Technology Has Made the Accounting Process Easier. Do You Agree or Disagree with This Statement? Discuss Your Answer with Relevant Justification.
I agree with the statement “Technology has made the Accounting process easier”. The advancement of information technology and the implementation of user friendly computer system have transformed most processes in the accounting cycle into an automated process which improves the accuracy, speed, efficiency and the convenience of accounting procedures. Accounting software such as UBS and Peachtree is developed with the development of information technologies that make the Accounting process easier. Manual accounting with paper and pen is difficult to find these days with the impact of technology. Companies can now capture, process, store, and transmit data with the help of computers. Whereas data collections and processing were performed manually in historical systems, on-line collection and processing of data are performed by computerized systems. The basic principles of double entry remain the same in computerized or manual accounting system but computerized accounting system has certain significant advantages over the manual accounting system. Firstly, technology helps to improves efficiency and speed in processing the accounting tasks. Speed is the distinguishing feature of information technology. Accountants able to process large amount of transactions more quickly and efficient with the help of computerized accounting system than traditional paper ledgers. Quicker processing time for individual transactions has also lessened the amount of time needed to close out each accounting period. This is because in an integrated accounting system, action taken or single transaction once entered in one part of the system automatically affect and update related accounts, journals and ledgers. There are two categories of data processing in computerized accounting system which is the on-line processing and batch processing. For example of on-line accounting system, when a credit sales is recorded in an integrated accounting system, for instance, several parts of the