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The Impact Of Technology On Financial Accounting.
Finance & Accounting
Pages 11 (2761 words)
Accounting profession has encountered a drastic change because of the technological advancements over the past few years. Initially, a lot of paperwork was involved in the accounting process, but gradually, with the advent of technology
It has been observed that, while, on one hand, technology proves to be an asset for a business organization, it leads to the increase in liability for the accountants. Some of the technological tools like manufacturing of products through computer integrated systems, internet, expert systems, image processing etc. have a positive impact on accounting by facilitating collection, recording, and communication of accurate information about the various business transactions in a timely manner. However, technology has a negative impact on accounting, too. With technological advancements, the risk of losing confidentiality and accountability of the financial accountants has increased. Technology has paved the way towards creating more opportunities for different fraudulent activities in financial and management accounting. Furthermore, there are some impacts of technology on accounting, which cannot be termed either as positive or as negative ones. The pattern of hiring in different organizations has changed considerably, and the training and educational pattern of accountants have also changed because of the technological impact on this sphere. ...
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