Question

The Internet of Things, commonly abbreviated as loT, refers to the connection of devices (other than typical devices such as computers and smartphones) to the Internet. Cars, kitchen appliances, and even heart monitors can all be connected through the loT. And as the loT grows in the next few years, more devices will join that list. The loT is already having a significant impact in areas such as health, retail, manufacturing and also finance.

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Briefly discuss the impact of loT accounting practices in organizations. As far as possible, give an example for each of your answers. (Total: 15 marks)

Answer 1

Impact of loT accounting practices in organizations

• It makes it easier for organizations to keep tabs on their resources, and for the accountants who are responsible for overseeing the budget and its relation to assets.
• It makes it easier to track inventory without manual counting-With smart storage, will give a picture to companies to know at all times where assets are being stored.
• It can store records virtually and go paperless which will save time and efforts and can enjoy benefits of virtual data storage.
• It will change financial decision making for professionals by providing real-time visibility that complements data from ERP.
• organizations have a better idea about the budgetary requirements of future projects by tracking its economic data .