Impacts Of Technology In Accounting

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Impacts of Technology on the Accounting Profession Accountants have been one of the most in-demand jobs in the world. It is because accounting information generated by the accountants is needed in the global market to operate. In addition, users of accounting information need it to make wise informed decisions. (Donwa & Garuba 2011) The need for accountants to make faster and reliable financial statements influenced accountants into incorporate technology in the accounting process. In result, technology improved accountants’ effectiveness and efficiency. There is no doubt that the impacts of technology helped the accounting profession in several ways. However, according to Richins, Stapleton, Stratopoulos, and Wong (2017), “Frey and Osborne’s (2013) prediction that the accounting profession faces extinction.” The great potential of technology in accounting could be a threat.…show more content…
Before accounting software, accountants used to do journal entries manually and one mistake could result in hours of recalculation. However, technology’s presence in accounting started 2000 years ago, even before accounting software was introduced. From the first counting device created in Greece called abacus (Mukhametzyanov, Nugaev, & Muhametzyanova, 2017), to the first mechanical calculator for bookkeeping purposes invented by Blaise Pascal and Wilhelm Schickard called adding machines, calculators, and then computers and software. These inventions were created to reduce the margin for error, mistakes are easier to discover and correct, and most especially get the job done faster. Since the beginning, technology was designed to minimize the work and maximize the profitability of the
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