Over the years, technology has developed at a rapid rate. It has dramatically impacted personal lives and consequently has affected the way we work. Indeed, not only has development in technology improved global business operations but also changed the face of accounting. Technology has made possible software that allows individuals the ability to conduct difficult accounting functions. Additionally, interconnected technology has succeeded in making accounting both more comfortable and more efficient. Universally, continued and increased development in technology over the years has significantly benefited accounting. Improvements in technology and computer systems over time have accordingly reduced the amount of time that accountants require to avail financial information to organizational seniors (Vitez, 2017) . All in all, information technology has not only reduced the time frame that is required by accountants to develop financial information but has also succeeded in improving overall efficiency and accuracy of financial informatio n. More importantly, years improvement in various aspects of technology have enabled accountants to easily organize financial information, measure economic activities and analyze financial data.
The most significant impact technology has had on accounting is that it has enabled worldwide development and usage of automated procedures to follow up and document various accounting related dealings (Vitez, 2017) . Moreover, it has allowed accountants to translate paper ledgers, hand-written financial statements, and manual spreadsheets into computer ized systems with the ability to display accounting transactions into financial statements. Consequently, technology has made popular accounting systems, a reality that can be tailored to specific industries. By doing this, technology gives various companies the opportunity to quickly and easily create individual reports for decision making in management (Vitez, 2017) . Apart from these improvements, technology has further impacted accounting in the following ways:
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Increased Accounting Functionality
Advancements in technology have led to the development of computerized systems that have consequently led to improvement in accounting departments performances through increased timelines that are needed for acquiring accounting information. Therefore, accountants are allowed longer time frames for adequate preparation of accounting reports and additionally analyze operations to achieve accurate financial information (Vitez, 2017) . Furthermore, computerized systems have further improved the number of economic reports that are drawn by accountants. With automated systems, accountants can now access cash flow statements, departmental profits, and loss in addition to reports on markets shares.
Improved Accuracy
Moreover, technology has enabled the incorporation of balance measures in addition to internal checks into computerized systems ensuring that accounts and financial dealings are correctly equated before the preparation of financial data. Furthermore, automated programs ensure that journal entries are well balanced before being posted and consequently ensure appropriate recording of all financial dealings. Accordingly, when using computerized systems the accuracy of financial data is maintained by ensuring that accountants who have access to financial data are as few as possible (Vitez, 2017) . T his is because the lesser the accountants, the higher the accuracy of the accounting statements that is checked by competent supervisors.
Increased Accounting Data Processing
Technology has led to advancement in computerized systems that fundamentally provide accountants with the opportunity to easily transact huge amounts of financial data in the system of accounts. Moreover, speedier time coverage that is needed for processing individual transactions has also lessened the time frame that is necessary for closing each accounting year (Vitez, 2017) . Computerized systems, therefore, eliminates taxations on various accounting sectors thereby reducing wage expenses and accounting hours . Thus, technology eliminates this situation by shortening time periods, thereby aiding companies in controlling costs that predominantly increases overall company efficiency.
Facilitates Better External Reporting
Through technology, computerized accounting systems improve annual reports that are issued to outside investors and stakeholders. Consequently, as a result of accurate reporting of financial information, a factor made possible through technology, investors and organization stakeholders now have it easier to determine whether a company is viable for investment (Vitez, 2017) . Additionally, due to technology, various companies can now use these investors to determine equity financing for their business ventures.
Not only has technology benefited accounting, but it has also left a permanent mark on the accounting industry. Technology has led to the development of:
Specialized Accounting Software
Every year, financial specialists are foregoing using pens, desk calculators and ledgers for they are considered traditional. As a result of technology, accountants can access efficient tools for processing accounting information in addition to specialized accounting software that enable them to input and compute accounting data much more faster than before (Ledger, 2016) . Moreover, technology through scanning is continuously eliminating manual insertion of accounting data into software systems. This is done by merely photographing pages after which the computerized software is left to produce the final document as needed by accountants.
