The Effects of Technology on the Accounting Profession

In: Business and Management

Submitted By shermdy
Words 946
Pages 4
The Effects of Technology on the Accounting Profession
Eliot Sherman
June 11, 2015
Michael Raponi

According to Accounting Web, the next decade will see industries transition to a Cloud-enabled world where work can be accomplished anywhere, anytime. This will especially be true of the accounting profession, according to Intuit, as such tools as Cloud-connected smartphones and tablets will enable firms to provide clients with an "accountant in their pocket" at all times. In the modern age, technology is constantly evolving and this has an effect on every profession, especially accounting. Processes and procedures are becoming less manual and more automated. Accounting begun being all written and having hard copies as the only backup. Systems are becoming more advanced and powerful which allows them to aggregate large amounts of data. As time went on, new software and hardware allow calculations to occur more quickly and allow backup to be more readily accessible. As well, with accounting constantly changing, the standards and regulation overseeing the profession were as well. As well, a lot of companies in the early 2000s when the technology bubble was building, companies such as Enron and WorldCom tried to take advantage of lax audit rules and committed extensive fraud. This constantly requires technology to change to allow for it to be in line with what is required, specifically in relation to audits and GAAP. In this digital age, technology adapts and improves and this has a direct impact on accounting and this ends up changing the landscape.
One of the biggest changes for accounting was the invention of the Computer System, more specifically Accounting Information Systems. Accounting Information Systems (AIS) are used by organizations to generate information based on raw data. They extend beyond just accounting and allow businesses to also…...

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