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What is the Importance of the Information technology in the modern accounting system.. and how does it helps in the functioning of the Internal Control and Audit ?
The impact of technology on Modern Accounting System are as follows:
Positively it promotes process efficiency and greater accuracy in managing accounting information. It also promotes speedy processes and work flow hence improved financial performance. It further facilitate easy and speedy storage and retrieval of relevant accounting data to enhance efective financial planning and decision making.
Despite the above positive impacts, it has limited the use of human resource as less are needed to manage Accounting systems.
Information techonology play important role in the modern accounting system. It can give you accuracy, reporting assistance, escape from repitition of work, proper division of work among workers, authentication of work execution for the specific person, day to day reporting to the concern persons etc.....
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