Effects of Technology on the Accounting Profession

Effects of Technology on the Accounting Profession University of Phoenix ACC/340 Accounting Information Systems Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, amp; Strand-Norman, 2006) This paper will examine how accounting information systems (AIS) are bringing about changes within the accounting profession. Additionally, a variety of technologies and how they affect accounting practices at Exclusively Yours Salon will be discussed. Accounting Information†¦show more content†¦ABC applies overhead on the basis of activities and cost drivers associated with each activity. The ABC system allows for more accurate allocation of overhead costs and leads to better pricing decisions. Although ABC is not a new concept, computerized systems make an ABC system much easier to implement and manage. (Bagranoff, et. al., 2006) AIS’s assist managers in responsibility accounting and tracing poor operation to departments or individuals responsible for the inefficiencies. The balanced scorecard supplies management personnel with a means of evaluating significant indicators to reveal if operational activities are supporting the organizations strategy and vision. Bagranoff 2006, states, â€Å"Balanced scorecards and corporate performance measurement aren’t new ideas. But with the Internet, integrated systems, and other advanced technologies, balanced scorecards and other approaches to corporate performance measures are becoming increasingly valuable business intelligence tools.† (Bagranoff, et. al., 2006) Recent Technologies and Effects on Accounting Processes Today many accounting procedures are automated because of computers and accounting software. Companies receive more accurate, timely and relevant information. Accounting software packages such as Quickbooks have simplified routine accounting procedures. The need for traditional methods of accounting (handShow MoreRelatedThe Effects of Technology in the Accounting Profession1069 Words   |  5 PagesThe effects of technology on the accounting profession are clear and undeniable. The advancements in technology have increased both the accuracy and efficiency of the accounting profession. Thus, the advancements also bring an increase to the education in the accounting profession. In order to stay competitive with today fast pace society accountants must become more and more technologically incline. 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