Thursday, May 19, 2016

Information Technology in Accounting

The weather-cock on the church spire, though made of iron, would soon be broken by the storm-wind if it did not understand the noble art of turning to every wind
-Heinrich Heine

The introduction of a cash-lite society through the aid of mobile payment system, which enables subscribers to send money to other users via a mobile device, have been a good development in the world of accounting.
Also, the use of various accounting software packages such as SAGE50 (Peachtree), MICROSOFT EXCEL (Spreadsheet), ORACLE, XERO and a whole lot of others has been of immense help in improving the financial service sector. Rising internet penetration through cash-on-delivery payments has made online shopping a viable option over the traditional stationary market.

Notwithstanding, every rose has its own thorns. Lack of reliable power supply; cost of acquiring, implementing and maintaining an IT system; lack of trained IT personnel; increasing risk of cyber-insecurity; fear of job elimination as tasks that were formerly performed by human employees are now carried out by computer systems; vulnerability to security breaches, particularly when they are accessible via the internet and a whole lot of others are inseparable problems attached to the use of IT in businesses.

If you cannot dig, you cannot be deep. IT in accounting has no doubt been of immense help, and has become an essential tool that virtually all businesses lobby for. Hence, if any accounting student will survive in this age of competitive certificate and growing supply of labor; the slim chance to make it real good is to get oneself equipped with Information Technology. Like Dolly Parton sang in one of her songs,"one is only poor, only if they choose to be." –yea, one will only be jobless and dormant only if one chooses not to turn to the current thriving wind. 

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