Sunday, February 16, 2020

The impact of information technology on accounting world Essay

The impact of information technology on accounting world - Essay Example BACKGROUND Accounting is as old as mankind and people used accounting to settle their scores even when the barter system was in place. People used different methods of keeping records of their transactions and claims to settle their exchanges as monetary transactions. When accounting was revolutionized, people brought up several new ways of book keeping which were beneficial and easy to go about. Different rules and principles came in to being when people gave rise to concepts of accounting such as accrual, matching, fair presentation and consistency etc. With progress in this field, people adopted the use of profit and loss statements as well as balance sheets to conduct their accounting but even then paper records were maintained. This was a hectic exercise which required a lot of time and tracking of records to keep them up-to-date with their daily transactions. This need of time gave rise to Information technology to come and level up the score where the requirement of time savin g and keeping track of records could be maintained. Not just that, the way conventional accounting used to take place could also be revolutionized and new and easy ways of book keeping can be brought up where standards and ease are both maintained simultaneously. BEGINNING ERA In the beginning era when information technology was introduced in the field of accounting, people started opting soft databases in place of hard copies of their records for the purpose of book keeping and tracking the transactions. This not only helped the hectic procedures of keeping the accounting records secure but also helped in the reduction of storage cost. The use of software that can calculate the results better and more accurately were used to make the calculations simpler and quick. Presentation was shifted from paper based presentation to soft copy presentation which required little time to make and edit the changes. New software was developed to cope up with the requirements as new standards of ac counting came into play and the level on complexity was increased. Both accountants and auditors started relying on the information technology far more than the paper work as it gave them time and cost saving and thus a new era on information technology was introduced in the field of accounting as well as that of auditing. CURRENT STATE OF INFORMATION TECHNOLOGY IN ACCOUNTING The current state of information technology in the field of accounting is very diversified and wide as the companies and information technology agencies have developed several ways of countering the needs and requirements of today’s fighting era. As the information technology has grown up in today’s era, it has persuaded the managers to implement it in their companies to manage their duties and responsibilities in a more appropriate and designed manner. The current state of accounting involves the use of following accounting software and techniques: Database management systems Spreadsheets Audit t echnique software Word processing and graphic presentations Tax assessment software Decision support systems Inventory and sales management systems Data evaluation and management software etc These are the major software that is implemented today in the field of accounting and management which have given this era of advancement a new dimension. The new era of accounting has also given rise to the in-house development of software and the companies have started their own software houses in

Sunday, February 2, 2020

Critically evaluate how people resourcing policies and practices can Essay

Critically evaluate how people resourcing policies and practices can influence the level of employee commitment and engagement with in the workplace - Essay Example licies may not be that effective and these can be discussed in the light of theoretical analysis to show how company policies can influence the level of employee commitment and engagement. Employee engagement is defined by Vance (2006) in plain business language and he says that, â€Å"Though different organizations define engagement differently, some common themes emerge. These themes include employees’ satisfaction with their work and pride in their employer, the extent to which people enjoy and believe in what they do for work and the perception that their employer values what they bring to the table (Vance, 2006, Pg. 2)†. This definition is very applicable in business terms since it allows companies not only to create a level of engagement based on the factors mentioned above but also gauge the level of engagement which employees have. Under this definition, those companies who are helping people enjoy their work, show commitment to the people working for the company and help them when they need to be motivated will eventually have employees who are more committed than others. The psychological contract also plays a role here since the individuals who are engaged with the company and are said to be committed are expected to believe in what they are working with and they need to have pride in their employer. The psychological contract itself is defined as the unwritten contract between the employer and the employee regarding the commitment which they both have to each other (Barnett et. al., 2004). To show the importance of employee commitment and engagement, two examples are used as pertinent cases. These are international companies who have shown how engaging and committing employees is possible through several different means and they also show the advantages which a company can gain if the employees working for the company are fully engaged with active psychological contracts. The examples also show what could happen if employees become disengaged from