profession ACC/340 The Effects of Technology on the Accounting Profession Advancements in technology have allowed companies, small and large, to keep accurate financial records and eliminate paper entries. Technology has also allowed individuals in the accounting field the ability to interpret the financial information efficiently and effectively. With the introduction of the internet, a company now has the option to expand their business beyond a specific geographic area, and seek new opportunities for expansion around the globe. The introductions of new software programs, which can be designed to meet the specific needs of an industry, assist with the internal operations and profitability. While this new form of conducting business has been beneficial for an organization, it creates new challenges for the accounting field. Technology and Changes in Accounting Over the years technology has continued to provide valuable tools not only to a business, but to individuals who manage the financial aspect of the company. The introduction of the Microsoft Excel program allowed accountants to utilize an electronic spread sheet, eliminating pencil and paper entries as well as minimizing errors. As time advanced software programs such as Quick Books, Microsoft Money, and industry specific programs emerged. For smaller companies it allowed the business owner to have all financial information related to their company at their...
Words: 1054 - Pages: 5
...Effects of Technology on the Accounting Profession University of Phoenix ACC/340 Accounting Information Systems Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, & Strand-Norman, 2006) This paper will examine how accounting information systems (AIS) are bringing about changes within the accounting profession. Additionally, a variety of technologies and how they affect accounting practices at Exclusively Yours Salon will be discussed. Accounting Information Systems and the Accounting Profession Today’s business environment is marked by increased competition and the need for better and faster information for decision making. According to Bagranoff, Simkin, and Strand-Norman, 2006: Because IT now captures transactions, AISs can produce financial statements almost in real time. Of course, some of the adjustments that accountants must make to the records are not done minute-by-minute, but a business can certainly track sales and many of its expenses continually. (p. 15) Additionally, large amounts of accounting records are increasingly presented only in an electronic fashion. Companies are reporting their financial outcome quarterly and an increasing number of companies are transferring their financial...
Words: 1072 - Pages: 5
...The Effects of Technology on the Accounting Profession Jessica Lopez November 15, 2015 University of Phoenix ACC/ 210 Edgar Coronel Every accountant understands and knows that they are the advisor of the business. That advisor has encountered various movements all through the ages. Regardless, through each one of the movements accounting advancement has always had away in making the clerk's occupation just a little less complex. As our knowledge into advancement extended so has the accountant's ability to analyze quantifiable qualities. Development types of progress have enhanced the clerk's ability to decode data capably and reasonably. He/she now can interpret and guide the business with no trouble. Accountants through all these advancements have transformed themselves into an association's most trusted business advisor. Accounting over the last several centuries has improved drastically. It all started with the abacus used by businessmen (merchants) to help keep count of inventory being bought and being sold this was a helpful took to keep track of business. (Kruglinski, 2009; “How Technology,” n.d.). In spite of the fact that we didn't call it innovation, we can retreat hundreds of years with a few endeavors to assemble calculators to help an accountant with numerical arrangements. After the first working calculator, came the development of the computer for data precision. As innovation propelled so did the pace and capability of an accountants employment. Be that...
Words: 721 - Pages: 3
...The Effects of Technology on the Accounting Profession Paper Amy Everett ACC/210 December 7, 2015 The Effects of Technology on the Accounting Profession Paper The accounting profession has seen many changes with the advancements of technology and has given accountants with various tools. Examples of these tools include computer-integrated manufacturing, image processing, communications technology, the Internet, and software systems. These examples are a few of the many tools provided by technology and whose purpose is to provide more detailed and accurate information in a timely manner. Advancing technology allows companies to maintain more accurate financial records which are available at the touch of a key. While the advancements have benefited companies everywhere, it also creates new challenges for the accounting profession. Corporate Tax Network (2013) believes that the concept of the spreadsheet has allowed accountants to quickly make calculations with formulas, perform forecasting analysis, and create visualizations that show what the client’s finances and tax requirements from the past, present, and into the future look like. Computers, scanners, faxes, and printers have had a positive impact on the accounting profession. The software that is available makes efficient work of the figures that are reported and provides more accuracy as the calculations are done automatically. With the use of accounting software, the accountant can interpret the financial data...
