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Autor: anton 27 May 2011
Words: 442 | Pages: 2
Changes in Technology
In todayâ€™s accounting world it is hard to imagine using old fashion general ledgers and posting daily business transactions by hand. Believe it or not, there are small businesses that still do just that. Technology is all around us. Everything that was once done by hand can now be done by a computer. Keystrokes are now taking the place of penciled in numbers. In todayâ€™s fast paced world it is more beneficial for businesses to close their books for one month and move onto the next month in the quickest and most accurate way possible. The new accounting technology of today can do just that. It is more important for managers to be able to have fast accurate financial data at a moments notice than to poor over hand written reports and ledgers.
Imagine a huge corporation like Microsoft, Inc. with hundreds of offices throughout the world needing financial data at a moments notice. Todayâ€™s desktops computers and with the innovation of the internet this information can be retrieved by all itâ€™s employees who need financial information for decision making to access detailed reports that are updated daily. It once took Microsoft two weeks to close their books; it now takes four days (Boggs, 1999). This is all possible with the implementation of Microsoftâ€™s FinWeb (Financial Information Network). This system was launched in 1995 and through the FinWebâ€™s network of intranet sites, all employees can obtain detailed financial data about the company with a push of the keyboard from their desktop (Boggs, 1999).
You donâ€™t have to be a large corporation like Microsoft to reap the benefits of todayâ€™s technology with your business. There are many programs available that cater to even the smallest one man business. One company that comes to mind is Intuit. They are the creators of Quicken and Quickbooks. These systems can do everything from invoice a companies customer to pay their employees. They are relatively easy to learn and can be implemented for less than a hundred dollars.
The availability of accounting systems is numerous. Systems can be purchased for one man companies to corporations with thousands of employees. Some business still do their books by hand, maybe one day they will come into the age of the technological world and streamline their business transactions. Until then, their accountant will just have to turn their hand written notes into computerized financial reports.
Boggs, S. (1999). Accounting - the digital way. Journal of Accountancy, Retrieved Nov 21, 2005, from http://www.aicpa.org/pubs/jofa/may1999/boggs.htm.
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