Many advances in the accounting profession have been brought into the business world, starting when the Accounting Information Systems “AIS” was introduced.
In today’s accounting profession it is difficult to imagine accountants balancing debits and credit on general ledgers, and posting transactions by hand. Everything can now be done with a computer, instead of by hand. The new technology of accounting is important, because it gives managers the opportunity to be able to have their financial data ready to present in a fast and accurate way, instead of having to go through many hand written reports and ledgers. Before all of the technology, and innovations were brought into the business world, employees usually had to wait a few days to receive data. With the innovation of the internet, computers, tablets, and even smart phones, corporations are able to retrieve financial data at a moment’s notice. As an employee who needs financial information for decision making, these innovations make it more convenient, because detailed reports are updated daily and more precise. Before all of the technology, and innovations were brought into the business world, employees usually had to wait a few days to receive data.
With the arrival of these new innovations, new structures and operations have caught the attention of many companies, and even industries, have been sculpted by the new technology with the modern information technology system. To stay competitive in today’s market, information technology and mercantilism must be practiced.
With all of the features that information technologies have given us, the profession of accounting must embrace the changes that come along with all the new technology. People in this profession must learn to use the new technology to their advantage, or risk being replaced by nonprofessionals. There are many different types of programs to be used, depending on what type of level the financial