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 the accounting department 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. Staying ahead in the game is paramount for any business organization to survive in this competitive world. The rate at which a company responds to challenges in the present and the future is what determines their rate of success. Data analytics can help companies in decision making and drive the company to a realistic future.
Talk to us if you are thinking of changing accounting system or implementing accounting software.