The introduction of modern technology in the accounting discipline has made the otherwise hectic and cumbersome mathematical computations much easier. Accounting involves the analysis of business information, in many cases this information is represented numerically. There has been transformations from the time when mathematical calculations would be done manually or using battery operated calculators, to today where the accounting software does all the computations.
Computers, scanners, printers, and faxes are some of the technological equipment that have facilitated and transformed the world of accounting. The prices of this equipment are also affordable and, therefore, the number of people using them is rising every day. There has also been spreadsheet programs that have proven to be highly efficient in the accounting field. The accounting software is readily available in the market and are sold at extremely affordable prices.
This research sought to investigate the number of people, in the accounting field, who are using technology at their various places of work. The research further investigated how much the users of this technology in the accounting field understood about record security while using technology, considering the fact that hacking has been one of the major challenges that are associated with technology.
The world has changed into a place where information distribution is essential, not only in the running of businesses, but also in many other aspects of people’s lives. Information distribution and data collection are governed by technology. Accounting is no exception. The field also benefits a lot from the introduction and constant improvements in the technology field. For accounting to benefit from technology, there is a need to incorporate information systems that will provide a basis of knowledge through data collection, processing, management and dissipation. The research will, therefore, examine the importance and role of technology in today’s accounting systems.
The objective of this study was to investigate the number of people in the accounting field who use technology in their respective workplaces, and the impact technology has had on the accounting profession in general.
The participants of this research were 10 individuals from various departments that used accounting skills in the process of analyzing information. As such, I randomly selected a group of 10 individuals from the banking sector, real estate, supermarket owners, shop owners, and learning institutions.
The data collected was both qualitative and quantitative. The data collection process involved administration of the questionnaire and oral interviews. Quantitative data was collected through asking of multiple choice questions (closed questions) while qualitative data was collected through open ended questions. The questionnaire is shown in the appendix.
The mean frequency of use of accounting software/week was 5.4, and the median was 5. The mean number of uses for accounting software was 3.2 and the median was 3. The mean efficiency of the software was 4.5 and a median of 4. The results indicate that many people use technology in accounting, and the use of software has proved to be efficient.
Accounting is a body which identifies and provides relevant information about the business activities of a particular organization, what is owned by a company and what is owed to others is reflected by the system. Technology helps to identify potential markets relevant to the business. It helps in collecting data about the risks, challenges and benefits that are involved in a particular venture. Technology has also emerged very effective in keeping records and storing relevant data in a chronological order, about transactions conducted. Businesses activities from transactions to other activities undertaken by an organization need to be communicated to all stakeholders. This would help the interested parties understand how the business is performing. Such information could be relayed through financial reports and accounting reports. Technology had made it easier to generate the information, due to the chronological recording of all activities, and reliable software to synchronize the information.
Accounting has a broader perspective apart from record keeping and bookkeeping. Other methods used to keep a record in the account on a frequent basis include tax forms, account checking, credit approvals, and payroll. Record keeping, therefore, becomes just one part of accounting, contrary to what most people think. Analysis and interpretation of the data are also roles of accounting. Technology saves time and cost of operations while improving the accuracy of transactions and record keeping. This improves the overall performance level of any organization.
Most people interviewed seemed to think that the level of technology use has increased over the years. Their high frequency of using technology when carrying out accounting procedures adds to the number of reasons why the technology used was also rated highly. All sectors rated their technology as average or high. These results were generated because most companies upgraded and have now realized the numerous benefits associated with the use of technology.
Which sector of the economy do you work? REAL ESTATE/ SUPERMARKET/ SHOP OWNER/ BANKING SECTOR/ LEARNING INSTITUTIONS
Does your job require accounting skills? YES/NO
Are you aware of any accounting software on the market today? YES/NO
How many times do you USE accounting software/week? 1 -7
How many uses does your accounting software perform? 1-5
Rate the efficiency of the software? 1 -5
Briefly state your opinion on the use of accounting software?
What are the challenges associated with the use of software?
How do you think the use of technology can be improved to improve efficiency?
Do you think technology has improved efficiency in the accounting field?
What do you think is the future of technology and accounting?