Running Head: MODERN ORGANIZATIONS AND ACCOUNTING SYSTEM Finance and Accounting [Instructor Number] Modernized Accounting System Modernization and advancement in technology has changed the way of performing various functions and roles of almost every organization…
It is vital because it systematizes the whole process. Without having proper accounting system, it is impossible to run business either small or big. Every type of organization needs to have check and balance on their financial statements (Eisen, 2000). One thing that should be clearly mentioned here is that the modernized accounting system has not changed the business purpose and principles but it has only changed the mechanism. In other words, it could be said that the method of performing accounting functions have become more advantageous. Early accounting reports have shown major errors in calculations and illegal actions by the practitioners. It is due to this reason that the need of modernized and computerized accounting system arose. Earlier, great loses of money and reputation of the organizations was noted because of lack of accounting systems (Eisen, 2000). In addition, it affected economies of countries as in whole. Modernized Accounting System and Change in Organizations: In order to understand the difference in modern organizations that has taken place because of advanced accounting system we need to compare current accounting system with the old one. ...
In addition, it has been noticed that it is very difficult to maintain records safely because of greater man made errors or mistakes. Secondly, if files of records or data are lost than in such circumstances, businesses have to suffer from loss or face penalties (Previts, 2006). Therefore, the need of establishing newer accounting method was felt by accountants and other professionals at business to have alternative methods of dealing with numbers and financial statistics of the organization. Modern technology has played an important role in keeping records of numbers, in generating different methods of solving mathematical equations in more accurate and efficient way. Modernized systems were predicted to have a profound effect on the working of organizations as it helped in efficient work process (Merlene, 2010). Introduction to advanced technology and the use of modernized system in the department of accounts has brought tremendous change in the mechanism of accounting procedures. First and foremost, prominent change that has been observed is that modern technology has quickened the working process for accounting functions and capital consumption. It has made availability of financial information much faster and easier, understanding the use of information in proper way with the use of modern technology has made it straightforward for the business people to make good and beneficial decisions on correct time to increase productivity (Merlene, 2010). Now reports are generated just by clicking few buttons instead of wasting more time on preparing reports manually. Similarly, paying high wages to employees companies are currently using centralized controlled ...
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