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Accounting Project

IT in accounting integrates traditional accounting principles with software and information systems to create a centralized location for storing financial data. Computer hardware, software and the internet are key to accounting systems that are designed, developed and managed by professionals. The use of IT is becoming increasingly important in accounting as software advances and allows accountants to work more efficiently.

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82 views4 pages

Accounting Project

IT in accounting integrates traditional accounting principles with software and information systems to create a centralized location for storing financial data. Computer hardware, software and the internet are key to accounting systems that are designed, developed and managed by professionals. The use of IT is becoming increasingly important in accounting as software advances and allows accountants to work more efficiently.

Uploaded by

aaronvjoseph2003
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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INFORMATION TECHNOLOGY

IN ACCOUNTING

WHAT IS INFORMATION TECHNOLOGY IN


ACCOUNTING?
I.T in accounting integrates traditional accounting principles with
software’s and information systems to create a centralized location
for storing an entity’s financial data.
Computer hardware, software and internet are key to these systems
that are designed, developed and managed by accounting
professionals.
Information Technology is used in a wide variety of ways during the
accounting process.
Many software’s as oracle, Excel and Tally ERP are some examples of
Information Technology used in accounting.
The use of IT is becoming ever increasing in the modern world as we
become much more advanced and develop our computer software’s
along with it.
It it's very important for an accountant to learn the accounting
process using information technology tools as that is the future we
are headed to.
IT in accounting is very flexible as it can do any Task the professional
accountant can do, but in a much more efficient way.
IMPACT OF IT IN ACCOUNTING

The biggest impact it has made on accounting is the ability of


computers to develop and use computerized systems to track and
record financial transactions.
IT networks and computer systems have shortened the time needed
by accountants to prepare and present financial information to the
management.
The system allows companies to create individual reports quickly and
easily for management to make decisions in an efficient manner so
that the management can run the organization smoothly.
Access to faster software that can perform more complex functions
as well as interconnected technology has made accounting both
easier and much more efficient.
We will discuss the impact of it in accounting in the following lines.
1. CLOUD BASED SYSTEM FOR ACCOUNTING TECHNOLOGY:
Many accounting firms are now using cloud-based systems to
streamline all of their information. whenever you want whatever
time of the day it is all you have to do is log on and you will be
able to immediately access the data. Cloud based systems are
indeed such a boon for the accounting world that it is now being
implanted everywhere.
2. MORE DIVERSE ROLES FOR THE ACCOUNTANT :
Developments in accounting software and application have
now given accountants more time on their hands for more
diverse tasks. They are able to put aside the number entering
tasks and focus on more specialized and strategic roles. The
accountant is now able to work more efficiently thanks to the
softwares that now do the work which previously the
accountants had to do.
3. EFFICIENT CLIENT TRANSACTIONS:
With the advances in accounting technology there is no longer
need for onsite consultations because accountants and clients
are both able to access real time data remotely and can work
on it simultaneously which has made client transactions way
easier for accountants.
TYPES OF IT SOFTWARES USED IN ACCOUNTING.

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