Information Technology has been so vital in shaping up the business world. The benefits derived from implementation of Information Technology in an organisation are undisputable. Communication sector, education sector, health sector or be it the business sector in general, the impact of IT has been commendable and the effectiveness and efficiency derived from IT has led to better business practices. It helps in saving time and cost of an organisation while making sure the transactions are recorded in a fair way keeping things transparent. It also helps in data storage facility, data management, analysis and produces important output as per the requirements of the organisation. This report analyses different articles to analyse the impact of computer technology on accounting system.
According to Coman and Coman (2016), information technology has a strong influence on the financial accounting system of an organization. With the advancement of globalization, IT is providing competitive advantage especially in the crisis period. The authors intend to demonstrate the role of information systems and how the accounting systems have changed the business scenario. Coman and Coman (2016) have reviewed literature and stated the advantages of technology in financial accounting system. It also states the influence of IT on the financial accounting department of an organization.
According to Ghasemi and Shafeiepour (2011), information technology’s impact on accounting system is immense. The focus shifted immensely towards improvement of accounting accuracy. Now everyone uses the IT tools for developing and using computerized systems while recording and tracking the financial transactions. Its accuracy and network system helps in saving time while preparing the financial statements. The managerial decision making can be effectively achieved. Say, if they want to analyse the expenditure, managers have to ask for expenses related transaction which is easy to extract with help of an efficient IT tool.
According to Klovien? and Gimzauskiene (2015), the compliance of rules, standards and laws by the business entity with respect to its accounting system is the major focus of preparing the financial statements. The author focuses on the conformity of the company with its accounting system. The case study used proves that for the accounting system to be effective, the external environment needs to be considered and the effects of the same as an internal environment. They have highlighted the differences while using the accounting system in static or dynamic external environment and the reaction on internal organisation.
According to Güney (2014), the technology’s role in accounting and e-accounting has helped in changing the methods used for carrying out the tasks. The author mentions that the era belongs to the technology and developments achieved because of the technology. The technology has influenced the accounting system vastly. The IT tools help in educating the users for doing their tasks more efficiently and effectively. The students should take on courses that are more targets based. E-accounting helps the management in covering up the work more effectively and with proper flexibility.
The common theme that is observed across the four articles is the impact of information technology on the accounting system. The articles discuss the role of technology in accounting. As technological developments have changed the way of conducting accounting activities, the articles have highlighted the importance of technology in the current world. The articles discuss the ways in which information technology has brought digital revolution in social, economic and cultural fields. The adaptation of latest tools and software has led to a better accounting system all over the business entities. This helped in saving time and effort as well as achieving the goal of transparent and accurate financial statements. The IT helps in recording the transactions as well as keeping a track on the same. The managerial decisions are easily taken because of the information gathered with the help of better accounting systems. The functionality, accuracy, processing and flexibility have improved over the years due to the IT. Good accounting system is the initiation of better decision making processes. Also, all the articles discuss the policies and objectives are framed as per the information gathered from the accounting system. The articles share the common theme of how E-accounting helps in sharing real time data and updated information with help of various IT tools and the internet.
The theme by Coman and Coman (2016) is different from the other researchers as it is based on the hypothesis that there are firms that are based on information technology thereby making the quality of IT services highly essential. Further, another hypothesis of the study by Coman and Coman (2016) is that there are organizations preferring integrated solutions and that that require distinct solutions without integrating among themselves. The research findngs of Ghasemi and Shafeiepour (2011) is different as they have elaborated the impact of Information Technology on the accounting system of the current era. They discussed the effects of IT on accounting by pointing out the benefits derived from the system and usage of processing of accounting using various software tools and covered the issue of income tax, audit, word processing, EDI, electronic funds transfer and graphic software.
Further, the study conducted by Klovien? and Gimzauskiene (2015) is different as they have focused on the gap between the practice and theory in the accounting system and the business environment characteristics that affect this gap. They have revealed the accounting system’s conformity with its business environment and new insights have been provided for identification. Lastly, Güney (2014) covered the role played by the technology in accounting and how it has been changing the methods of completing the task. The benefits of e-accounting and the real time updated data. The theme is different from others as it discusses how educating the students and the employees is going to improve the accounting process and its understanding has been discussed. The curriculums nee to include the technology related courses and individuals should be trained accordingly.
The findings by Coman and Coman (2016) are relevant and may be utilized by the managers. The managers may give more importance to the information system and lay significant investment on integrated solutions. The managers may give more attention to Business Intelligence applications in the firm thereby addressing the business demands. Ghasemi and Shafeiepour (2011) discusses about advantages and disadvantages of Information technology in an organisation’s accounting system. It is advantageous for the managers as decision making becomes easier with the help of such information extracted from the records. The individual reports can easily be extracted and utilised for the core purpose of the same. Functionality, flexibility, accuracy, processing and external reporting can be improved through the findings of this research study.
Klovien? and Gimzauskiene (2015) findings were about the compliance of laws, rules and regulations of an organisation with respect to its accounting systems. The discussion was also about the external environment and its impact on the internal environment of an organisation. This research study is beneficial for the managers as the case study provided evidences where using effective accounting system helps the businesses which are operating in different environments. The research study conducted by Güney (2014) discussed about the advanced technology and its use in this era and referred this era to be information driven. The digital revolution caused in the social, economic and cultural areas by the information technology is immense and the growth and development can be evidently felt.
The study conducted by Coman and Coman (2016) has limitations as no significant literature review is conducted. There is no section for data analysis where the gathered data is reviewed. Further, quantitative data could have been more helpful in proving the hypothesis. The research findings by Ghasemi and Shafeiepour (2011) does not involve a discussion how e-accounting affects the employment. According to the study conducted by Klovien? and Gimzauskiene (2015), the research is limited to a single bank. The future researchers may collect data for a broader range. The research study conducted by Güney (2014) has not conducted qualitative or quantitative research. The future study can be enhanced by conducting a literature review and analysing the data.
Conclusively it is quite evident that the role played by the IT is vital for a business and its development. The accuracy and transparency helps in gaining trust of the stakeholders that can be achieved by proper accounting systems. Accounting systems can be improved with the help of IT tools and can be used under different business environments for more effective results. The technology driven era made the compliance useful and effective and now everyone is following the same. The managerial decision making has improved and personal reports can be extracted as per the needs of the organisation. The financial statements present true and fair view and the transaction can be traced back to its origin point and the issues can be timely resolved. The digital revolution has enhanced the work culture and developed the social, economical and cultural fields.
Coman, D.M. and Coman, M.D., 2016. The impact of Information Technology on the Company's Financial-Accounting System. Valahian Journal of Economic Studies, 7(4), p.65.
Ghasemi, M., Shafeiepour, V., Aslani, M. and Barvayeh, E., 2011. The impact of Information Technology (IT) on modern accounting systems. Procedia-Social and Behavioral Sciences, 28, pp.112-116.
Güney, A., 2014. Role of technology in accounting and e-accounting. Procedia-Social and Behavioral Sciences, 152, pp.852-855.
Klovien?, L. and Gimzauskiene, E., 2015. The effect of information technology on accounting system's conformity with business environment: A case study in banking sector company. Procedia Economics and Finance, 32, pp.1707-1712.
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