Effects of Technology on the Accounting Profession

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Effects of Technology on the Accounting Profession Paper ACC 340 March 16, 2015 The Effects of Technology on the Accounting Profession Technology has changed the face of accounting over the years, from manual to automation, hence has also changed the way accounting practices are performed. Currently, accounting information is processed via computer through various networks. With the growth of technology, automated processes have increased the speed of information input and output, increased its accuracy, and the timely manner of which information is processed. On the contrary, confidentiality of the accountant is to the trust of the employer. As these technical advances may be an asset to an organization, it is also a liability to an organization's accountant. There is no implication that the impacts of technology are positive nor negative. Technology is only changes that assist with improving the functioning of accounting practices and the demand for the conformity of those changes. Computers and accounting software have changed the accounting industry. As Microsoft Excel provided an electronic spreadsheet for an accountant, the work became less tedious for there was no longer a need for calculators, manual ledgers, and pencils. Margin for error decreased as the introduction for the use of a computer provided greater efficiency with the capability to perform statistical accounting and forecasting analysis. There was a time when the director of accounting would manually update a forecasting spreadsheet after month-end close as this would take hours. The individual would leave work after midnight. Once we had our audit, and a major layoff occurred; processes in reporting changed. How information was extracted and formatted made it more efficient, and reduced errors as errors took the task longer to complete. With the technology and improved efficiency,

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