BUSINESS ACCOUNTING PRACTICES.

Running head: BUSINESS ACCOUNTING PRACTICES
Business Accounting Practices
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1BUSINESS ACCOUNTING PRACTICES
Question 1
Explain how new and developing information systems have impacted and will likely impact
business accounting practices including the necessary skills and knowledge that will be
essential for accountants to use those information systems effectively.
In today’s era implementation of new skills like cloud computing, artificial
intelligence and big data had put a positive impact in the modern business accounting
practices.
Big Data uses the technology of gathering information, transforming them as well as
it does a critical analysis of the data making the information capable of decision-making. This
technology requires skills and knowledge related to creation of data, sharing of data, data
analytics, reporting of data, data mining as well as storage of data related to business
accounts (Janvrin and Watson 2017).
According to Mirzaey, Jamshidi & Hojatpour (2017) Artificial Neural Network is
stated to be a computational method in artificial intelligence that is used for solving complex
problems in financial analysis as well as optimization systems in accounting.
The privacy and the security is maintained by the block chain mechanism. This
mechanism uses the hash encryption technique to secure the data in the financial accounting
systems.