• 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...

Introduction

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.

Middle

'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.

Conclusion

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. This report has been produced as evidence for Unit 9 - 'Financial Services' - ...

    fund performance - such charges are always reflected in the average annual total returns that you see in fund advertising. Usually quoted for standard periods such as one, five, and ten years and for the life of the fund, average annual total return is the compounded, annualized version of total return.

  2. Complete Report on Askari Commercial Bank

    assure that customer has the following characteristics: * The customer must have the age of majority, it means he must be the age of 18 according to law. * The customer must be of sound mind. * The customer must not be insolvent and bankrupt.

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

    This results in job 'enrichment' for employees. Modern accounting practices are customer-driven, making customer satisfaction the main concern, using value-chain analysis as a method. Organisations need to concentrate on cost efficiency, quality, time and innovation. To achieve this organisation need to implement new methods of continuous improvement, employee empowerment and

  2. The Purpose of Keeping Accurate Accounts

    Because of these sorts of effects, it is now accepted practice that when a company chooses to treat items such as depreciation in a particular way in the accounts it should go on using that method year after year. If it is NECESSARY to change the method being employed or

  1. FINANCE ASSIGNMENT

    (Nobes and Parker, 1995, pg 320) 3. TAX: As mentioned earlier, there are different users of the financial information. The financial information maybe used to determine the amount of tax to be paid by an organisation. " In countries like Belgium expenses are only tax deductible if they are also mentioned in the Profit and Loss account.

  2. Identifying and describing the main financial service needs for a student starting at university

    (See maximum loan table below) 75% of this is the basic entitlement and 25% of the loan is assessed on the students or the students family's income. Interest on the loan is linked to inflation, so what you repay will be worth what you borrowed.

  1. Unit 5 Introduction to Accounting

    * Keep all the profit - as the owner, all the profit belongs to the sole trader. * Business affairs are private - competitors cannot see what you are earning, so will know less about how the business works and how it succeeds.

  2. What does Finance involve.

    Fresh ingredients such as, lemon, mint, fruits etc. (this may need to be brought after some days as it can go off in a short amount of time) 40 different types Max �0.80 each type �32.00 www.asda.com I am going for Asda because the prices are slightly less then Sainsbury's

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