Information System And Accounting Essay

1544 words - 6 pages

ion Formation 1Information system and accounting: 2Information system and accountingNameInstitutionIntroductionTechnological advances and the dawn of the information age have made its mark on every sector of the accounting field including financial, managerial, taxation and auditing. The information systems consists of the data input and processing systems, the applications, personnel, and procedures all used to aid the management in making appropriate and informed business decisions (Laudon, K. C., & Laudon, J. P. (2006) .This paper seeks to discuss the role of accounting information systems in changing the field of accounting profession.The effect of new technology in the business world.Introduction of information technology to the accounting profession has advanced the industry and brought new ways of designing information systems. Accounting applications and systems running on computer systems in a few computers are able to perform tasks previously done by several personnel before the dawn of accounting systems.The information gathered at the click of a button informs the financial managers about the financial health of a company and response or counter-measures are made possible in real time (Banker, R., Chang, H., and Kao, Y., (2002) This real time gathering and interpretation of data has enabled and empowered managers to gain competitive advantage over other peers who rely on the manual process of collecting, inputting and analyzing data before making financial decisions.Technology and Its Effects on the Accounting ProcessesPreviously accountants based the overhead cost calculation on labor hours which were derived from documents that every worker had to sign showing the amount of hours a person has spent in the organization in a given period of time. Automation has removed this headache from the hands of bookkeepers; all a person needs to do here is press a button with finger print identification system every time they are accessing the workplace and every time they are exiting and that log of hours spent in the organization will be available to the accountant at the click of a button. Gone are the days that cashiers in a convenience store used to shout at their peers to tell them the price of a commodity when customers mill at the till. All that is needed is for the items to have a barcode tag and the barcode reader is able to read and interpret the information on the product (Bagranoff et al., 2008, p. 16).In a few clicks the information on total chargeable to the customer is displayed, charged from his bank account and a paper trail accompanies the transaction. The data generated in the transaction will involve how much was made from the product, how much the government takes in taxation, how many similar products are remaining after the sale and how many of similar products need to be ordered. The accounting system that the resident accountant will work on then will have a report on total sales, total taxable and stock management....

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