Essay on Technology and Accounting Process

Looking for Technology and Accounting Process essay? before this, we need to understand something about technology and its effects on the accounting process.

As we know, Technology and changes go hand in hand. There is a drastic transition in the accounting profession due to the automation of principle functions like data entry and bookkeeping through standardized software devices.

The entire accounting work is now executed through the computer software’s that was previously been done manually.

Students who are studying in Singaporean universities, colleges and schools are often asked to write a Technology essay on varied fields.

Here we are providing an essay sample on Technology and Accounting Process which would be beneficial for the students who are looking for help with accounting assignments.

This sample will focus on the positive and negative impact of technology on the accounting process.

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How Information Technology has influenced the Accounting process?

The internet, computers, wireless, servers and digital devices have transformed the conduct of the business. Software packages have enhanced traditional production, processes and operations. Accounting software has automated accounting books and traditional paper ledgers.

An organization can customize these software packages coupled with a generic program or some specialized features according to the size of the operations and number of users who will access the system.

IT has improved the accuracy, efficiency and turnover rate of providing financial information.

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Advantages of computerized accounting systems

1. Improved accuracy: the computer systems have ensured that financial statements are properly balanced through internal check software installed. It will stop posting of journal entries which are out of balance. Limited access to financial information is provided to the accountant to ensure accuracy.
2. Faster processing: a large number of financial information can now be processed quickly through this accounting system. It has shortened the time period required to close off every accounting period. This has increased the company efficiency and overall cost control.
3. Increase functionality: the increase in the availability of accounting information has overall enhanced the functionality and operation of accounting departments. This has led to the improvement in financial reports, cash flow statements, market share, reports, and profit and loss reports. Accountants can now analyze the accurate image of current operations and can provide the exact report to the management.
4. Better external reporting: computerized accounting system has allowed the investors in determining if the company is a good option for their investment or not. Improved reports now show the company potential for the growth and analyze whether it’s a high-value company or not.
5. Automatic maintenance of audit details and trails
6. Total accuracy in  arithmetic calculations  is done automatically like adding up of credit and debit columns
7. Accurate production of financial statements
8. Confidentiality of financial data is maintained through secured password systems
9. The computerized automatic system has led to fast retrieval of data like client’s payment status, today’s inventory and sales figures.

Disadvantages of a computerized accounting system

1. Time: time factors involved if there is a system failure or time required to implement the entire computerized system.
2. Risk: the main risk factors involved are Data integrity and confidentiality that can put your organization at a higher risk if data is leaked.
3. Accuracy: it cannot fix various internal problems like management supervision, inadequate policies, unskilled employees
4. Monetary cost: the up-gradation of the software, prices of equipment, technical support and data storage can in cure higher monetary cost that will affect the enterprise budget.

Accounting process software tools

An accountant must have an updated knowledge of the software tools which will enhance the accounting functions

• Accounting software
• Word processing
• Graphics software
• Audit
• Income tax
• Electronic funds transfer (EFT)
• Image processing
• Electronic data interchange (EDI)

Conclusion

From the above discussion, we conclude that for a successful business an information system becomes a prime concern.

Organizations have adopted this automation and mechanization to minimize the cost of labour and maximize the use of potential resources.

There exist a correlation between an enterprise adopting automated and mechanism accounting and its consequences on the profession of accounting.

This has adversely affected the employment rate in the field of accounting due to this automation.

Moreover, we can see that there is a shift in demand from the accounting field as its role has increased from just being a compliance providing rule to further to an advisory task.

Even clients these days prefer an accounting agent who is equipped with a proper information system to make long term business and financial plans for the organization’s development.

We can see both the positive and negative impacts of automated computer system raising in the accounting department. So it’s an organization decision which is not as easy as yes or no because it will affect all the departments and not just an individual.

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