The Effects of Technology on the Accounting Profession Essay

The Effects of technology on the Accounting Profession - Essay ExampleTechnologies of entomb connectivity has led a high degree of cooperation in exchange of data. Accounting soft w ares have brought mutation in story and finalization of financial statements. Every time a transaction is proceed into report software package all accounting activities till preparation of financial statements are performed by the software. Financial statements are available for analysis with every transaction processed.Non- customized soft wares are available for general accounting only when large businesses and even some SMEs, like the organization I am associated with, get accounting software customized as per their requirements. Certain areas of core accounting have been immensely affected by Information Technology like preparation of payroll records, calculations and withholding of tax deductions, filing of payroll and tax returns, invoicing, tracking accounts receivables, on line bank transfe rs, and many others.Information technology has evolved such B2B (business to business) systems that work effectively despite complexities involved. In fact my organization has made such a system as part of Enterprise imaging Planning (ERP) system. Bills are generated and payments are electronically processed through EBPP (Electronic Billing Presentation and Payment) systems, and accounting of such transactions is facilitated as soon as the bills are generated. One can imagine the impact of speed, accuracy, and nest egg affected by EBPP system on the accounting systems.Internet has opened lot of opportunities for small accounting firms through business processing operations. Accounting out sourcing is the invention of technological developments that has helped both CPA professional who is providing the work of his client by outsourcing it to other accounting professional who is receiving the outsourced assignment. The point is that at both ends, the supplier and the