Yuki Liu
Acc 476
Professor Trisha Bansi
Current issues in technology that affects accounting When twenty-one century comes, human enters into a new period. Through there have been developments in science, and it all adds to the richness of human life. As time goes one, science and technology have made major changes to the way we live. Technology has provided many tools that increase efficiency in any business, including accounting. In this paper, I am going to talk about three technology relatives that affects in the accounting area. The computer is a leveler, making information available to everyone. Certainly, the invention of computers was an influence to the whole world. And with the development and popularization of computers, computerized
Years ago, most financial accounting was done manually, which caused lot of paperwork. With the achievement of computerized accounting, most accounting information can be recorded using computers gradually and saved many paper using. Paper work slows down transaction time and burdens entities with maintenance needs. By using computerized accounting method, we are no longer using manual bookkeeping, calculating, and other works. And it will analysis some portions of the accounting works that were normally complete by the human brain. It eases the burden of the level of works that an accountant has to handle and therefore it will be fewer jobs intensive and improve the quality and efficiency of the accounting work. Especially in cost accounting area, computerized accounting provides more detailed and accurate information in a timely manner, which allows accountants to develop an effective system to allocate the resources. Lots of users are using computerized accounting software, start from the smallest proprietorships to the largest of corporations. Although computerized accounting gave numerous types of advantages
The Internet is a virtual treasure trove of information. Any kind of information on any topic under the sun is available on the Internet. The ‘search engines’ on the Internet can help you to find data on any subject that you need. A scholar knows what’s going on in the world without even stepping outside of his door, this perfectly defines the function of Internet. As now, the Internet has become part of everyday life. The postings on the Internet can be accessed from anywhere in the world, all the businesses are now able to deal with international clients and accept foreign currency. The Internet promotes the development of office automation, release accountants from complex work procedures since accountants usually face a large number of data and calculations every single day. The emergence of Internet provides a convenient for accountant to work. The emergence of Internet makes financial calculations more accurate, so as the speed of calculation. The accountants can also find some of the financial information online or download audit reports provided by the companies to help improvement of their business plans. By using Internet network, most of the accounting firms “have upgraded their accounting servers to accommodate Microsoft Outlook for e-mail, Microsoft Word for form letters to existing and prospective customers and Microsoft Excel to download various
To counter this problem, computer assisted audit techniques have been developed. These systems are able to provide a more in depth analysis of the utilized billing systems. Computer assisted audit techniques also enable highly efficient assessment of transactions. By utilizing this system, an auditor could gain a clearer picture of the revenue reporting mechanisms that are being utilized by the business office. Once the information is derived, however, its interpretation, while simpler, will still require an individual that is knowledgeable in regard to the revenue cycle
Accounting/Finance application systems like Peachtree, Net Suite and QuickBooks let you manage your business with a little or no experience. All three application systems allow the users to manage the companies' capital including bookkeeping, inventory, non-inventory & service items, sales orders, purchase orders, and reports. It allows the companies to keep tracking of the financial assets and at the same time have the information the accountant needs. Using the accounting/finance application system, makes it easier to enter and process the data rather than manually enter and process the data.
Stair, R.M., Reynolds, G.W., Gelinas, J.U. Jr., Sutton, S.G., Hunton, J.E., Albright, S.C., Winston, W.L. & Zappe, C. (2007) Accounting Information Systems and Financial Modelling, Thomson, South Melbourne, Victoria, Australia.
According to Professor Clark of APSU, “Accounting has changed more since 1980 than in the previous 4000 years” (Clark, 2016). The prime reason for this exponential growth in the last 35 years or so is the impact the internet has had on all of our lives. As access to the internet grows, more small businesses will be able to grow. The technology, access and speed of the internet will need to continue to match the exponential growth of the technology that uses it. So far, that seems to be the
... can use accounting handbook during the circumstances, where they need information. Accountants want individual choice of method, which give them a freedom to do work, more confident to do work. Different people have various way to explain, different ways to understand things. So, it is always better to perform what people specialized at doing. Accountant is same as other group of people, the way they like, and accountants do better. The entire accountants have one and same results in spite of using different individual choice of method as they all follow same equation and accounting handbook. The benefit to the accounting society is provided by accountant using particular method of accounting.
