Question

Explain various recent developments in accounting

Answer 1

 

With the technological advances of the past years, it got possible to increase the amount and speed of data analysis. Many companies invest heavily in building up data gathering in order to obtain more insight. For management accountants this means dealing with more data, producing more reports, explaining more relations and deviations.

 



 

Gathering data is one part. However, using all the data to produce useful insight is another, often underestimated, time-consuming and complicated part. A major risk involved is getting lost in data, investing much effort and money, producing reports people can’t process anymore due to an overdose of information. It is a management accountant’s task to help figuring out what information adds value and what should be left out. Doing that we should keep in mind that less can be more. We talked already about optimising the number of reports in the article 

Answer 2

recent developments in accounting is now accounting can be done through ERP software . few examples of erp software are tally , SAP , saral etc .. 

this software simplify the work of accounting . 
for eg . if u enter the data in form of journal entries , software will process and give u prepared balance sheet . and also calculate few ratios by just recording journal entry