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Effects of Technology on the Accounting Profession

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Technology and Accounting 1 Running Head: EFFECTS OF TECHNOLOGY ON ACCOUNTING Effects of Technology on the Accounting Profession Jahde Goncalves August 2, 2009 University of Phoenix
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Technology and Accounting 2 The Effects of Technology on the Accounting Profession Accounting information systems have changed the way in which businesses conduct their accounting functions. Real time billing and processing allows the business to have a live accounting system where transactions are processed by operators, and these transactions are simultaneously integrated into a continuously updated financial/ management accounting system. Transactions and their impact and influence on the company’s profit and loss accounts are visible as they are processed. This means that there is no need to wait any more until month-end to see how the business is performing. The performance of the business can be monitored, transaction by transaction, and corrective or preventative action taken as a result of continued transaction updating. Data or values, once inputted, can be quickly analyzed and used to compile projections and reports that would normally form part of secondary operations. This would not be possible without functional AIS – some of the generated reports may be useful in detecting or predicting potential problem areas such as fraud or impending financial failure. Automatic financial audit trails are not only possible; they can become automatic, providing a fast, reliable and acceptable way of monitoring financial transactions within the business. Source documents have gone from purely paper based documents such as orders, invoices and delivery notes to, in many instances, completely digital documents. This
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