Changes in Technology

Changes in Technology

In today’s accounting world it is hard to imagine using old fashion general ledgers and posting daily business transactions by hand. Believe it or not, there are small businesses that still do just that. Technology is all around us. Everything that was once done by hand can now be done by a computer. Keystrokes are now taking the place of penciled in numbers. In today’s fast paced world it is more beneficial for businesses to close their books for one month and move onto the next month in the quickest and most accurate way possible. The new accounting technology of today can do just that. It is more important for managers to be able to have fast accurate financial data at a moments notice than to poor over hand written reports and ledgers.

Imagine a huge corporation like Microsoft, Inc. with hundreds of offices throughout the world needing financial data at a moments notice. Today’s desktops computers and with the innovation of the internet this information can be retrieved by all it’s employees who need financial information for decision making to access detailed reports that are updated daily. It once took Microsoft two weeks to close their books; it now takes four days (Boggs, 1999). This is all possible with the implementation of Microsoft’s FinWeb (Financial Information Network). This system was launched in 1995 and through the FinWeb’s network of intranet sites, all employees can obtain detailed financial data about the company with a push of the keyboard from their desktop (Boggs, 1999).

Changes 3

You don’t have to be a large corporation like Microsoft to reap the benefits