The Impact Of Technology On The Accounting Industry

In today’s society, people cannot imagine life without technology. Technology has made life easier and has enabled individuals to do extraordinary things that were not possible in the past. As of right now my future major and career is in the accounting industry. Accounting has gone through many changes throughout the years. There are changes with technology, new regulations and standards, and the uncertainty of the economic market that may affect the accounting industry. The advancements of technology have been one of the biggest changes around the world, and it is also affecting the accounting world today. Future technologies will change the way accountants do their job, just like it has in the previous years. As the years pass, we will advance in the electronic field and the accounting industry will continue to advance with us. Modern technology is taking over traditional ways in accounting and is changing it for the better. New technologies and regulations will affect the future of accounting in a positive way by making the job easier with less room for error and by giving more communication opportunities and better time management. In the past, the entries were done manually and just one simple mistake could mean hours of recalculations and going through checking the money again. Now, after the computer programs, there is a lower margin for error and the mistakes are easier to find. Manual accounting was a laborious process that required accountants to spend timeShow MoreRelatedThe Effects of Technology on the Accounting Profession1065 Words   |  5 PagesThe Effects of Technology on the Accounting Profession ACC/340 The Effects of Technology on the Accounting Profession Advancements in technology have allowed companies, small and large, to keep accurate financial records and eliminate paper entries. 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