The Effects of Technology on the Accounting Profession Paper
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The Effects of Technology on the Accounting Profession Paper
ACC/340
The Effects of Technology on the Accounting Profession Paper
The accounting profession has seen many changes with the advancements of technology and has given accountants with various tools. Examples of these tools include computer-integrated manufacturing, image processing, communications technology, the Internet, and software systems. These examples are a few of the many tools provided by technology and whose purpose is to provide more detailed and accurate information in a timely manner. Advancing technology allows companies to maintain more accurate financial records which are available at the touch of a key. While the advancements have benefited companies everywhere, it also creates new challenges for the accounting profession.
Corporate Tax Network (2013) believes that the concept of the spreadsheet has allowed accountants to quickly make calculations with formulas, perform forecasting analysis, and create visualizations that show what the client’s finances and tax requirements from the past, present, and into the future look like. Computers, scanners, faxes, and printers have had a positive impact on the accounting profession. The software that is available makes efficient work of the figures that are reported and provides more accuracy as the calculations are done automatically. With the use of accounting software, the accountant can interpret the financial data more effectively and with more efficiency. Software can be designed to meets the needs of any business. Companies have more opportunities with the introduction of the internet and the choices that it offers. Businesses can now reach a vast range of customers. Internet transactions are an example of how to obtain timely, accurate information.
Before the advancements in technology, accountants made entries manually and finding errors was time consuming and tedious. According to Brian Wallace (2013)...
ACC/340
The Effects of Technology on the Accounting Profession Paper
The accounting profession has seen many changes with the advancements of technology and has given accountants with various tools. Examples of these tools include computer-integrated manufacturing, image processing, communications technology, the Internet, and software systems. These examples are a few of the many tools provided by technology and whose purpose is to provide more detailed and accurate information in a timely manner. Advancing technology allows companies to maintain more accurate financial records which are available at the touch of a key. While the advancements have benefited companies everywhere, it also creates new challenges for the accounting profession.
Corporate Tax Network (2013) believes that the concept of the spreadsheet has allowed accountants to quickly make calculations with formulas, perform forecasting analysis, and create visualizations that show what the client’s finances and tax requirements from the past, present, and into the future look like. Computers, scanners, faxes, and printers have had a positive impact on the accounting profession. The software that is available makes efficient work of the figures that are reported and provides more accuracy as the calculations are done automatically. With the use of accounting software, the accountant can interpret the financial data more effectively and with more efficiency. Software can be designed to meets the needs of any business. Companies have more opportunities with the introduction of the internet and the choices that it offers. Businesses can now reach a vast range of customers. Internet transactions are an example of how to obtain timely, accurate information.
Before the advancements in technology, accountants made entries manually and finding errors was time consuming and tedious. According to Brian Wallace (2013)...