Tuesday, October 6, 2009

The Impact of Information Technology on the Accounting Profession

Technology has revolutionized the way businesses and the various departments within the organization operate; more specifically, it has revolutionized the accounting profession by way of increased efficiency and accuracy.

Advantages of IT in Accounting:
  • Increased Efficiency
  • Increased Accuracy
  • Faster way to send and receive data
  • Help streamline and automate task
  • Allows accountants to focus on other tasks
Disadvantages of IT in Accounting:
  • Security of Information - How secure is this information to outside threats?
  • Controls on Information - Who can access what?
  • Training all employees on how to use IT - Can be Costly
  • Constant maintenance and upgrades
  • Costly!!

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Please add to advantages and disadvantages of this technology. Also, please share your experience with the technology.