Effects of Technology on the Accounting Profession

1058 words 5 pages
Effects of Technology on the Accounting Profession
University of Phoenix
ACC/340 Accounting Information Systems

Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, & Strand-Norman, 2006) This paper will examine how accounting information systems (AIS) are bringing about changes within the accounting profession. Additionally, a variety of technologies and how they affect accounting practices at Exclusively Yours Salon will be discussed.
Accounting Information
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According to Hedtke, 2009, “All accounting software for small-to-midsized businesses does general ledger, accounts receivable, accounts payable and payroll; most do inventory, job costing, and time and billing, either built-in or as an add-on.” (¶ 1) The use of computerized accounting software has allowed owners of Exclusively Yours Salon to simplify the business’s record keeping. The software allows for ease of tracking sales and assists in the management of payables. Another recent technological advancement that has impacted accounting processes is the point of sale (POS) terminal. Computerized POS terminals have replaced traditional cash registers. POS systems can process credit/debit card transactions, trace customer orders, link to other computers on a network, and assist with inventory management. Moreover, many POS systems are web-based which allows for distant training and operation. Web-based POS systems make trailing inventory across dispersed sites possible. (Liddle, 2009) At Exclusively Yours, the use of a POS system allows the business to accept credit/debit card payments and process the payments automatically. Previously, credit card transactions used a credit card imprint machine and each transaction was processed manually. POS system also eliminate the need to collect declined credit card payments; once the customer’s card is scanned the charge is either accepted or declined immediately. At

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