This website uses cookies to ensure you have the best experience. Learn more

The Use Of Information Technology In Accounting

3368 words - 13 pages

Intro
In this day and age, it is almost unthinkable to perform accounting functions without the help of information technology (IT). Accounting dates back to 3600 BC when the oldest business event was recorded and there is evidence accounting systems were utilized in ancient Greece, China, and Rome (Knežević, Stanković, & Tepavac, 2012). Managerial accounting is a relatively new function of accounting and provides information such as capital investment status, payback period, planning and controlling, budget, etc. to internal users and decision makers (Moorthy et. al, 2012). With managerial accounting having such an integral role in an organization it makes good business sense to integrate the two. Since managerial accounting plays such a major role in planning, controlling, and decision making activities, the faster and more accurate the data is, the better. Objective and timely information is important to the economic efficiency of business and is supplied by the accounting department or system. The ultimate goal of the application of IT in managerial accounting is to gain a competitive advantage (Moorthy et. al, 2012). The primary objective is to collect and record data and information on information and events that have an economic impact on organizations and the maintenance, processing, and communication of information to internal and external stakeholders (Christauskas & Miseviciene, 2012).
Information technology (IT) is a tool that plays a major role in helping a business be more efficient and successful (Moorthy et. al, 2012). IT has reformed traditional accounting and has enabled growth of processed accounting information, reduced the amount of routine functions by automating them, and made information available faster (Kundeliene, 2010).
The rendering accounts function and company management function are two of the main functions of an accounting system (Knežević, Stanković, & Tepavac, 2012). The rendering accounts function falls under financial accounting, while the company management function would be primarily looked at in the managerial accountanting realm.
The following list ranks United States accouting professionals top ten priorities in IT initiatives.
1. Managing and retaining data
2. Securing the IT environment
3. Managing IT risks and compliance
4. Ensuring privacy
5. Managing system implementation
6. Preventing and responding to computer fraud
7. Enabling decision support and analytics
8. Governing and managing IT investment and spending
9. Leveraging emerging technologies
10. Managing vendors and service providers (Drew, 2013)
History
Management accounting stemmed from rapid development of modern manufacturing during the industrial revolution (Marchant, 2013). Use of computers to aid in business data processing began in the 1960s with the third-generation mainframe computers (Alali & Chia-Lun, 2012). Client server applications came in the 1980s and the Internet in the 1990s. Grid computing allowed performing...

Find Another Essay On The Use of Information Technology in Accounting

The Use Of Technology In Business

735 words - 3 pages strategic position (Bird, 1999).One of the trends in businesses during the past several years is establishing learning organizations. This goal is not possible without the use of information technology because the basic concept builds upon knowledge. In fact, it is built upon acquiring, creating and transferring knowledge then modifies the organization's culture. One of the essential keys in building a learning organization is empowering employees to make decisions based on information they have about the organization's mission, strategies and values. This is best achieved through computers and software (Goh, 1998).

The Effective Use of Technology In Education

2087 words - 8 pages technological tools are available that avail the basic idea of just using the computer. Students in technological classrooms are able to access more modern, diverse information that any textbook or workbook would provide. Furthermore, the article points out that in science classes, students could gain more experimental and hands-on learning than in a classroom with limited or no technology. I would use this point of the article to point out the fact

The Use of Technology in Criminal Justice

1426 words - 6 pages inside and outside the criminal justice system that relies greatly on the use of advanced technology, as it appears to be a big help in many areas of the professional field, some of which includes Medical Services, fire departments, and law enforcement agencies. All these agencies and more now rely on information and communication for their tasks to be effective and advance technology has certainly has necessitated true production and efficiency

Use of Barcode Technology in the NICU

1275 words - 6 pages healthcare environment. The very fact that nurses are human, and as a result imperfect, supports the need for processes to help reduce the effect of human factor on the incidence of errors. The use of barcode technology, in conjunction with the human element, has been demonstrated to effectively reduce the incidence of errors related to misidentification. In the Neonatal Intensive Care Unit, the advantage of barcode technology is of specific value

