Role of I.T

nformation technology (IT) has created significant benefits for accounting departments. IT networks and computer systems have trim back the lead time needed by accountants to prepare and benefaction financial information to attention and stakeholders. Not only has IT pint-size the lead time required to present financial information, exactly it in like manner has improved the overall efficiency and accuracy of the information. 1. Computerized report Systems * The biggest impact IT has made on accounting is the ability of companies to bring forth and use computerized systems to track and record financial transactions. Paper ledgers, manual spreadsheets and hand-written financial statements have all been translated into computer systems that can cursorily present individual transactions into financial reports. Most of the fashionable accounting systems can also be tailored to circumstantial industries or companies. This allows companies to create individual reports quickly and easily for wariness decision making. Additionally, changes can be made relatively lightheaded to reflect any economic changes in business operations.

increase Functionality * Computerized accounting systems have also improved the functionality of accounting departments by increasing the seasonableness of accounting information. By improving the timeliness of financial information, accountants can prepare reports and operations analyses that give management an accurate picture of current operations. The number of financial reports has also been improved by computerized systems; cash flow statements, departmental cabbage and loss, and market share reports are now more favorable with computerized systems. Improved Accuracy * Most computerized accounting systems have internal conform to and balance measures to ensure that all transactions and accounts are justly balanced before financial statements are prepared.... If you want to wreak a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper