The Effects of Technology in the Accounting Profession

The effects of technology on the accounting profession are clear and undeniable. The advancements in technology have increased both the accuracy and efficiency of the accounting profession. Thus, the advancements also bring an increase to the education in the accounting profession. In order to stay competitive with today fast pace society accountants must become more and more technologically incline. The accounting profession has experienced remarkable growth and success in both the 20th and the 21st centuries. Much of it is being written today about the advances in computer technology and how it is creating a new information society. For example, experts have predicted that the fusion of computing and communications will†¦show more content†¦In either event, until capital suppliers reach a point where they believe that they have all relevant information, decreases in the cost of information production will probably continue to spur increases in information demand. AICPA Annual Reports The envisioned shift in the accountants role to that of†information professional should perpetuate the historical trend toward the creation of higher-level jobs at the expense of clerical accounting functions. This trend is evident from an examination of the data reported in Table One. As indicated in the table, AICPA membership expanded from 74,000 in 1970 to 319,000 in 1994, an increase of approximately 330 percent. Over the same time period, total U.S. accounting employment grew from 646,000 to 1,483,000, an increase of only 130 percent. Thus, although total accounting employment has risen significantly over the past two decades, the number of CPAs, who generally hold higher-level positions, has grown at a much faster rate. This movement toward the professionalization of accounting should continue in the future. Looking Ahead There is reason for optimism about the future of the accounting profession. Information professionals such as accountants will play an increasingly significant role in the developing information society. Thus, there will be many new opportunities for accountants to provide valuable services in the future. Increases in the level ofShow MoreRelatedThe Effects of Technology on the Accounting Profession1065 Words   |  5 PagesThe Effects of Technology on the Accounting Profession ACC/340 The Effects of Technology on the Accounting Profession Advancements in technology have allowed companies, small and large, to keep accurate financial records and eliminate paper entries. Technology has also allowed individuals in the accounting field the ability to interpret the financial information efficiently and effectively. 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