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How does technology effect the accounting profession?

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How does technology effect the accounting profession and accounting processes? Give examples for accountants and auditors. Also, discuss how information system are changing how accounting is performed at a law firm.

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Solution Summary

Your tutorial is 731 words and four references and gets you started with some ideas of how the accounting profession, both auditors and management accountants, have changes because of information systems. It also shows that the legal profession has changed even more and why.

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A discussion of the ways that information system changed the accounting profession could be nearly endless. Having databases and ways to organize, summarize and interrogate them, has changed how much businesses can know about their firm and therefore the information they can demand. It has changed the auditing profession who can now test databases and not just hard copy documents. It has changed regulator's ability to screen and study financial reporting. It has permitted clients, large and small, to organize their data professionally and generate accounting information with little expertise. Even the mom-and-pop small businesses with one computer can have fairly sophisticated general ledgers and reporting modules for just a few hundred dollars.

On one hand, the accountant's job is easier. The manual adding and verifying before the personal computer and databases were everywhere, was tedious, expensive and boring. In fact, much of the "crunching" was left undone because it was too hard, too slow and too expensive. Decision-makers just made a reasonable guess when they bought a new asset. Now, decision-makers can get a detailed report of the lives, cost, salvage values, maintenance records and quality history of a fleet of machines before making a decision. ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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