Consequently, technology has made it possible to acquire accurate computations when computing accounting data. Computing all accounting data using computerized systems improves the accuracy of financial information due to the ability of computers to lessen errors during accounting computations (Ledger, 2016) . In accounting, the smallest mistakes can mean serious consequences that may result in tax penalties, discipline by the board of members, or even destruction to an individual’s professional respectability (Ledger, 2016) . More importantly, accounting programs that has been realized through technology has developed the traditional white-collar accounting industry into a dynamic and apace career.
Development of Cloud-Based Systems
In the modern world of today, businesses should thoroughly learn to utilize the internet. More often than not, people have an ideology that the web is a site where companies store their websites and social media accounts. Technology has however brought with it a rapid change in the form of cloud-based processes that has taken the business world to another level. As never seen before, various accounting organizations are employing cloud-based systems into their accounting systems predominantly to update their accounting information. Cloud-based systems allow accounting firms to have their accounting records in digital formats and additionally, place them in one complete order for easier managing and retrieval of files whenever they need them (Ledger, 2016) . Moreover, through cloud-based systems, accounting information is easily transferred to different branches within a company. Consequently, using readily available and straightforward cloud-based programs in accounting has tremendously reduced expenses associated with IT and keeping of accounting records (Vitez, 2017) . More importantly, cloud technology has potentially improved security, backup, and retrieval of data in accounting.
More Efficient Client Transactions
It is stated that employees within the accounting ranks of a company in addition to accounting consumers have the benefit of accessing digitized information and accounting opeartions. Technology has eliminated the need for onsite consultations as both accountants and clients are given the opportunity of remotely accessing real-time data (Ledger, 2016) . Therefore, viewing, editing, and commenting of financial statements is made concurrently available to both accountants and clients alike. Furthermore, they can convene and thus discuss issues of financial information in whichever manner that is more convenient to them, and may include web-hosted video conferences. Moreover, technology has brought to the accounting industry software and applications with modified accounting features that allow consumers to easily understand their financial statuses.
Mobile Accounting
Most times, it is apparent that we as human beings of the 21 st century, we are more dependent on our mobile devices. However, despite the ubiquity that mobile devices hold, various pros exist even though several businesses have not made appropriate use of them. Technology has brought with it new mobile applications that are explicitly dedicated for financial processes. These accounting applications allow easier addition of receipts, sending of invoices and creation of expense petitions, in addition to several accounting processes (Ledger, 2016) . By using these applications, a person can accomplish all accounting tasks just by swiping a couple of screens after which accounting data is appropriately incorporated into the cloud. Furthermore, technological connections through mobile gadgets enable financial clients and accountants to forge better relationships (Ledger, 2016) . In this way, when an issue needing immediate answer arises, one can access any files and data that they need regardless of where they are.
Increased Diverse Roles for Accountants
In accounting, most professionals often dread tiring accounting tasks that involve putting together and computing accounting information. However, technological advancements over the years have dramatically improved this aspect of accounting as these tasks can now be done just by clicking button. Advancements in technology have led to the creation of accounting software and application programs that allow accountants to have extra time for engaging in varied activities (Ledger, 2016) . Moreover, accountants are now able to steer away from the crunching of numbers that are often time-consuming, to expanding their skills to meet more specialized and strategic roles. Accordingly, accountants are now able to access more value-adding functions and consequently provide addition al quality accounting services such as analysis and interpretation of financial information. Moreover, accountants can now offer advice and business consultation services to clients and additionally increase their involvement in the ongoing operations of their companies.
In today’s accounting world, it is mandatory for corporations to contend with recent advancements in technology to increase their productivities and their competitiveness in this ever-changing global business world. Moreover, they have to be alert with new accounting programs and application that technology avails for improving and securing their financial information.
References
Ledger, J. (2016). 5 Ways Technology Has Changed the Accounting Industry in the Last 5 years. The Jmark Journal of Information Technology , 1-4.
https://www.jmark.com/5-ways-technology-has-changed-the-accounting-industry/
Vitez, O. (2017, September 26). The Impact of Information Technology on Accounting. Retrieved July 2018, from Bizfluent: https://bizfluent.com/about-5471307-impact-information-technology-accounting.html
