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And although the accounting process has become

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prepare a financial statement. And although the accounting process has become simpler, the accuracy has increased and the errors have minimized. With the information age, businesses can now have a complete 360 degree view of how the money flows in and out with complete accuracy. With the growth of information technology, all parts of the business have seen positive impact and growth. Manufacturing plants have implemented systems into their machines to streamline the production process of their goods and lessen the total cost of raw materials and labor. But what difference does it make if the cost accounting system is not capable of keeping track of the raw materials being used? With information technology, businesses have been able to develop the activity-based cost system, which allows bookkeepers to allocate overhead funds more efficiently (IT Plus Education, 2009). This also pushes the manufacturing process to lean out even more, leading to higher savings for the business. The impact of the information does not just affect the internal accounting system of a business; it benefits external reporting practices as well. Businesses that are looking to entice investors to buy into the business would need to provide accurate and detailed reports on their
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And although the accounting process has become simpler the...

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