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How has IT changed Accounting in the past 5 years?
Finance & Accounting
Pages 3 (753 words)
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
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. ...
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