Effects of Technology on Accounting Essay - 713 Words

Effects Of technology On the Accounting Profession The accounting profession has experienced many different changes and as well as a tremendous amount of growth over the past century. (Schaefer, 1998) Its unfortunate that due to unethical accounting practices there has been an increased need for advanced technology of accounting systems in order to better monitor what is going on with organizations. The need for real time reports and financial information at the click of a button seems to be the trend these days. This paper will give examples of how technology has changed the accounting profession as well as some example of the changes within my organization. Technology has greatly impacted the accounting profession in the†¦show more content†¦They all play a hand in the advancement of technology, rather than an accountant figuring everything out manually, its a matter of entering in the numbers in the necessary areas and waiting for the outcome. These systems have eliminated the potential for human error. Software such as the ones listed above has made an accountants life much easier to in the sense that the outcome of the entries is immediately available for critique. In my organization we use Oracle, as they continue to improve it we continue to get upgraded and the more things change. For example when I first started working there A/P used a different system to process invoices then based off of those reposted they were entered into Oracle so that the Items would be charged to the correct GL account. Now we do A/P FROM Oracle and the invoices are processes from Oracle and the fund are immediately placed in the proper GL account. We can also forecast now and print reports that comparers forecast versus actual and even compared to prior years. The way we keep track of and pay are taxes both payroll and sales taxes has even evolved due to technology. In conclusion, as businesses evolve and the need for rapid information continues technology will continue to play a key role in the advancement of the accounting profession. Human error is perhaps one of the greatest obstacles that technology has helped the accounting profession overcome and technology continues to alter how organizations operate. To provideShow MoreRelatedThe Effects of Technology on the Accounting Profession600 Words   |  3 PagesThe Effects of Technology on the Accounting Profession In today’s business society, the accounting technology whether it be software or hardware is a vital part of just about every major business. Many people overlook the importance of the role of accounting technology in business and in the accounting profession. The fact is technology such as accounting information systems can make or break a business. 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