The Effects of Technology on the Accounting Profession
ACC340 / February 16, 2015
There are several advancements in technology that has allowed companies from all different sizes to keep accurate financial data and records as well as decrease or as far as eliminate paper records. Technology has really advanced the accounting field by allowing the ability to process and interpret financial information more effective and efficient. Since technology has advanced with the introduction to the internet, companies now have the options have the ability to grow and expand beyond its region, and create new opportunity to expand internationally. New programs have been developed to assist in the internal operations and profitability. There is also the development of new software, which can help and meet the needs of the industry. Changes in Accounting and Technology
Technology over the course of the decade has provided a valuable tool that helps companies and individuals who manage the finance of a company. Microsoft introduced the program Excel that has helped accountants to use electronic spreadsheets, verses using paper and pencil in manual entries which in turn minimizes error. With the advancement of software there are programs such as Quick Books and also Microsoft Money. Smaller companies now able to track and manage the business for efficiently. This helps companies from outsourcing and hiring outside companies to manage their finances. Corporate accountants now have a great advantage with the development and advancement in technology. Accountants can now retain more information and can retrieve various information within its organization. There are numerous internal software that help individuals access company financial records, balance sheets and various personal information, also known as the intranet. The new technology helps companies’ project revenue and company performance. The effect on Accounting with New Technology
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