Effects Of Technology On The Accounting Profession

Effects of Technology on the Accounting ProfessionTechnological innovations over the past times 30 to 40 years comport greatly compound report system and finance activities , procedures , and policies ADDIN ENRfu . Although technology is certainly not saucy to bill recent advances swallow altered all aspects of the accounting function including : economic measurement , financial reporting , managerial planning and control , and auditing . The agency of technology and computers within the presidency also has deviated . Local area (LAN ) and wide area (WAN ) entanglement activities , including the Internet and the many forms of Electronic Commerce and Electronic entropy Interchange (EDI , in addition to Enterprise Resource formulation (ERP ) and separate applications , have transformed the instruction accounting is through , calling into question the importance of traditionally valued accounting functions and skills (Lewis , 2003Technology depart be an integral component and vehicle for that change serving as a cognition-based repository . Intranet and Web-based software and applications leave behind be the foundation for this technology Technology allows many more highly diverse , geographically dispersed intellectually vary talents to be capitalized as resources of an discipline-age organization . Network systems provide a common language and informationbase for communications , capturing critical factual data about external environments , and helping individuals find knowledge sources and top problems . As soon as a firm takes its firstly steps from data to information , its decision processes and management expression are transformedAs affairal service firms , accounting practices are in the forefront of thisknowledge management . Accountants exploit their personal knowledge and trainingcodify that knowledge into explicit knowledge to be shared by other members of theirfirms , and use that collective knowledge to provide value-added services to clients . Thecodification , memory , and communication of that knowledge rely heavily on innovativetechnologies . Although accounting has used technology for decades , the impact ofknowledge management on at once s organizations has elevated the role and application oftechnology to preeminence .

Technology is requirement to support the creation anddissemination of knowledge within members of global organizations as well as provideessential tools for decision support . This has created a renewal in the tasks done by accountants , the way information is elegant stored , and communicated , and ultimately the skills needed by accounting professionalsEducators and professionals according to Lewis (2003 ) have long identified areas such as communication and analytic skills as necessary for success in the accounting profession . With technology s strong penetration into the profession , other skills and qualities have become essential . Specifically , technological improvement will be required of all entrants into the profession and will be positively related with professional success . Thus , the in the main accepted attributes assumed to lead to professional success (technical proficiency in the field of accounting ) must be supplemented to take on those attributes required to achieve technological proficiencyThe new post-industrial or information paradigm of wealth creation is profoundly changing the way business is being conducted , making traditional accounting concepts and methods incapable to service this new model . The choices of the profession are , indeed , either to adapt to the new demands or to become irrelevantThe role of the...If you want to get a full essay, order it on our website: Orderessay

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