• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Information Technology has had considerable impact on the working environment of accountants

Extracts from this document...


Professional Studies Assignment "Information Technology has had considerable impact on the working environment of accountants" Introduction During the course of this essay, I will outline what types of changes Information Technology has caused, and what benefits and drawbacks these have brought about. Many organizations these days have high expectations of their workforce. For an accountant, these expectations are no different. I shall prove this by investigating exactly what companies expect from today's accounting graduate. Types of Information Technology Changes 'The Internet, is a global computer network connecting governments, companies, universities, and many other networks and users.' (Hutchinson's Multimedia Encyclopedia 2001 09/11/2001). The Internet allows us to send data electronically to computers in different continents, in seconds. Accountants are able to receive all copies of receipts, invoices, credit notes and books of accounts, over Electronic Mail. 'Closer to clients, accountants will be able to offer a personalized cashbook accounting service to their clients over the Internet with eCash' (www.ttsoftware.co.uk 13/11/2001). This new device can allow the accountant to directly put the data from the cashbook directly into the accounting package. ...read more.


'Electronic Data Interchange, or EDI, is the electronic exchange of business data. Using a standard format, EDI provides a method of transmitting business data from one computer to another, without the need to re-key data. This electronic link can result in more effective business transactions.' (www.seagate.com/support/edi/whatised.html#EDI, 09/11/01). It is a system for managing business - to - business transactions such as invoicing and ordering; to eliminate the wastefulness of paper based transaction systems. E-Commerce 'A term used to describe the interchange of commodities between nations or individuals, electronically (over a modem).' (www.highlatitude.com, 10/11/01) The main technological change in the accounting environment is the publishing of the Internet, and the improvement in today's systems. A less obvious change would be the capability of today's accounting software. 'Sage Instant Accounting is a totally integrated system; it records all your financial transactions, updates your ledgers automatically, holds customer, supplier and product records, prints invoices and produces financial reports. Ideal for sole traders or start-ups. No prior knowledge of accounts or technology needed. Do your bookkeeping in hours instead of days.' ...read more.


There will be more emphasis on multi-skilling' (Article CJ75152821, The Financial Times, May 31, 2001 p8) This article further goes on to say, 'The more hats they can wear, the more marketable they are, and they can therefore demand a higher salary.' It appears that today's recruits should almost be hard-nosed and competitive, whilst being able to work in a team and socialize with colleagues. Here is great demand for accountants, but there is also enormous competition. 'Perhaps the real message from these contrasting views is that the accountancy profession is so large now that there are opportunities for almost every conceivable personality type. And if the demand does increase, as Pitts believes it, opportunities will open up to candidates with ever more diverse backgrounds.' (Management in action - people in organizations, Manchester Open Learning, pg 158) Conclusion It is evident that companies today, prefer to employ more skillful, intellectual and spirited accountants. Gone are the days of just the required qualifications. The biggest change in I.T. over the last five years is the vast development of the Internet and its related uses. A parallel change is the improvement in software packages and its combination with Internet technology. ?? ?? ?? ?? 07/11/2001 BA (Hons) Accounting & Finance 1 Chris Bailey ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Accounting & Finance section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Accounting & Finance essays

  1. Unit 5 Introduction to Accounting

    While intangible assets don't have the obvious physical value of a factory or equipment, they can prove very valuable for a firm and can be critical to its long-term success or failure. For example, companies such as Coca-Cola wouldn't be nearly as successful were it not for the high value obtained through its brand-name recognition.

  2. What does Finance involve.

    But getting partners would mean that I will not have fully control over my business. So although this is a good idea I don't think it is something that will be right for me and my business.

  1. Complete Report on Askari Commercial Bank

    The bank has seen its role developed in syndicated consortium finance, from simply gain a participant or co-arranger, to increasingly becoming the arranger and lead manager. Progress on the setting up of an asset Management Company was slow because of delays in receiving statutory approvals.

  2. "If management accountants are to remain useful to the organisations within they work, they ...

    The main reasons why changes in practices have occurred are due to computer software allowing data to be used more effectively e.g. projecting future performance from past performance. External factors are now being considered to aid budgets, forecasts, share holders now focus heavily on future predictions instead of past performance.

  1. This paper discusses the statement 'in a politically charged rulemaking environment, conceptual frameworks has ...

    Those concepts provide guidance in selecting the transactions, events and circumstances to be accounted for, how the elements (i.e. assets, liability, equity, revenues and expenses) should be recognised, defined and measured, which cost or value should they be measured and how they should be summarised and reported.

  2. The Purpose of Keeping Accurate Accounts

    These things are done to burst membership. The areas which cause concern or complications within Social clubs, are overdue subscriptions: long life membership: entrance and joining fees: donations: and depreciation. Comparison and contrast between the preparation between Limited companies and partnerships. The format of accounting is almost the same as that set out by the Sole Trader,


    are code law countries." (Walton, Haller and Raffournier, 2003, pg 25). 2. FORMATS: Evident differences maybe noticed in the format adopted by different countries to report financial information. There are several tools like the Profit & Loss Account, the Balance Sheet, and Income Statement etc.

  2. Produce a report divided into seven main sections based on a case-study BB Ltd ...

    Therefore, in order to calculate total costs at a specific level of output, a manager would have to work out the semi variables especially. This makes then hard to deal with, notably in break even analysis. Examples of semi variables include maintenance expenditure and telephone bills.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work