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

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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.

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