How has IT changed Accounting in the past 5 years?

How has IT changed Accounting in the past 5 years? Research Paper example
Undergraduate
Research Paper
Finance & Accounting
Pages 3 (753 words)
Download 0
Technology has led to the creation of significant advantages for accounting departments.Technology networks have significantly made shorter the time that is required by the accountant for the preparation and presentation of financial information to management…

Introduction

On top of shortening the lead-time, it has also improved overall accuracy and efficiency of the delivered information. Its biggest impact on accounting in the past five years has been the ability of organizations to develop, as well as use, computerized systems in order to record and track financial transactions. Computer systems have translated all the hand-written statements into systems that can present financial reports from individual transactions. Popular accounting systems are now also available in tailor made form for various companies and industries. This permits organizations to build individual reports easily and quickly manage decision-making. Another change effected by IT on accounting has been the improvement of functionality in accounting departments via increasing accounting information timeliness (Gelinas et al 58). Through improvement of financial information timeliness, accountants are able to prepare for operation and report analysis that can give the management an accurate vision of the current operations. It has also improved the number of financial statements, for example, market share reports, departmental profit and loss, and cash flow statements. ...
Download paper
Not exactly what you need?

Related papers

The role of accounting system in the UK for motivation
Pertinently, accounting used to be a function that is merely focused on its ability to prepare financial statements to reflect the current state of the company to enable the manager of the latter to make sound decisions relative to their proper functioning. Nowadays, the accounting system has evolved to cater to one important function: to provide information necessary for business planning,…
Culture and Accounting
Environmental Accounting indicates the extent of influences that the national accounting policies and the system have on its environment. In earlier times, there were many accounting practices prevailed in China, such as the policies framed by the ministry of finance, policies jointly framed by the ministry of finance with other ministry and the policies framed by the provisional level authority…
Keywords: Ethical education, Accounting-Curriculum, Accounting profession, students
Moreover, the accounting professional designs their strategy at long term basis because the growth and success trend of the corporation depends on the long term ethical decision making. In case of fraud tracking, the ethical behaviour of the accountant influence to deal with the personal relationship. So, it helps to build an inner strength of the company which protect the fraud activities in long…
GlaxoSmithKline Finance and Accounting Essay
GSK is a UK based MNC which its presence in the pharmaceuticals and consumer health care. The GSK group prepares its consolidated statements in accordance with the IFRS and the company’s financial statements follow the guidelines of UK GAAP. The second part includes the main uses and types of users of accounting information. It has been analyzed if the Group has provided sufficient and relevant…
If accounting policies only determine how past transactions are recorded and reflected in financial reports, how can the choice
Any organization in the market has to ensure that it chooses the correct accounting policy in order to attract more investors. The investors usually have interest in studying the financial situation of the company to allow them make an effective marketing decision. Insightfully, this means that the choice the company makes will affect the reflection and recording of financial statement to the…
If accounting policies only determine how past transactions are recorded and reflected in financial reports, how can the choice
Discussion In 1977, the Financial Accounting Standards Board proposed to change the accounting methods used in the oil industry from full costing (FC) to successful efforts (SE). The FSAB through the Exposure Draft received great opposition from oil companies because the change in accounting method could adversely reduce the market share price and earnings at the same time. From an analysis…
Intermediate Management Accounting past paper
Nevertheless, the target profit margin is seen to rise substantially from a low of -0.004% in year one to 10.25% in year three. (b) Issues facing firms like KZ in making decisions on the costs to cut in order to meet the specified target income level. Costs relevance: It could be difficult for firms like KZ to associate all the costs involved to products. This makes the firm continue incurring…