Management accountants use their skills to help with decisions that help a business make good decisions so they company will be valuable and in an ethical manner. They assess risk and implement strategy through planning, budgeting, and forecasting. Now managerial accounts have become critical with their analysis while managing a business. They do more than provide financial information they also have an active role in the business. Over the years managerial accountants has changed and now provide nonfinancial information. They can help a business achieve their goals. Today there is many things that is influencing how managerial accountants do their job with the emergence of e-business. They can use their knowledge to streamline the e-business (Hilton,2008). Now global competition has new challenges for managerial accounts because trade agreements can affect the way the business performs abroad. Gillet (n.d) said, “To be competitive, manufacturers must keep up
I am interested in conducting research and teaching in managerial accounting, auditing and assurance services and accounting information systems. In particular, I am interested in exploring the role of accounting information systems in decision making, internal control, and auditing. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding accounting, accounting information systems, information technology, managerial accounting, as well as gain a general economic and management perspective.
Accounting is the pillar of every company to measure its growth, loss, revenue , capital, its really specify the real terms in foam of figures and sometimes in tables, in accounting there are certain rules are obtained to make more accuracy while playing with figures.
Accounting has been a living part of history since the Neolithic period and remains a prevalent and ever-evolving profession still to this day. This essay therefore proposes to look at the significance and role of history specifically related to the accountancy field. In order to substantiate this claim of the importance of accounting history, numerous benefits of accounting history will be presented. Factors such as the use of historical research and its availability thereof to constantly develop accounting policies will be discussed as well as how historical accounting practices can be used to understand current practice and assist in the training of individuals in the accounting field. Lastly, the importance of history in the development
What does the accountant of the future need to be successful? A sturdy education that while is based on traditional accounting practices, also prepares future accountants for the plethora of changes happening in the accounting universe. Frequently, most of the institutions responsible for educating professionals fail to evolve as rapidly as the professional practice itself (Bedford et al. 4). In every way, accounting is expanding and in order for the future to have competent accountants, accounting education must expand as well. Major changes occurring in the world of accounting include the expansion of services and products, changes in competition, an increase in specialization, and an increase in and an advancement of technology. It is up to academic institutions to find proactive ways in which to prepare students for such changes. Accounting education of the future will require more breadth to cover the inevitable expansion of services and products, increased knowledge of economics, marketing, management and information systems to increase competitive advantage, a balanced course load that provides a general accounting knowledge as well as increased knowledge of a specialization, and also a greater, proactive focus on the use of continuously advancing accounting technologies (Bedford et al. 8). Also in play is the chance of change in accounting standards, the move from US GAAP to IFRS. While there are no certainties surrounding the threat of such change, students in the U.S. should acquire at least a general, basic feel for the practices used in regards to IFRS. The future health of the accounting profession depends, to a great extent, on the health of our students (Gormon and Hargadon 4). Reorganization of curriculums would surely be difficult and assumedly time-consuming, but nevertheless, completely
An Accounting Information System (AIS) can be defined as software that helps accountants to collect data and process it to create information ((Bagranoff, Simkin and Norman 2010)
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.
The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double-entry bookkeeping processes. You will learn how things were done before the birth of the double-entry bookkeeping process. You will learn about Luca Pacioli and the Summa. You will also learn about modern accounting and ACAUS.
The influence of the electronic devices, multimedia and computers are the things that dealt with our daily life. Especially the internet that is now giving more importance to each and every one, by giving the newest outstanding media that surely will give the outmost future ahead of us. (Temmel)
The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.