Impact Of Technology On the Accounting Sector
The world is going toward progress and new things are inventing on daily basis. New technology has a great impact on the other aspects of society
Our education system become more advanced, our communication system becomes much better than past years, online shopping and bills submission are available. Similarly
Technology has a great impact on the accountancy
Accounts mean the systematic study of the cash, taxes, and recording of finance of business and the practical implication of accounts are called as accountancy. The person who works for accounts is called an accountant. In today’s world there is strong and advance accounting system. But there was a different pattern of accountancy in the previous century. The most important pattern for accounting, which was used in past years, was bookkeeping.
What is bookkeeping?
The answer is to record the data of finance of a business in written form for examples in registers. In past there was no modern technology, therefore, the records of finance were kept in written form and that was a very famous pattern. Businessmen of past used to hire a person who worked as an accountant and recorded all the data related to finance of the business. For example, if businessman purchased some goods for sale, accountant wrote all the information on bills in a register as a record. This was an old method of accountancy.
In the present world, we have a great invention of the computer. We can work more in a short period of time. We are very well familiar with the software of MS Excel in which we just put over data and will calculate by its own. The work of days can be done in few hours. This technology also reduces the number of persons or accountants. It means in past if a company had 6 departments, so the honor hired 6 persons as accountants for each department but in today’s world even if the company has 10 departments, the company hires a single accountant who looks after the accounting records of the whole company.
Another example of technology that shows its impact on accountancy is that there is the biggest software making company for Accounting Services in UK By Weaccountax which is known as SAGE. They introduce cloud technology, which can work more efficiently. In this software company and clients can be easily connected to just having an internet browser. If the client wants to see data, he just has to click on it and can check all the records of finance in the form of PDF. This software is extremely easy to use and also more frequent.
Here a question arises that is there any threat to accountants in having jobs because of lower accounting services? The answer is no, there is no threat for accountants because as the technology increases opportunities for people also increases. New industries and companies are creating and they also required qualified accountants. This is not correct to say that technology reduces the opportunities for accountants.
Technology serves mankind in different ways. Sometimes we just have to find the final goal and technology gives us the ideas and guides us towards our goal. It is said that most of the things of past are changed today but actually they do not change they just become more advanced and technical. The patterns of accountancy also change but the basics of accountancy have remained same.