The Use of Technology in Teaching English

2692 words - 11 pages assessments are abundant and can be easily gathered from anywhere at anytime. Since traditional way of teaching has been viewed to be irrelevant with recent improvements of technology of information and communication (Suryadi, 2008), educators are encouraged to make use of technology development in English classroom teaching-learning process. However, in Indonesia the awareness of the use of technology in teaching is still as low as the availability of

Use of Technology in the Classroom

892 words - 4 pages strategy and helped the students remember them. Video The video that was created goes over the comprehension strategies that the students have learned. It helped them remember major points of the strategies and gave the clues on when to use them while they are reading. Description and Rationale Technology was very helpful in creating this unit. The power points, the graphics and the video all enhance the unit to help students to learn

Use of Computers in Accounting

950 words - 4 pages Use of Computers in Accounting Introduction Computers play an important part in the recording of finical information. There care many accounting packages available, and so many businesses are able to use computerised accounting system. One of the most important factors of computerised accounting system is that it provides the same functions as a manual accounting system. Main body Most business use

The Development of a Code of Ethics in Information Technology

1861 words - 7 pages The reading that was investigated consisted of an article from Dr. Rochelle Brooks entitled “The Development Of A Code Of Ethics An Online Classroom Approach To Making Connections Between Ethical Foundations And The Challenges Presented By Information Technology”. Brooks (2010) studies the ethical challenges that are prevalent in the Information Technology (IT) field. Furthermore, Brooks (2010) examines how workers in the Information

The Impact of Information Technology

895 words - 4 pages lessons to any user who has the application. The relationship between Apple and the publishing companies described above is just one way in which technology is changing the way in which business is conducted in our society. Every day, more and more enterprises are using the various networks that we use to interact with others to evaluate us. In this sort of situation it is crucial to be a member of at least one professional networking site so

Use of Technology in Education

1426 words - 6 pages , why the popular source Wikipedia may not be the best choice for citation, and an introduction in to the world of virtual field trips. Due to the ever rising popularity of the internet and the daily use of technology, all of this information is useful to know when entering into the field of education. Schools all across the nation are trying to do exactly what the Mooresville Graded School District in North Carolina has succeeded in – leveling

The Pros and Cons of Using Information Technology in Teaching

517 words - 2 pages hard to grasp the concepts and develop the skills of using information technology. The government has laid down the policy of requiring all the teachers to learn information technology and make use of the technology in teaching. The problem is, many teachers find it hard to squeeze time from their overloaded work schedules to attend courses and later on to practice the new skills. In addition, it is difficult for a teacher to monitor the

Similar Essays

Use Of Information Technology In Operation Management

1764 words - 7 pages TABLE OF CONTENTS Introduction Analysis Conclusion Reference Introduction This report is to write about how Operation Management is employing more and more information technology, and in general this is being done to improve how organisations respond to the five objectives of Operations such as speed, flexibility, dependability, quality and costs. In this assignment, there will be an analysis of the technology available in different

Pixar's Use Of Information Technology Essay

3512 words - 14 pages Finding Nemo in May.*Pixar now employs over 700 people.Pixar has successfully combined the creative, artistic side of animation with the technology-enhanced world of computer imagery. At its core base is Pixar's proprietary computer and software systems, which enables it to not only to produce leading-edge computer animation but also model and track production timetables and costs. Pixar is driving its success through the extensive use of information

Multimedia Vocabulary: Use Of Information Technology To Teach English In Hong Kong

1504 words - 6 pages Information technology (IT) has become an important part of modern life, as well as in education. As early as in 1998, the Hong Kong government has launched a strategy entitled "Information Technology for Learning in a New Era" in primary and secondary schools. From 1998 to June 2003, the government had already spent $2.08 billion for implementing IT in education, e.g. install computer laboratory and multimedia learning center (MMLC) in schools

Information Technology In The World Of Business

1573 words - 6 pages withstand such disasters. Preventing costly problems can be as simple as regularly backing up applications and data. In conclusion, the use of technology in any business is a required tool that is utilized to continually provide better services to clients. Technology allows us to immediately obtain and trade information that is of mutual benefit to both individual tasks and corporate ventures. Technology has become an integral part of our daily