Question

"The negative impact of technology on the accounting profession”

10-15 sentences

3. Alternatives - Outline possible alternatives (not necessarily all of them) - Explain why alternatives were rejected - Constraints/reasons - Why are alternatives not possible at this time?

Answer 1

Technology Limitation in Accounting –

Technology advances can change the way business operate , including the way accounting is handled.

Computerised accounting systems streamline the accounting process while efficiency strong financial information for a company.

Security – The security of the accounting information in a computerized program is limited to the Quality of the program itself and computer security system.

A poorly protected program and database leaves an opening for hackers or unauthorized personnel to access all of companies financial information.

This information may be used for malicious purposes that could hurt companies and its employees if their personal financial information is accessed

Automation Limitation –

Technology allows for automation of accounting by transferring data to multiple reports and systems. While automation saves times. It can also create problems if information is entered incorrectly . Bugs in the software are also a potential problem that can cause incorrect information

Changing Technology

Due to rapid change in Technology , computerised accounting system may became outdated over time . Due to change in system , need to do upgrae the version and this will involve more cost spend . Transferring the old data from the previous system can something be complicated