The Effects of Technology on the Accounting Profession Paper

Introduction In the past, people considered the axiom â€Å"Time is money† as a useless clichà © and believed in having all time in earth for meeting their goals in life. However, the current advancement in technology has proved it effective and true. For a person partaking certified public account (CPA) as a profession, the saying is more significant. CPA as a profession requires an individual to spend lots of time in formulating projects.Advertising We will write a custom report sample on The Effects of Technology on the Accounting Profession Paper specifically for you for only $16.05 $11/page Learn More Failure for an individual to spend enough time in a project leads to alteration of the quality of the project. Technological elements such as accounting software and accounting application devices also play a significant role in the CPA (Smith, 2012). Such devices not only aid in managing time, but also saving money. This paper aims at providin g detailed information on the diverse technologies employed in the CPAs. Accounting technologies Effect of technology in accounting is not something new; it has been employed in calculating and trailing numbers for long. Its essence can be traced to the work of Leonardo da Vinci. Leonardo designed â€Å"Codex Madrid†, a device used in identification of numbers. The invention of a calculator by Blaise Pascal and an adding machine by William Burroughs also justifies that accounting technology is not new. Continuous inventions also aid accountants greatly in managing their time and solving accounting problems amicably. The introduction of the first computer in the 20th century and its advancement for over 50 years also prove that technology enhanced success in accounting. Computers enabled individuals calculate and solve mathematical equations effectively. Advancement in technology also enabled the world of accounting advance from utilization of manual elements such as calculato rs and pencils to employment of electronic spreadsheets. Although California-based Intuit used brand Quicken software for so long, its implementation of QuickBooks software proved so effective (Smith, 2012). Since it launched QuickBook software, business persons with little information pertaining accounting have been succeeding in their businesses. Currently, there are many accounting software that meet the demands of diverse businesses in the world. A good example is Peachtree Complete Accounting for windows. Accounting software has aided CPAs significantly in not only saving time, but also money by granting accountants the opportunity of inputting data onto spreadsheets easily. It has also enhanced the transfer of information via network cables quickly and easily.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The utilization of technology in transfer of information eliminates the time spent in writing information and transporting documents from department to department (Smith, 2012). Mobile devices and cloud computing In addition to invention of accounting software, technological advancement also led to the introduction of mobile devices and cloud computing. Mobile devices aid accountants and business personnel in inputting and retrieving information from any place and at any time. Devices such as iPhone and Android Smartphone are also crucial in accounting. These devices enable accountants in accessing information that could aid in computations and calculations without accessing offices. For instance, it is evident that the utilization of Time Werks application via use of Task Timer stopwatch has benefitted CPA immensely. The application allows CPA not only to track information, but also to invoice and e-mail data quickly. Accounting calculators such as 10BIIC that costs approximately $6 have also been found effective in accessing stocks and conversions. Additio nally, 10BIIC also play a significant role in providing access to bonds and depreciation. The introduction of notebooks also enhanced the success of the CPA. Their current increase in market has been associated with the CPAs demand (Smith, 2012). There is also great possibility for the CPAs to gain access to other crucial data analysis tools such as XML and XBRL tags, and algorithms that will aid in analyzing organizations’ financial activities. Impact of technology to organization Advancement in technology plays a significant role in banking organization. It has made the process of tracking personal banking information very easy. Accounting software also enables a bank calculate taxes and bills for diverse businesses. Unlike in the past, most of the transactions in the bank are done electronically (Gup, 2003). Advancement in technology also contributed to the introduction of devices such as credit cards and automatic teller machines that aid in reducing time spent in carryin g out transactions in the bank. Computers also play a significant role in the bank; they aid in minimizing accounting errors.Advertising We will write a custom report sample on The Effects of Technology on the Accounting Profession Paper specifically for you for only $16.05 $11/page Learn More Conclusion In conclusion, employment of technology in accounting started long time ago. It started with the invention of machines such as calculators, machines that identified numbers, and first computers. Technological software plays a significant role in enhancing success in accounting. It enables individuals carry out their activities such as projects easily and quickly. Accounting technology also plays a significant role in enhancing success in mathematical calculations. It enables individuals sum up figures much quickly compared to the use of abacus. The invention of mobile devices also enhanced the success of accounting. It enables individuals solve accounti ng problems without referring to their respective offices. It is also evident that advancement in technology will lead to emergence of data analysis tools such as XML and XBRL that will aid in analyzing organizations’ activities. References Gup, B. (2003). The Future of Banking. New York: Greenwood Publishing Group. Smith, T. (2012). CPA 2012 AUD: How to Pass the CPA Exams After Studying for Two Weeks Without Anxiety. New York: T.SMITH. This report on The Effects of Technology on the Accounting Profession Paper was written and submitted by user Archer Wiley to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.