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BU 397 - Accounting Software System Implication | Report

19 Pages4188 Words180 Views
   

Wilfrid Laurier University

   

Accounting Standards Change (BU 397)

   

Added on  2020-03-02

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BU 397 - This report reflects the understanding of key factors of innovation and accounting software implication for effective business functioning of the organization. This implication will reflect how an accountant could enhance their learning and skills for the betterment of their career. However, in today’s world, finding a suitable career-oriented job has become tough. various accountants are using innovative and creative accounting software and tools to increase the effectiveness of their work and recording frameworks.

BU 397 - Accounting Software System Implication | Report

   

Wilfrid Laurier University

   

Accounting Standards Change (BU 397)

   Added on 2020-03-02

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RUNNING HEAD: Accounting software system implication 1Name of the student- Title- Company analysisUniversity name-
BU 397 - Accounting Software System Implication | Report_1
Accounting software system implication2Table of ContentsIntroduction...........................................................................................................................................2Current and future technologies in accounting work............................................................................3Part of artificial intelligence and technical innovation in automation of accounting work....................5How Artificial intelligence has changed professional accountant working............................................6Accounting career after adoption of accounting system software........................................................7Accountant scope to join the board for strategic decisions after implementation of accounting software................................................................................................................................................9Impact of accounting software on ethics of accountant and organization..........................................10Impact of accounting software on the accountant lives in Australia...................................................10Recommendation................................................................................................................................11Conclusion...........................................................................................................................................11References...........................................................................................................................................12Appendix.............................................................................................................................................14
BU 397 - Accounting Software System Implication | Report_2
Accounting software system implication3Introduction This report reflects the understanding of key factors of innovation and accountingsoftware implication for effective business functioning of organization. With the increasingramification of economic changes and company’s complexity of running business,accounting system and software related to the same has been gaining momentum throughoutthe time. Accountant is the person who books, records classifies, analysis and assess thefinancial and accounting transactions. In this report, adamantine study has been prepared onthe use of accounting software and its usages in big multinational organization. After that,critical understanding has been conducted to evaluate the pros and cons of using accountingsystem software in recording and analysing financial and non-financial transaction.Afterward, principles of accounting has been discussed to identify the importance of applyingproper accounting frameworks. In the end of this report, accounting system software and itsimplication in accounting and reporting framework of organization has been determined ineffective manner (Castro, 2013).This implication will reflects how accountant could enhancetheir learning and skills for the betterment of their career. However, in today’s world, findingsuitable career oriented job has become tough. Accounting field offers various jobopportunities and offers to persons to pursue their career goals and objectives in determinedapproach. It is observed that if accountant could learn accounting software and cloud basedaccounting system then it will not only increase the effectiveness of their working but alsoestablish automation in various system of accounting system such as recording, classifyingand assessing the financial transactions of business. Throughout the time, variousaccountants are using innovative and creative accounting software’s and tools to increase theeffectiveness of their work and recording frameworks.
BU 397 - Accounting Software System Implication | Report_3
Accounting software system implication4Current and future technologies in accounting work Organization is accompanied by several steps and activities in which variousfunctions are performed for accomplishing set objectives and goals. With the rapid growth inthe technologies and smooth running of business, accountant plays an effective roles by usingseveral accounting software’s for storing and recording of financial data of organization.Artificial intelligence could be defined as future without humans for discharging assignedwork. There are various accounting software and artificial intelligences which are used byorganizations with a view to record their data and details in organizations. However, it isevaluated that if accountants do not accompany with new technologies and accountingsoftware (Kavanagh and Drennan, 2008). Accounting skills is not limited to the extent ofrecording and classifying of accounting details of organization. Accountants shouldunderstand the mortification of manual accounting entries and adoption of advancedautomation is passing journal entries and recording financial transactions. (Hejazi, Halpin andBiggs, 2014).Currently, small and medium enterprises are indulged in hiring professionalaccountant or certified public accountant who pass the journal entries and record the financialtransactions in systematic and effective manner. After that, these information’s are furtherused to prepare the financial statement. Nonetheless, these types of accounting process resultto various types of risk and errors such as accountants some time mistakenly book doubleentries, passing wrong entries and calculations errors (Hall, 2012). These types of errors andmistakes increase the inherent risk of the accounting entries of organizations and result tosharing wrong information sharing to shareholders (Treepong and Boontong, 2015).Moreover, currently, accountants are more inclined towards using manual functions andcreating manual books and invoices for creating financial statement of company. However,with the changes in technologies, accountant has to be well versed with the newly introduced
BU 397 - Accounting Software System Implication | Report_4

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