The main aim of this report is related to the requirement of technological development as these developments are needed for the development of workplace so that it can bring improvement in the overall business processes of the companies. Major parts of this report take into account different kinds of technological advancements that have been occurred in the market place. In addition, the report also takes into consideration the impact of these technological advancements on the improvement of the overall business operations (Tongur and Engwall 2014). In the marketplace, the presence of certain business organizations can be seen that those are solely dependent on the technological developments for ensuring survival in the immense market competition. For this reason, the report will involve in proposing some of the major technological changes that can be brought in different operational areas of business like accounting, operations, accounting and others.
The major purpose of this report can be found in the analysis of the present technological developments those have taken place in the area of accounting. It can be observed that various technological development in the field of accounting along with the development of advanced accounting software have major positive impact on the process of accounting as they have made the accounting process more efficient so that fast response can be provided to the financial managers (Monahan 2013). For this reason, another major purpose of this report can be seen in the analysis of the impacts of various technological accounting practices and advanced accounting software on the accounting as well as financial reporting framework of the business entities. This report will play a major role in informing the managers about the use of different advanced accounting software along with advanced computerized system that play crucial part for the companies in the purpose of the development and presentation of the financial reports (Frame and White 2014).
This report related to the major advancement or development in technologies in the field of accounting and the overall development in the business processes will be directed towards the organizational managers of the companies along with the senior executives in the board of directors of the companies. It needs to be mentioned that it is the responsibility of the senior level managers and executives of the compares to make the major business decisions for the overall progress and betterment of the business (Frame and White 2014). For this report, the report will involve in providing major suggestions to the senior level managers of the business organizations on the fact that where the companies can become majorly beneficial from the implementation of advanced computerized software as well as accounting packages or not. The main reason for directing this report towards the senior level managers of the companies because of the fact that it is on the senior level manager of the companies to take the decision related to the suitability of the advanced accounting software for the needs of the business operations (Laeven, Levine and Michalopoulos 2015).
Based on different kinds of requirements of the business, the senior level management of the companies are needed to take crucial business decisions related to the accounting information system and the advance accounting software that is needed to be selected so that it can cater to the needs of the business. In the recent scenario, management of the companies provide great importance to the accounting information system in the process to make the business decisions and the effective management of the overall business operations of the companies related to the financial information (Marshall and Steinbart 2017). The inclusion of accounting information system can be seen in the overall business system of the companies. The main aim of the accounting information system in the business organizations is the generation of required accounting information for the purpose of the decision-making process. For this reason, the accounting information system involves in gathering, analyzing and processing the financial information of the companies in an efficient manner for providing support in the process of financial reporting.
In the recent time, major growth can be seen in the process of business technologies and the aim to bring development in technologies is to increase the overall efficiency of the business operations so that the objectives can be achieved. In the business organizations, the presence of efficient, fast and accurate information system provides great assistance in the decision-making process (Richardson, Chang and Smith 2014). Apart from this, information technology can be regarded as a tool that provides great assistance to the organizational managers in managing the business operations in the smoothest manner. The application of effective information system has major effects on the business operations of the companies along with the process of financial reporting. For this reason, it can a business become successful in the effective implementation of appropriate accounting information system, the it will provide major assistance to the senior level management in bringing transparency as well as accountability in the whole process of financial reporting (Lim 2013).
The management of the companies can expect that fact that the effective implementation of an accurate accounting information system will provide major assistance in the generation and analysis of the financial information of the businesses in the most accurate and fast manner. The information that is generated from the accounting information system is effective in nature and it is free from any kind of manipulation; for this reason, the top level management of the companies uses this information for the purpose of decision-making. Apart from this, the presence of effective accounting information system provides the management with the opportunity to make the whole structure of the business more accurate and favorable (Apostolou et al. 2014). It needs to be mentioned that the implementation of the kind of accounting information system largely depends in the nature and size of the businesses. Moreover, in the presence of accurate accounting information system, companies are not needed to record the financial data and this aspect leads to the reduction in the cost of the business for maintain the record of financial information. However, the implementation of accounting information system has some negative impact on the business organizations. Some of the major negative impacts of the implementation of accounting information system are unsuitability of the accounting information system, inability of the system in incorporating changes taking place in the day-to-day business and others (Napitupulu 2015).
Therefore, it is a major responsibility of the management of the companies to take crucial decisions related to the selection of the type of information system that the management of the companies will use in order to record and analyze the accounting and financial information. At the time to make decisions related to the accounting information system, the management is needed to consider the nature and requirements of the business. Most impotently, the management of the company is needed to make decision on the aspect that whether they will develop their own accounting information system or they are going to adopt the integrated package software that can well cater to the needs of the business organizations (Apostolou et al. 2014).
The information that the senior level management of the companies needs to take into account at the time to make decisions on the selection of accounting software needs to be based on the basic requirement and the nature of the business along with the business operations. Apart from this, the management is also needed to consider the size of the business organizations in the process of decision-making (Laeven, Levine and Michalopoulos 2015).. At the same time, the senior level management of the companies is needed to take into consideration the particular accounting information system software that are in large use in other companies. Moreover, they are also needed to consider the business of the competitors at the time of the selection of the accounting information system for implementation (Napitupulu 2015).
Vast use of traditional method can be seen in most of the companies for the purpose of recording the accounting and financial information. In early days, the accountants were responsible for maintaining the books of accounts and they were required to update the books in constant intervals for making the information up to date (Apostolou et al. 2014). They were needed to do manual entry with the assistance of journal entries and were needed to post the same in the ledger accounts. After that, financial statements were developed. After that, the accounting programs and software were developed with the assistance of information system, recording process and various IT resources. This system helps the businesses in maintaining the information in computerized system and they can update the records with just one click. Some of the popular accounting software packages are Enterprise Resource Planning (ERP), integrated accounting package and others (Apostolou et al. 2014).
Conclusion
It can be seen from the above discussion that advanced technology and software have positive contribution towards the accounting process. The implementation of effective accounting software can bring rapid changes in the process of financial accounting and can make the accounting process of the companies more efficient. The implementation of effective accounting information system reduces the work of the accountants and can lead to the automatic update of the accounting information. Moreover, it helps the companies in the generation of required business reports.
References
Apostolou, B., Dorminey, J.W., Hassell, J.M. and Rebele, J.E., 2014. A summary and analysis of education research in accounting information systems (AIS). Journal of Accounting Education, 32(2), pp.99-112.
Frame, W.S. and White, L.J., 2014. Technological change, financial innovation, and diffusion in banking. The oxford handbook of banking, p.271.
Frame, W.S. and White, L.J., 2014. Technological change, financial innovation, and diffusion in banking. The oxford handbook of banking, p.271.
Laeven, L., Levine, R. and Michalopoulos, S., 2015. Financial innovation and endogenous growth. Journal of Financial Intermediation, 24(1), pp.1-24.
Lim, F.P.C., 2013. Impact of information technology on accounting systems. Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology, 3(2), pp.93-106.
Marshall, B.R. and Steinbart, P.J., 2017. ACCOUNTING INFORMATION SYSTEMS. PEARSON EDUCATION LIMITED.
Monahan, T., 2013. Globalization, technological change, and public education. Routledge.
Napitupulu, I.H., 2015. Impact of organizational culture on the qualty of management accounting information system: A theoritical approach. Research Journal of Finance and Accounting, 6(4), pp.74-83.
Richardson, V.J., Chang, C.J. and Smith, R., 2014. Accounting Information Systems. McGraw-Hill Irwin.
Tongur, S. and Engwall, M., 2014. The business model dilemma of technology shifts. Technovation, 34(9), pp.525-53
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