How does technology impact accounting

How does technology impact accounting

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
CONCLUSION...........................................................................................................................................5
REFERENCES............................................................................................................................................6

INTRODUCTION
The essay is based on analyzing impact of new and advanced technology on accounting. In
current time period there are numerous kinds of technologies which is affecting to aspect of
accounting in both positive and negative manner. In most of the entities, advanced technology
based accounting is being applied for better result.
MAIN BODY
“Impact of technology on accounting”
The greatest influence which new technology has made on finance is the willingness of
businesses to create and use computerized processes to monitor and document banking
transactions (Liucheng, 2018). New information technology platforms and automated systems
also reduced the time taken by auditors to plan and introduce financial reports to managers. In
order to adapt to business trends and the demands of consumers, accountants need to stay up to
date with technical developments. The manner in which accounting is conducted today has been
led by technical advancement. Efficiency and organization is strengthened by digital resources
and web platforms.
Positive impact of technology on accounting:
Virtual storage of documents- It's a costly and time-consuming job to maintain paper notes. And
there are other problems, such as physical space, to remember. Physical storage has increasingly
been replaced by digitizing records. One such advantage is speed of connectivity, and there are
many more, especially with the use of cloud services.
Elimination of bureaucracy through the use of platforms- Technology based accounting systems
are easy and simple networks that provide consumers with distribution channel as well as
records, documentation and any other digitally content conduits (Natu, 2019). This versatility
removes bureaucracy levels and thus reduces time. Online management tools are also offered by
these networks that support finish the project and accomplish goals.