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How has IT changed Accounting in the past 5 years - Research Paper Example

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How has IT changed Accounting in the past 5 years

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. Finally, it has allowed accountants to process large financial information data and faster processing of this data (Gelinas et al 58). This has lessened the amount of time required to close each accounting period. Shortening the time helps the organizations in cost control, which, in turn, increases the overall efficiency

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of the company. How is IT going to affect accounting in the future? Cloud computing and mobile devices are going to be the most important components of Information Technology in the coming decade (Office of Technology Assessment 270). Mobile devices such as ultra-books, tablets, and cell phones, as well as cloud computing, will aid in the further integration of technology into all aspects of accounting on a regular basis. This is referred to as pervasive computing (Office of Technology Assessment 270). With this pervasive computing, accountants will utilize mobile devices in order to access applications that are cloud based, data and communications. The connectivity will aid accountants to work more efficiently and exchange information more effectively with clients. Accountants will also gain access to business intelligence that is more robust through improved data analysis tools. For example, new tools will most likely use XBRL and XML tags, large databases, and algorithms that are more complicated in order to analyze the financial activity of the organization, which will be stratified by many criteria in order to identify risks and potential opportunities and improvements (Office of Technology Assessment 274). More advanced tools for business intelligence are also bound to enter accounting, in addition to data auditing and, analysis tools that will help shift the job of the auditor from data gathering to data analysis and assurance provision. Over the next decade, the relationship between content management tools and relationship management will grow in importance (Office of Technology Assessment 277). Content, knowledge and relationship will blur as they are packaged and delivered in a unified and useful format. All these advances will result in accountants leveraging the growing reach and power of the web in all their activities. Vendors, clients, systems, data and applications will all connect in multiple ways via the use of the internet as their backbone. Today, how would you prepare yourself to enter Accounting? First, it is imperative to note that, at the pace at which IT is
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Summary

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…
How has IT changed Accounting in the past 5 years
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