Emerging Technology in Accounting
Technology has always played a role in accounting, even back to the time of Leonardo Da Vinci, when he designed the "Codex Madrid," a machine that contained thirteen wheels and registered numbers. William Burroughs invented the first adding machine in 1885 and technology has been steadily improving since, increasing productivity and reducing the likelihood of mistakes.
Other People Are Reading
-
Age of the Computer
-
No longer are accountants using adding machines and a pen and paper. Today, computers with electronic spreadsheets have redefined the world of accounting. Ever emerging technology has streamlined the business, and with the help of the internet, the latest financial, production and marketing data is available at the touch of a button.
Web Based...Everything
-
Technology will not stop affecting accounting with the creation of the computer. With advancements being made daily in software, there is an ever-increasing demand for web-based programs. Web-based software enables accountants to work remotely while on the road or from home. More importantly, both the accountant and the client will be able to access the information and workflow solutions in real time.
-
Data Mining Tools
-
Data mining tools are critical within accounting firms, as they enable firms to respond immediately to changes in the economic and regulatory environment.
Web-Based Alert Tools
-
Web-based alert tools notify firms immediately when there are any regulatory changes. Most importantly, firms will be able to change the settings so that the filter will notify them only of changes that effect their specific practice areas.
One Time Data Entry
-
Just as computers increased efficiency, firms will continue looking for ways to reduce redundancy and increase productivity. One time data entry is highly valued, as it allows data to be entered, once, and flow seamlessly into other areas of the system, such as online tax organizers, bank statements and brokerage statements.
-
References
- Photo Credit accounts fig close up image by Aleksandr Ugorenkov from Fotolia.com
