The Effects of Technology on the Accounting Profession

Romney, M., & Steinbart, P. (2012). Accounting information systems. (12th ed., p. 143). Upper Saddle River, NJ: Prentice Hall.

Cloud computing is one of the fastest growing segment of Information technology today. In simple words cloud computing means storing and accessing data and programs over the internet instead on the computer's hard drive which can be accessed from any part of the world if the individual are connected to the internet or a network connection is available 24/7. A simple example of cloud computing is g-mail. With the connection of internet through any medium we can send and receive emails.

Cloud computing is a fast growing information technology trend that many companies including Google, Microsoft, and IBM are currently looking to get a stake in as demand for the service grows. Cloud computing is the concept of allowing both individuals and businesses to store data and applications on remote servers (owned and operated by a third party company), rather than on their own hard drives and data centers. The service boasts the ability to securely access data and applications from just about any device with an internet connection, allowing for such services as streaming music from a personal collection from multiple devices, and even to business

What is cloud computing? Cloud Computing is storing and accessing applications and data over the Internet and not locally of your computer’s hard drive. The concept has been around and in use for years. To put it more simply, cloud computing means providing processing power to electronic devices (PCs, tablets, smartphones) via a remote infrastructure. There are some advantages and disadvantages of using cloud computing in a business environment. I will be describing three advantages and three disadvantages of using cloud computing in everyday business.

There is a necessity to have either hardware or software to integrate the accounting information into an automated system for viewing by the proper individuals. Below, Learning Team A will show who needs to access this information, what controls will be implemented, the type of reports to be generated from these hardware or software and importantly what type of information will be available through corporate Intranet and the Internet. Having the proper hardware and software integrating Riordan's data into automated systems will make life easier for those involved with all the accounting cycles, especially accounts receivable.

Accounting information systems provide the tools to operate and maintain important data related to an organization and interpret the information to develop quality financial reports. The revenue cycle of Riordan Manufacturing reflects sales and the components associated with sales such as inventory, freight, cost of goods sold and accounts receivable, yet this information is not readily available to each facility. Because the forecast for the company is positive and production and wages are expected to increase having source documents available within each branch of the company would improve the efficiency of the organization. Developing a plan to integrate an accounting information system for the

2) Introduction of computerization into the planning and budgeting process and introduction of “e-disclosure” to employees.

In today's time the accounting and book keeping ranges from the old way of paper and pen to extremely large accounting data base systems for the major companies and organizations around the world; although either system could be used but

In the modern business today, there is no more manual accounting. Instead a lot of companies and businesses all over the world are trying to use and adapt by having an accounting system that is computerised, less hassle and fast processing.

Accounting Information Systems The Crossroads of Accounting and IT by Donna Kay, Ali Ovlia Instructor’s Solutions Manual

This system has a monthly reporting function which would require that information be keyed into an accounting program. This does not interface with the existing accounting program which would create issues for the computer illiterate staff.

Cloud computing is an internet based computing which provides various applications and services like storage, servers, infrastructure, networking with low cost, on-demand self service, pay as you go model, location independent resource pooling, reasonable price , rapid elasticity etc. Cloud computing is one way to increase the capacity add capabilities without investing in new infrastructures like computer hardware involves storage memory, licensing for new software, training for a person and in a dynamic way.

Information systems changed forever the way accounting tasks are processed. The days of green paper pads are gone, and instead businesses have a centralized place where all accounting transactions are entered and saved. No more looking for paper

This is consisting of modules that deal with the business accounting systems. A simple accounting package might also contain one module or also referred to as stand-alone module. But most of the time, it will consist of several modules. Examples of this are the Quick Books and Peachtree.This system reduces inefficiencies and information redundancies. Relational database systems such as enterprise resource planning (ERP) depart from the accounting equation method of organizing data. This system captures both financial and non-financial data, and then it stores that information in the data warehouse. The advantages of this system include recognition of business rather than just accounting events; the support in the reduction in operating inefficiencies and; the elimination of data redundancy.For an accounting system to be considered as effective it must meet the basic objectives of information systems. The first objective is that they must pass the cost benefit principle or cost benefit relationship. Financial information is not free, other companies even spend millions every year just to gather and organize financial information to assemble into their financial

Cloud Computing is the use of common software, functionality or business applications from a remote server that is accessed via the Internet. Basically, the Internet is the "cloud" of applications and services that are available for access by subscribers utilizing a modem from their computer. With Cloud Computing, one simply logs into desired computer applications - such as sales force or office automation programs, web services, data storage services, spam filtering, or even blog sites. Generally, access to such programs is by monthly or annual paid subscription. Through Cloud Computing, businesses may prevent financial waste, better track