Technology In Accounting

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With the world and its technology advancing at such a fast pace, it is important that accountants and their firms to try to keep up. In the world of accounting, new technology is made every day in hopes to make the lives of the people in it easier. From limiting human error, to making information accessible from around the world, accountants are looking for new technology that can help them deal with the problems they are facing. With that, here are three new technology methods that are being used today that is improving that accounting process and limit the risk for the accountant. These technology methods are having a centralized database, the Optical Character Recognition Software, and the new advancements in the use of mobile …show more content…

One negative is that if there was a security breach, all of the information would be in one place. Also, if you do not have internet available where you are, you cannot get into the access the server. Even with these negatives, the significantly less risk associated with using the cloud makes it a necessity for most if not all accounting firms and businesses. The next new accounting technology method that is positively impacting the accounting world is the use of Optical Character Recognition. Optical Character Recognition (ORC) is another new a sophisticated advancement that is making life easier for accountants and limiting human error. ORC turns images into readable and editable documents, so you can take a picture of anything you are working on or receipts of any kind into an editable document onto an online accounting platform (Marder). This is helping accountants a lot, as it allows them to convert tons of receipts, for example, in minutes. This limits human error as people may make a mistake when entering the data themselves or when copying something written down from a board that is important. Instead, they can take a picture and have the information there to be editing as they please. There is one small negative to this system, however. If someone was to write something down on a sheet with a receipt and it is written down sloppy or illegible, the ORC software could make a mistake in the

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