Jun 2nd, 2015
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The Effects of Technology on the Accounting Profession The Effects of Technology on the Accounting ProfessionThe technologies in accounting systems have influenced how organizations conduct accounting operations. Real-time billing and processes permit organizations to have live accounting systems which process transactions based on the operations and transactions which are gathered to update the financial/management accounting system. The process of completing transactions influences the companys profit, and loss accounts are identified throughout the process; meaning there is no need to wait until the end of the month in order to evaluate the performance of the business. Real-time reporting is ITs influence on financial accountings punctuality. Financial statements are processed in intervals so most large companies publish quarterlies with comprehensive report produced annually. The success of a business can be measured by monitoring transactions, and evaluating corrective or preventative actions of continued transaction updating. Data or values, once implemented, can immediately evaluate to compile projections and reports that are regularly a form of secondary operations. Secondary operations are inexistent without functional AIS; some of the generated reports may be useful in detecting or anticipating potential problem areas including fraud or financial failure. Automatic financial audit trails are entirely possible, as they can become automatic,

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