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!!