The Effects of Technology on the Accounting Profession Paper

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the organizations communication, be it transferring, storing, accessing of accounting information, but also in restoring and reviewing data whenever needed. Internet also helps in using the bank accounts online, i.e. checking the account balance, checking the transactions carried out, analyzing these the transactions, etc.

E-commerce: e-commerce has reduced the boundaries in the business world. E-commerce has made purchasing, selling and advertising so easier, that you can do it siting in any corner of the world without even being physically present at the place of business. E-commerce has also fund transferring so easy, quick and secure with electronic fund transferring, which is popularly known as ETF.

Technology has its own negative factors that can affect the accounting profession in some or the other ways:

Sometimes it gets difficult for the employees to understand the software or how it works, and may actually reduce their efficiency instead of increasing it.

As computers are all human made, they can only think only till the scope given to it by us. That is if there are some human errors, the computers keep repeating those errors.

Security is another issue. So much of the work is done through the computers, and so much information is stored, which might be confidential and of great significance. There is a treat of this information getting stolen or misused.

Overall, technology has its own positive and negative impacts on the accounting profession. Still it can be said that technology has caused a significant change in the accounting profession. Hiring trends, education needs, and the rise of the consulting side of accounting are just some of the impacts that technology has had on the accounting profession. As one author for the Journal of Accountancy says, it is clear that the accounting profession ‘needs to upgrade its practices and skills to reflect where the world is going, not where it has

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