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Effects Of technology On the Accounting Profession
The accounting profession has experienced many different changes and as well as a
tremendous amount of growth over the past century. (Schaefer, 1998) Its unfortunate that
due to unethical accounting practices there has been an increased need for advanced
technology of accounting systems in order to better monitor what is going on with
organizations. The need for real time reports and financial information at the click of a
button seems to be the trend these days. This paper will give examples of how technology
has changed the accounting profession as well as some example of the changes within my
organization.
Technology has greatly impacted the accounting profession in the sense that a task that
normally would take several entry level accounting clerks to perform can be accomplished
by one accountant. The current technology has literally changed the way an accountant
does their job. There is no longer a need for the old fashioned T accounts or hand written
journal entries or even hand written ledgers. For example, in the past accountants used to
do everything written, then if they had a computer system the data was then entered into
the system. The process was time consuming and lengthy. In my organization I know that
the advancement of technology has helped in all aspects of accounting, fromA/R , A/P to
payroll the roles have changed thanks to technology.
One great example that comes to mind is the process of credit cards, working for a hotel
credit cards are used over 70% of the time. In prior years we used to have to use the old
