what will be the impact of technology on accounting?
Answers
Answer:
The biggest impact IT has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions. ... Other capabilities of computerized accounting systems are: Increased Functionality, Improved Accuracy, Faster Processing, and Better External Reporting.
Explanation:
all the technological advances in accounting and accounting software is prey to sabotage and other forms of destructive action. Fraud is still possible. But this has led to new areas of accounting work, such as forensic accounting. New computer programs help track any attempts to initiate fraud. This area of accounting protection and investigation will continue to grow and evolve.
Accounting Technology at Home
The computer has not only revolutionized business accounting, it’s also changed how people keep track of their own money. Banking online, software programs that do your taxes, and automatic bill paying have dramatically altered how the individual handles their money.
Most of us are grateful that we no longer have to use an abacus to balance our checkbooks, or clay tokens to figure out the grocery budget. As accounting technology continues to evolve, keeping track of our money will be easier and easier. Thanks to some early mathematicians and accountants, crunching numbers is more accurate, accessible, and error-proof. In the future, new technological advances in accounting will no doubt make our lives easier.
The first step in any area of study is to review the history of the field. Accounting is a career path anticipating strong growth in the coming years. Students majoring in accounting can be assured of long-term career stability and success. If you have a head for numbers, consider becoming an accountant.