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Modern Day Accounting

In: Business and Management

Submitted By Omotokijuliet
Words 728
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MODERN-DAY ACCOUNTING
Before the existence of technology, there was mechanized bookkeeping, keeping track of financial transactions, and their ultimate effect on a business, was a matter of sorting transactions into the proper category and recording them by hand into proper ledgers, using specialized paper to physically emulate the T-Account concept. This involved a lot of workers (accountants) to prepare the accounting records and this led to the management of the organization paying a lot of wages and salaries to the many workers which meant incurring so much cost and slow decision-making. But now, in the field of accounting the story has changed. There had been a lot of changes over the years. The changes include the following: * The existence of Computers and Internet Access: Computers have enabled the works of accountants to be less tedious. The usage of computers is also time-saving. Via internet access, managers of companies can be up-to-date about the financial statements and records of their many branches scattered all over the country without the need to travel to those branches. This is possible through networking and tele-conferencing. * The presence or existence of accounting software packages: accounting packages have also been developed for modern-day accountants to suit their organizational needs for quick decision-making. It ensures the easy computation and analysis of financial data. It also helps to locate and eliminate errors. It helps to produce a lot of records at a time. These accounting software packages include but are not limited to Peachtree, Sage 50, and QuickBooks. * Accounting Standards: these standards are put in place by reputable accounting bodies (which vary between countries) to ensure that modern-day accountants prepare records in line with the guiding laws of the land. They also help to facilitate tax

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