Words: 906 - Pages: 4
...The Effects of Technology on the Accounting Profession has gone where no one thought it would 50 years ago. Fifty years ago Accounting systems was done on columnar accounting paper and carbonized checks, receipts. Then using an adding machine that had tape to compare totals and calculation rows of various monthly totals to make accounts balance. To today where accountants need to know their technology, companies are increasingly moving away from paper documentation to keeping everything on the computer. Technology has changed in the way companies compute and file taxes. Companies can purchase tax software to compute the total or the accounting software they use has add on packs that will take what information that has been entered the general ledger and compute the amounts that are owed. Using a tax program allows the preparer to either print out a return or file it electronically. Tax preparers have changed over time from filling out paper documents to entering everything online. To paying the IRS through online banking or receiving a return electronically into a bank account. The IRS introduced electronic filing in 1986. Electron filing has help cut costs from handling paper returns, and save time to inputting the tax returns into the system and preventing mistakes. Tax preparers have the IRS web site to look up new laws from year to year to help clients use the new law s to benefit them. The can use the search function to find answers quickly. Payroll has also...
Words: 886 - Pages: 4
...THE IMPACT OF INFORMATION TECHNOLOGY ON THE ACCOUNTING PROFESSION IN NIGERIA By: Idongesit Efiong Utah ABSTRACT This research focuses on assessing the impact of information technology on the Nigerian Accounting profession by examining four areas: Impact on the public and private sector, the challenges and reaction to the challenges posed by information technological innovation and information technologies enhancing effect on the Accounting profession. INTRODUCTION It is evident that we are in information driven age where information technology is a driving tool in the public and private sectors. The replacement of mainframe computers with personal computers which were affordable to most users has ushered us into an era of proliferation of information, speed of assess to and ability to disseminate information. The information technology revolution has brought about a drastic change in the business environment, its structure and the business process. Information technology has become a strategic tool that drives the strategic initiatives of organizations and businesses. Manual processes have been replaced with automated processes, routine bookkeeping and recording of financial information is being done electronically, and the ease and speed of transacting business has greatly increases. The accountant as a major player in the public and private sectors cannot afford to be left out. To function properly and competently the accountant must take the changes brought about by information...
Words: 2891 - Pages: 12
...THE EFFECTS OF COMPUTER ON THE ACCOUNTING PROFESSION NAMES MAT NO: OTOMEWO DANIEL WILLIAMS 6050 EKHATOR OSAYUWAMEN PRECIOUS 6951 ONI JOY ADELEMON 7029 EGBE PRINCE ISAIAH 7114 ODIASE PRECIOUS IYOBOSA 7033 EKUASE AUSTINE OSAMUDIAMEN 7031 ABSTRACT The aim of this study is the effect technology on accounting profession. The results of this study shows that technology causes decrease in book keeping. Also, it causes increase accuracy in accounting process, to shorten the time of providing reports, to decrease cost of gathering information, to improve reports in management accounting and to provide a background for executing techniques of costing. Technology has affected accounting profession in a great extent, in the sense that they need to acquire new skills like as applied software’s of accounting, excel and access. Also as it reduces book keeping and saving time, an accountants participation need to increase in the processes, planning, analyzing management. Therefore, it can stated that if the use of technology applied effective, it will be provide a better background for improving accounting profession and role-creating more suitable accountants in organizations. TABLE OF CONTENT INTRODUCTION BACKGROUND OF THE STUDY Technology over the last few decades has drastically changed the face of the accounting profession. For accountants, new technology is always trying...
