Accounting systems and the role of technology in modern-day

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1. What is an Accounting System?



A collection of accounting processes with integrated procedures and controls is referred to as an accounting system. An accounting system's purpose is to record company transactions, aggregate those transactions, and provide reports that decision-makers may use to monitor, evaluate, and improve operations.

2. What is the role of technology in the modern day?




To satisfy market circumstances and customer demands, accountants must keep current with technology developments. Technological innovation has led the way in how accounting is done nowadays. Online resources and tools help with productivity and organizing. Furthermore, handwritten accounting firms are rapidly becoming obsolete, with electronic accounting forms taking their place. This not only eliminates mistakes but also allows for better and more accurate reporting, among other benefits.

2.1 Connecting to customers

Technology has brought accounting professionals and customers closer. Dedicated platforms make communication easier and instant which for many clients translates in saving time and increased efficiency. Technology also makes business easier to track customer service and easily make improvements, therefore, improving customer satisfaction. 

2.2 Virtual storage of documents


In addition to the method of collection through vouchers, telephones, and faxes, the support of devices such as barcode scanners, electronic data exchange, data taken from other systems, electronic documents can also be used. In addition to entering accounting data through the keyboard, accountants also receive technical support to import data quickly. With an accounting information system, the provision of diverse, fast, and accurate decision-making support in terms of content, form, time, and object of information supply and use. The information provided includes both financial and non-financial information. Information is provided uniformly, completely, and continuously. Moreover, because data organization is centralized, it allows providing information at many different levels. The accounting information system is also implemented flexibly depending on the objects and forms and can be accessed from many different places.



Keeping paper records is an expensive and time consuming business. In addition, there are problems such as space to store documents for many years. Papers and documents for many years will be easily damaged, torn and blurred words will easily lead to documents being deviated from the original. So, document digitization has been gradually replacing physical storage and speed of access is one such benefit, but there are many other benefits, especially through the use of cloud computing cloud to store more documents.  

2.3 Elimination of bureaucracy through the use of platforms

A simple and straightforward online accounting system that provides direct links to customers as well as links to information, documents, and any other paperwork that can be digitized. This flexibility reduces layers of bureaucracy, saving time, and these systems also provide online management tools to assist with getting things done and achieving goals. 

2.4. Importance of regular training

It is critical for businesses to give training in order to maximize any benefits obtained from technology. Accountants and other professionals can only produce and meet expectations if they get consistent training. A skilled specialist will help the company avoid costly mistakes and save time. Legal compliance and legislative changes should be included in training, in addition to technology.




References

Bragg, S., 2021. Accounting system definition — AccountingTools. [online] AccountingTools. Available at: <https://www.accountingtools.com/articles/2017/5/7/accounting-system> [Accessed 19 October 2021].

Thomas-Bryant, K., 2018. 6 reasons why tech is important for your accountancy practice - Sage Advice United Kingdom. [online] Sage Advice United Kingdom. Available at: <https://www.sage.com/en-gb/blog/tech-important-practice/> [Accessed 20 October 2021].


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