Benefits of Technology in Accounting Industry
Technology has created its impact in almost all the fields in today’s time. Out of which it has a great impact on one of the most important activity in the companies i.e. accounting. Gone are the days when spreadsheets were filled manually, ledgers and statements were handwritten. Technology has made accounting job far easier, also it has brought in accuracy and shortened the lead time required to present data. Let’s have a look in detail how it has impacted the overall accounting. FASTER PROCESSING Computerised accounting allows accountants to process large amount of financial data quickly. During month end and year end companies invest in so much of time and labour, various software used have considerably shortened this time and has also allowed companies to cut in cost. Processing time for individual transaction, tax calculation, budgeting, VAT Services and calculation has also lessened and thus made the accounting work efficient. Any error can be easily identified and corrected also; last-minute adjustments can be quickly done at the same time it does not impact the overall financial data. INCREASED ACCURACY Human errors are inevitable while inputting information, however computerized accounting has minimized the potential errors and tends to provide accurate and trusted results. Financial information handled by a smaller number of accountants ensures more accurate data as it is been processed by more qualified professionals. EXTERNAL REPORTING