Words: 2428 - Pages: 10
...The Effects of Technology on the Accounting Profession Robin Bragg ACC/340 July 27, 2015 Professor Samuel Smith The Effects of Technology on the Accounting Profession Once we become accountants, we will know it means that accounting is the language of the business. Through the years with all the changes made in technology for accountants, it has become easier. Technology has improved the bookkeeper’s qualification to clarify the information professionally and successfully. We now can clarify the language of the company that the bookkeeper is the most reliable. Bookkeeping changes through the years When bookkeeping first started with the creation of the abacus to follow the estimations in business the accounting started. They started with an adding machine that helped accountants with mathematical solutions. We came up with the calculator for information accuracy that helped add the big numbers ("The Evolution Of Technology For The Accounting Profession ", 2011). With all the new gadgets to help them calculate the figures they still needed to keep track of the financial information on paper. Twentieth Century At the end of the century came computers and accounting software that changed everything. Pencils, calculators, and ledgers were eliminated with the Microsoft Excel spreadsheet program ("How To Use Microsoft Excel For Accounting", n.d.). With the processor, a bookkeeper can complete mathematical accounting or planning study with more competence...
Words: 883 - Pages: 4
...THE EFFECTS OF TECHNOLOGY ON THE ACCOUNTING PROFESSION PAPER JEANETTE SANDERS XACC/210 JUNE 8, 2014 RICHARD VINCENT Abstract THE EFFECTS OF TECHNOLOGY ON THE ACCOUNTING PROFESSION PAPER Thirty years age most financing accounting was done by hand, which indeed left a long paper trail. “Currently, most accounting information is recorded via computers and wide area networks (Journal of Accountancy, 1994). Technology has changed the face of accounting over the last fifty years. It is unclear whether technology’s has an impact on accounting which can be interpret as being positive and negative. It is clear that technology has changed the accounting period. Some of the impacts of technology are either positive or negative which are simply changes, The impacts of technology on accounting field has been positive, negative and neutral, but the impact results cause an demand on the profession to confirm ti the changes but sudden results ti cause a huge demand the profession to conform to the changes. The advantage of technology is the various tools that it has provided. One example would be computer-integrated manufacturing, communications technology, Image processing and the Internet. An example of the many tools of technology whose purpose is to provide detailed and correct information in a short period of time. The advantage of technology is computer-integrated manufacturing technology. Computer –integrated manufacturing has a significant and positive...
Words: 762 - Pages: 4
...The Impact Of InformatiOn Technology On The Accountancy prOfessiOn In Nigeria THE IMPACT OF INFORMATION TECHNOLOGY ON THE ACCOUNTING PROFESSION IN NIGERIA By: Idongesit Efiong Utah ABSTRACT This research focuses on assessing the impact of information technology on the Nigerian Accounting profession by examining four areas: Impact on the public and private sector, the challenges and reaction to the challenges posed by information technological innovation and information technologies enhancing effect on the Accounting profession. INTRODUCTION It is evident that we are in information driven age where information technology is a driving tool in the public and private sectors. The replacement of mainframe computers with personal computers which were affordable to most users has ushered us into an era of proliferation of information, speed of assess to and ability to disseminate information. The information technology revolution has brought about a drastic change in the business environment, its structure and the business process. Information technology has become a strategic tool that drives the strategic initiatives of organizations and businesses. Manual processes have been replaced with automated processes, routine bookkeeping and recording of financial information is being done electronically, and the ease and speed of transacting business has greatly increases. The accountant as a major player in the public and private sectors cannot afford to be left out...
