Question

Select any Technology driven company, which has gone from very small scale to Large-scale organization
through Technology driven approach. Do some research on their past and present business
processes, which have made a significant contribution in the revenue growth within their organisation?
Also discuss and make a list of benefits in using Technology driven approach.

1. Why do you think Technology plays an important role in Accounting Professions?

2.How can use of Information systems eliminate the data error possibilities?

3. Why is it important in todays accounting profession to focus on paper less work processes?

Support your answers with some existing practises in Accounting profession.

Answer 1

1. In the earlier times, an accountant worked with paper and pencils to manually write down every transaction and record them in ledgers.

Now the times have changed. Now an accountant spends his time putting information into a computer system. It only takes a few clicks of a mouse, and all the work is done. Thus, the accountancy profession owe this change in their working style to technology.Technology plans an important role in Accounting profession because it has improved the working of proessional accountants in following manner:

1. Technology has provided more access and readiness in regard to information.
2. It has totally eliminated paper.
3. It has changed the role of accountant from a mere book-keeper to analyst, business and process advisor. Now, accountants support in making decisions regading book entries, tax matters and business processes.

2. The use of Information systems can eliminate the data error possibilities to an acceptably low level by following ways:

1. Information System helps an organisation to efficiently manage their operation.
2. It helps managers to make better decisions by giving relevant, up-to-date and valuable information.
3. An eiffective Information system also helps an organisation in achieving competitive advantage.
4. It also facilitates seamless internal and external communications with their employees, customers, partners, and other stakeholders in the oraganisation.

3.  It is important in todays accounting profession to focus on paper less work processes because of the following reasons:

1. It eliminateds physical storage such as filing cabinets and off-site storage.
2. It improves automation of workflow.
3. It gives our organsaitions the ability to create and access a digital archive.
4. It reduces the amount of an organisation's reliance on paper based document.
5. It improves employee productivity and efficiency through the use of cloud based storage.