“An Internet article, “The Speed of Change in Business and the Impact of New Technology,” describes a series of expected future changes due to technology. The article notes that “Around the world, an innovation in digital technology is copyrighted on average every three (3) seconds! Computers today are 8,000 times less expensive than in 1966! If motor vehicle technology advanced at this same rate, a BMW would now be worth $2, and it would travel 600 miles on a tablespoon of petrol. These statistics can be frightening or exciting, depending on your approach to business.”(qtd. Cary)
Impact on Business/Industry
Small business accounting software gives a new and broad opportunity to the owners. In spite of the fact that it’s impossible to substitute professional accountant in many questions, a lot of everyday accountant tasks can be accomplished with the use of accounting software, which doesn’t require deep knowledge in this area. Even non-professionals in accounting can easily process every day bookkeeping, payroll, budgeting, and taxes. As a result the company improves and saves time and money (Arar).
More deep analysis of the impact of accounting technologies on business leads to the next findings. High quality accounting system facilitates the reduction of costs, improvement of services, decrease and elimination in resource wasting. It provides high quality relevant and timely information to management and becomes one of the essential elements in decision making. As a result the company escalates its ability to react on fast economical fluctuations and improve its competitive advantage (el-Dalabeeh, el-Rahman kh., and ALshbiel 894).
It’s difficult to say
what the next step in development of the technology will be. At the same moment
when someone thinks about the future of technology it becomes present. Most of
the present small business accounting software is moving their operations towards
on-line and Cloud technologies. Today’s Internet technologies provide a lot of
opportunity for the improvement (Yakal). QuickBooks on-line version is still not
as flexible as desktop version. The online invoicing and contact management version
can be comparable with desktop version. But it’s still impossible to find a
complete financial management solution accessible on-line. Most probably it
will be the next step in development of small-business accounting software
(Yakal).
Due to all technological changes profession of an accountant will change significantly. In the future there will be not only professionals that play an essential role in decision making, but also professionals who are experienced in information technologies (Kogan, Sudit, and Vasarheliy 2). It will be impossible to work in future business world without taking in account worldwide connectivity, without knowledge about security concerns, monitoring systems in exceptional reporting and fund transfers, intelligence agents, interactive distance processes, and remote computer based accounting services (3).
Due to all technological changes profession of an accountant will change significantly. In the future there will be not only professionals that play an essential role in decision making, but also professionals who are experienced in information technologies (Kogan, Sudit, and Vasarheliy 2). It will be impossible to work in future business world without taking in account worldwide connectivity, without knowledge about security concerns, monitoring systems in exceptional reporting and fund transfers, intelligence agents, interactive distance processes, and remote computer based accounting services (3).