Words: 309 - Pages: 2
...The impact of technology on the public accounting profession By Ricardo Ruiz Bentancourt IC Member | Represents Latin America To ask oneself what impact technology has on the public accountant’s work is redundant. And the reason for this is that the development of technology has been inherent to human progress and it has affected practically all aspects of life; the accounting profession not having escaped this influence. However, if this question were to have been asked merely thirty years ago, the answer would not have been so obvious. In my opinion, the change that has had the greatest impact on this profession is, without doubt, the electronic worksheet. “Visicalc, the first worksheet would take some 20 hours of work per week for an accountant and has now been reduced to 15 minutes, allowing accountants to be more creative”1. When I first used this worksheet back in 1986, I immediately sensed the effect that it would have in my work. In particular, I had that same sensation when another important moment for my practice came about which was the wide-spread use of personal computers - the PCs. At that time, a computer was assigned to me at my job and with it, I was able to perform a series of analyses that complemented the reports issued at that time by an AS 400 from IBM. I even became an expert in Lotus 123 and was given the opportunity to give courses on this program. But this was not only a change at a personal level. Agnes Ann Pepe pointed out...
Words: 2199 - Pages: 9
...Effects technology has on the accounting profession Sarah Holly ACC/210 June 29, 2015 Sander Moran Effects technology has on the accounting profession “The number one benefit of information technology is that it empowers people to do what they want to do. It lets people be creative. It lets people be productive. It lets people learn things they didn’t think they could learn before, and so in a sense it is all about potential,” Ballmer (2001-2015). Accounting is the language of business. The way accounting is handled has changed so much through the years. Technology is always changing and making accounting better and easier. Technology has increased the efficiency and the accuracy in accounting as well as improving the security of accounting data and speeding up the process of the manual accounting tasks. The first attempt at something to assist with accounting was the adding machine. Once the adding machine was successful, the introduction of a calculator came into play. The calculator was designed to make information more accurate. Accountants still had to keep track of so much through paper and pencil because calculators and adding machines could not do it all. Near the end of the twentieth century, we were finally bringing in computers and different software that would help accountants with their many tasks. Microsoft Excel makes it possible for accountants to keep track of so much information by spreadsheets. This technological advance has made it possible to...
Words: 805 - Pages: 4
...Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, & Strand-Norman, 2006) This paper will examine how accounting information systems (AIS) are bringing about changes within the accounting profession. Additionally, a variety of technologies and how they affect accounting practices at Exclusively Yours Salon will be discussed. Accounting Information Systems and the Accounting Profession Today’s business environment is marked by increased competition and the need for better and faster information for decision making. According to Bagranoff, Simkin, and Strand-Norman, 2006: Because IT now captures transactions, AISs can produce financial statements almost in real time. Of course, some of the adjustments that accountants must make to the records are not done minute-by-minute, but a business can certainly track sales and many of its expenses continually. (p. 15) Additionally, large amounts of accounting records are increasingly presented only in an electronic fashion. Companies are reporting their financial outcome quarterly and an increasing number of companies are transferring their financial records to a public network. (Shafer, 1998) For several reasons, companies are facing growing competition. In order to remain...
Words: 266 - Pages: 2
...ddddddddddddddddddsdIn this argument essay I hope to point out and give some feedback on the pros and cons of the effects of technology on educations. That by incorporating technology into our schools would and could make us stronger and more up to speed with surrounding countries. The Effects of Technology on Education The topic of the effects of technology on students is a concern for teachers, school officials, parents, and students. Everyone wants to know if technology is really going to help our children learn more, and truly make a difference in the way teaching is currently being done in the classrooms. What will it cost to bring in technology, and can it be afforded without breaking the wallets of the parents and schools? Can technology help bring education back to life in our children’s lives, where they want to go to school and actually be there? We need to acknowledge that with technology many things can be achieved in education for all ages, grade levels, and countries. The educational system is much different from when we were in grammar school. Kindergarten is no longer about learning the basic skills of numbers, letters, shapes and colors; it has become a first grade level education. Our children now have to know the basics to be in kindergarten; and to be able to move on to first grade they have to be reading, doing basic math and writing. The schoolwork that is being asked of our children now is different, and more demanding than ten years ago (Richardson...
Words: 500 - Pages: 2
