How Technology Has Changed Business Environment

Accounting is the methodical and full recording of financial transactions relating to a business, and it also denotes to the procedure of briefing, examining and evaluating these transactions to cross checking agencies and tax collection agencies. Accounting is one of the key purposes for nearly any company. It may be done by an auditor and accountant at small businesses or by substantial finance subdivisions with lots of employee’s at

Hilton, R.W. and Platt, D.E. (2017). Managerial Accounting: Creating Value in a Dynamic Business Environment (11th ed.). New York, NY: McGraw-Hill Education. ISBN 9781259569562

“The accounting system generates the information that satisfies two reporting needs that coexist within an organization: financial accounting and managerial accounting” (Schneider, 2012, ch 1.1, para 1). Managerial accounting is the process of preparing reports and accounts required by management to make business decisions for daily, weekly, monthly, and yearly projects. Financial accounting is the branch of accounting that organizes accounting information for presentation to interested parties outside of the organization. Financial accountants produce annual reports for external

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

Our world is constantly in flux and change is a permanent feature of the environment for workers as well as organizations. Rapidly changing technological capabilities as well as advances have radically changed the nature of work and communication over the last 150 years. The average office or retail clerk would find many of the changes in how business is conducted from the early 20th century to today almost incomprehensible. Furthermore, rapid cultural changes and expectations have also changed how we interact and what our expectations are. In order for organizations to remain relevant in today’s business environment they must be able to adapt quickly to the changing needs of their customers as well as identify and implement appropriate technological advances to the their business strategy and model. Accomplishing these changes effectively requires that organizations implement these changes in a manner that achieves employee or associate, buy in and support. Walmart is currently in the midst of a major roll out of new technology, as well as significant process changes. These changes are in response to technological advances, and customer expectations. Successful implementation of these programs will improve the company’s position relative to competitors as well as in the eyes of consumers.

As the above paragraph mentioned how clients search about businesses and how can they reach them by using internet. The internet is very useful for companies and helps to them to communicate with their clients, this is achieved by sending emails to advertise about the new products so the customer will find that the company is interested on him/her and updated about their latest products. This will strengthen the communication between them, from there companies will be able to build good relationships with clients. Internet did not only help communication within local companies but also with big international companies by using virtual communications. Virtual communication can be very helpful for example when holding a virtual meeting between companies in various countries when the only problem to be solved is the time difference. Companies found that it very helpful as it saves their money. And as virtual communication also saves time when companies are trying to discuss business deals, all have to do arrange a certain time and the can use applications like skype.

Ruth Hines’ paper discussing how we construct reality is very interesting and leads one to wonder whether accountants have too much power. Accounting classes teach concepts of realization and organizations as if it has always been that way. It is hard to think of why accountants do things the way they do, because it is just the way it is supposed to be done. Accountants are considered to be the professionals that everyday stakeholders trust to provide reliable information. As Hines said, “Everything would be a mess without us.” Naturally, everyone assumes accountants always know how to handle an issue; it is safe to say most people assume they do not have issues in the first place. But, of course, there are always issues that need to be handled.

Accounting is the heart and soul of executing a successful business. Accounting is used to provide record for all items that are paid and received for a business over any period of time. Within the purpose of accounting lies the need to provide continuity and sustainability within a business, without it a business will not thrive. The information obtained is kept on record, in order to give insight to upper management on data concerning the daily revenue and expenses of that business. This data is needed to not only inform the employees of the business, but also the investing parties of that business as well. Success in business is equated to being accountable of all aspects of revenue and expenses. To

The last three decades have seen significant changes in the business world; the globalisation of business has seen drastic changes in the roles and information needs of top managers (Cooper, P., Dart, E. 2009). Globalisation means that firms are not only competing with others locally but now, as a result of faster and cheaper transport costs and real time information, they must also compete against others from around the world. This creates bigger markets and gives the consumer a wider choice, which results in shortened product life cycles and rapidly changing customer tastes (Burns, J. & Baldvinsdottir, G. 2007). This diversification of markets sparks claims that financial information should be coupled with more non-financial information to help create strategy and deliver key insight into organisational management (Fraser, M. 2012). For example development of Total Quality Management systems and the increasing focus on Customer satisfaction requires this non-financial information to be incorporated into management accounting systems (Vaivio, J. 1999; Howell and Soucy 1987). This shift in information needs highlights the changing role of the management accountant. “Managers want people who can influence the score not simply report the score”, (Anastas, 2000, p.16). No

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

anagement accounting practice has developed substantially over the past century, but recent studies suggest that the practice is no longer making the strides that it once did. Unless management accountants take a hard look at the effectiveness of current practice, this situation isn’t likely to improve. In some companies, radical

Business technology has revolutionized the means corporations conduct business. Tiny businesses will implement business technology and level the enjoying field with larger organizations. Tiny businesses use computers, servers, websites and private digital merchandise to develop competitive benefits within the economic marketplace. Tiny business homeowners ought to contemplate implementing technology in their designing method. This permits homeowners to make operations victimization the simplest technology obtainable.

media. The idea of technology in the business world is not new. However, it is becoming an

To start, this paper will consider three changes that have become or are occurring in organizational life in the business world generally today. These include changes in information systems, changes in gender status and relations, and finally changes in the physical work environment. In the first place, Valacich & Schneider (2014) mention a change in mindset among business managers. They state that formerly, business managers did not favor information systems (IS). The notion of IS was an evil that needed to be dealt with as quickly and painlessly as possible. However, the attitude towards technology has changed. According to Vlacich & Schneider (2014), managers now are interested in and even enjoy IS. They have discovered new methods for implementing and innovating information systems for business. However, this nevertheless remains a challenge for some people. Hence, one change is the attitude and use of IS, with various responses but a turn to the positive.

Suzana Sulaiman Aliza Ramli Accounting Research Institute & Faculty of Accountancy Universiti Teknologi MARA, Malaysia Falconer Mitchell University of Edinburgh, UK Abstract Without knowledge of how the management accounting (MA) discipline changes, its development cannot be properly understood. Prior research indicates that MA has been changing and that many factors are