University Accounting Practices: Information Systems Impact Report

This report delves into the evolving landscape of business accounting practices, focusing on the transformative impact of new information systems. It explores the influence of technologies such as cloud computing, artificial intelligence, and big data on modern accounting methodologies. The report highlights the essential skills and knowledge accountants need to effectively utilize these systems, including data analytics, data mining, and the ability to manage and interpret large datasets. Furthermore, it examines the implementation of accounting information systems in a business environment, referencing relevant articles and forecasting future trends. The report emphasizes the role of cloud computing in providing real-time access to accounting information, improving operational efficiency, and facilitating collaboration among stakeholders. It also touches on the importance of risk assessment and the development of effective policies for leveraging new technologies within accounting practices.

Running head: BUSINESS ACCOUNTING PRACTICES
Business Accounting Practices
Name of the student:
Name of the university:
Author Note:

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.

2BUSINESS ACCOUNTING PRACTICES
Question 2
In addition, students are required to research recent articles on the implementation of a
new accounting information system in a business environment and forecasts for changes
in the future.
Cloud computing technology can play an important role in business accounting
practices in these modern times (Dimitriu & Matei 2015). The cloud computing follows an
intuitive design and provides the users to access the information stored in the cloud in a real
time basis making the accounting information available to all the experts as well as the users
of the small businesses. Most of the business organisations are now making the response for
the implementation of cloud computing technology by gaining an array of services and
guidance.
Taking an approach towards risk assessment and after inclusion of creating effective
policies for implementing usage of cloud as well as a plan fort responding risks, companies
can have the experience of leveraging this new technology and thus increasing operational
efficiency of the companies.

3BUSINESS ACCOUNTING PRACTICES
References
Dimitriu, O., & Matei, M. (2015). Cloud accounting: a new business model in a challenging
context. Procedia Economics and Finance, 32, 665-671.
Janvrin, D. J., & Watson, M. W. (2017). “Big Data”: A new twist to accounting. Journal of
Accounting Education, 38, 3-8.
Mirzaey, M., Jamshidi, M. B., & Hojatpour, Y. (2017). Applications of artificial neural
networks in information system of management accounting. International Journal of
Mechatronics, Electrical and Computer Technology, 7, 3523-3530.