The impact of Information Technology (IT) on modern accounting systems

This paper attempts to clarify the impacts of information technology (IT) on accounting systems. The biggest impact IT has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions. IT networks and computer systems have shortened the time needed by accountants to prepare and present financial information to management. This system allows companies to create individual reports quickly and easily for management decision making. Other capabilities of computerized accounting systems are: Increased Functionality, Improved Accuracy, Faster Processing, and Better External Reporting. Finally, this paper shed light on advantages and disadvantages of using information technology (IT) in accounting systems.