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Accounting and Technology Assignment

   

Added on  2020-03-28

5 Pages939 Words48 Views
Running head: ACCOUNTING AND TECHNOLOGY1ACCOUNTING AND TECHNOLOGYInstitutionLecturerNameDate

ACCOUNTING AND TECHNOLOGY2IntroductionIt is among the oldest professions that we have since the 14th century, Accounting as a professionhas been in operation. A lot of development has since then taken place. Talk of new standards that are coming up, while some rules are being modified to suit the emerging trends in this field. The regulatory bodies such as International Accounting Standard Board (IASB) and the professional organizations have as well had drastic changes from management to structure and general guiding principles to allow them to face emerging trends currently. With such parametersof growth, challenges are inevitable (Heintz & Parry, 2007). Over time, however, the most outstanding problem has been the issue of technology which keeps on changing and thus causes new enigmas.Technology in the Accounting Profession From the beginning, bookkeeping was done manually, and the entire accounting cycle activities were done on manually opened journals and ledgers. With the introduction of computers and office work becoming paperless it was necessary to maintain these records in computers (Smith 2002). Simple computer programs such as Spreadsheet and office word was used. There were a lot of advantages that came with this trend, but challenges were as well inevitable. The shifting from manual basis to computer base knocked out accountants who were experienced but too old to learn out of the profession (Lorkard, 2010). Work slows down before learning curve is fully achieved. The inbuilt computer programs were not modified correctly to suit the accounting needs such as balancing of accounts, extraction of trial balance and other financial statements necessary for reporting purposes. Accounting software was thus introduced to satisfy these requirements. The

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