The Use Of Information Technology In Accounting
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This research derives its significance from the significant of the topic which is researches are still conducted on challenges on aspects affecting the adoption of IT needs more depth and diversity, and we are interested through this study to pay part of this gap in addition to the integration of technology Information needs to be informed management and able to use the technology properly. The study will add knowledge to the existing literature, be helpful to the readers, and helpful to understanding about the challenges and the advantages from using IT and showing advantages and weaknesses of using IT and will be great relevance to the companies, and , banks, and organizations, and government, and accountants, and all users of accounting system, and researcher’s, etc.…
There have many utilizes of Information technology in accounting from trading financial instruments to recoding individual budgets to reporting the earnings of a business and expenses, financial firms every day utilized computerized technology. One of the advantages of Information technology lets the fast calculation of financial statistics, other than electronic transfers of money. the accounting profession has improved by the development of technology and enter into the new software’s and applications have made the accountant’s task easier and simpler. this is so essential to learn about the area in today’s contemporary world If you want to prepare yourself for studying the accountancy in a college, passed those times when accountants utilize pens and paper and calculators to balance the books and verify the ledgers are accurate and correct. significance of IT in the decision-making process becomes visible in the instruments, for instance, Enterprise Resources Planning software and decision-support systems that support directors to look at business showing data in actual time so that they be able to make more efficient decisions.
This software provides an accessible and online information panel with information about the business’s funds, clients, liabilities, assets, equities, expenses, revenues and sales, and advertising directions and merchandise. the data be able to use by managers about deciding which products advertise or cut of expenditures and unnecessary costs, and where to remove expenses, when to position the supply and raw material orders and which customers require support. The information revolution is sweeping across our economy. It reflects all companies and organizations no firm can escape its impacts. Dramatic growing in productivity, data processing, and information transmission changes the way we do business. There are several kinds of abilities that a skilled accountant must hold sooner than he want to acquire a position with a famous company. Moreover, he should be educated in accounting procedures and communicating skills, accountants also must utilize processes taught and integrating these processes with computer programs. While there are many professionals that are not very good skills with the latest ERP Systems, all specialists in the area should be able to combine accounting and IT. However, several companies still do their accounting manually, most firms usually have too many transactions to support a not electronic accounting system.
The more complex and greater business activities of industry to guarantee successful financial reporting more expected that you need the information technology for your accounting tasks and business transactions, CAS (computerized accounting system) is the software packages that stored on the computer in the company, network server or remotely accessed through the Internet, employees’ productivity is exponentially improved by business software packages and Computers by providing data entry functions or review reports or invoices and statements. Businesses have automated some conventional processes instead of using human resources to manually.
Generating income or expense accounts by Computerized accounting systems, like rent or sales income, wages, administrate payments, advertising expenses, and raw materials payments. We can also control bank accounts, pay invoices. Depending on the program, a few accounting systems also allow you to prepare tax records, handle payroll, and control project costing. Enterprises are using sophisticated software programs to manage accounting and finance tasks. Certainly, enterprises commonly utilize programs that are synchronized accounting with POS (point of sales) computers and accounting programs, such as that each buy or sale transaction will be automatically taken in an accounting program. Employing technology to operate financial record-keeping and managing and reducing physical processes, supports protect against human mistake.
To meet the requirements of your business You can usually customize the software. It’s very critical to ensure about your team is being trained well, they taught to operate and utilize the whole system perfectly so your business can be successfully utilizing your accounting program, and more be secure.
We can say They are complete each other Technologies that are ever developing and in accordance with the American Institute of CPAs (certified public accountants), everyone who desires to become a certified public accountant must keep up with the new technologies. If you have always wanted to carry out and working in an area that frequently known the “language of business”, now it’s time to begin a college degree. While you don’t need to do the same boring job, gaining some basic skills and sophisticated skills in interpreting financial information is the key. When you are skilled in technology and accountancy and you had a good experience, you will be prepared to look for the opportunities to start your career.
If we are looking at the studies from over the past two decades, we can see the success story of so many businesses depend on several factors. For instance, how accurate your analysis? did you choose a good and appropriate technology? what is your vision for the future and your planning? Enhancing and growth the market share and the financial figures and general competitiveness of those businesses that invested in the technology and pick the innovation route in the information technology providing the opportunity to analyze the data and plan the company’s business appropriately. It’s also provided so many tools which might solve the complex and sophisticated (Afzal, 2015)
Sisk (2018) Highlighted that employing of each computer, networking, storing, and other hardware substructure and procedures to produce, process, store, safe and transfer entirely kinds of automated information, IT, so, contains any machine-driven or digital way by which a commercial office gathers, saves, recovers or uses information..
According to (Beal, n.d.) IT is the wide subject involved with all aspects of managing and processing information, especially in a sizable association or firm. IT is Beyond Computers and Networks, Although IT is often employed to define computer networks and computers, IT, in reality, contains all tiers of all the systems within an association from the operating systems to physical hardware, databases, applications, storage, servers and more. Telecommunication technologies, such as the Internet and phones are also a portion of a business information technology substructure.
Accounting – is defining as the process of recording a financial transaction relating to a company. The accounting process consist of summarizing, and analyzing, and submission on these transactions to concern parties like the regulators, and income tax gathering units and the owners and the administration and financial markets, etc. (internal and external). The financial reports employed in the accounting are a brief of financial operations over an accounting cycle, brief a business’s operations, financial status, and cash flows (Tuovila, 2019).
The different explanations and definitions of accounting have presented different accounting experts regularly.
System- System is defined as a set of double or more related and dependent parts work together to reach a target or a particular goal. These parts can be referred to as a subsystem that works a critical function to a supportive part of the bigger system (Qamar, 2016).
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