Accounting systems & the role of technology in modern-day accounting

Accounting System is a system implemented by companies to to record financial information including Income, Expense and other accounting transactions and acts as an important tool that monitoring and tracks the performance of the company and ensures smooth running of the business (Sinha, 2021). An accounting system allows a business to keep track of all types of financial transactions, including purchases (expenses): The amount of cash that flows out of the company in exchange for goods or services from another person or company , sales (invoices and income), liabilities (funding, accounts payable)- All the business liabilities was keeped track by accounting system  as payable values and automatically updates the balances as soon a payment is made and accounts are settled and is capable of generating comprehensive statistical reports that provide management or interested parties with a clear set of data to aid in the decision-making process.

However, thanks to the development of today's technologies, there has been a technological revolution in the past few years that have impacted different aspects of business operations. Accountants have also been affected by this change and have experienced a dynamic shift in productivity. The impact of technology on accounting has become so significant that it has diversified the role of an accountant. Now accounting's huge time-consuming tasks can be done at the touch of a button, so accountants can now focus on data analysis to make business decisions better business and strategic plans for their clients. Improvements in accounting software and applications have made the work of accountants more efficient. One of the key aspects of accounting - customer interaction - has also changed as on-site consultations are no longer required and both parties can simultaneously access real-time online data. This makes it easier to conduct business activities and customers enjoy better services, making it all win-win (unknow, 2020). It can be said that the development of digital technologies today has made the job of an accountant a lot easier, but this also raises concerns about a machine's future will replace the accountant. However, we also cannot deny the great potential that it brings to accountants in particular and businesses in general.

REFERENCE:

Technology, I. and Industry, H., 2021. How has Technology Impacted the Finance and Accounting Industry. [online] Lsbf.edu.sg. Available at: <https://www.lsbf.edu.sg/blog/innovation-and-technology/how-has-technology-impacted-the-finance-and-accounting-industry/#:~:text=The%20role%20of%20technology%20in,in%20a%20highly%20efficient%20manner.

WallStreetMojo. 2021. Accounting System. [online] Available at: <https://www.wallstreetmojo.com/accounting-system/> .