Information Technology's Impact On Accounting

1102 Words5 Pages
TECHNOLOGY AND THE IMPACTS Introduction This paper deals with the impact of Information Technology has on Accounting System and it is the ability of companies to develop and use computerized system for tracking and recording the transaction in finance. By using IT network and computer, the accountants have compressed the time necessary for preparing and presenting financial information to management. This type of system helps the companies to make individual reports quickly and effortlessly for Management in Decision Making. Other advantages of using IT on Accounting Systems It Increase Accuracy, Increase Functionality and it is having Faster processing and Enhanced external Reporting. All the companies are using Accounting System to discover…show more content…
IT professionals have different types of functions that starts from application installation, designing of huge and difficult database for the storage of information. Other functions include managing data, networking, designing software, hardware and so on. Information Technology’s influence on Accuracy Nowadays, companies are conducting business through computers, internet, wireless & personal devices which is digital and so on. Due to the progress of IT, accounting has huge growth and new development. Accounting books and outdated paper legers are automated by accounting software. IT network along with computer system shortened the principal time, which is needed for the accountants to prepare the financial information, which is presented to stakeholders & management, it also has an impact like improving the efficiency & the accurate information. Computerized Accounting…show more content…
Graphics Software For preparing graphics, graphics software are used by many managerial accountants and several auditors to plot the graph of data in statements and financial reports. Image Processing During the past, most of the companies are having documents which is in paper forms and this method is time consuming. For storing all these papers more storage is needed so that the cost will increase. By using this Image processing system, this kind of cost and time can be reduced. Moreover, image processing means capturing electronic pictures of data that provides easy to store and share the data. Apart from this we can scan the document and put it in computer for further requirements. This process is done electronically. So companies which are following image processing becomes paperless offices. Electronic data interchange This is the method which enables the companies to communicate electronically thereby exchanging documents are also possible. Electronic fund transfer
Show More
Related

  • Privacy Characteristics Of Big Data

    1520 Words  | 7 Pages

    on people is also an issue. Findings are not hundred percent correct therefore a need for proper analysis is effective when it comes to predicting the future. These are some of the things that are causing conundrum with regards to big data and Information

    Read More

More about Information Technology's Impact On Accounting

Open Document