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How are Journal Entries affected by modern technology?

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Question added by Abdullah Mahhaden, CFA, CPA , Assurance Manager , Grant Thornton
Date Posted: 2013/06/14
Mohammad Al Qahwaji
by Mohammad Al Qahwaji , Chief Accountant , Anazeem Technology company

technology Journal Entry Software allows you to: Avoid pitfalls resulting from disparate systems, missing/inadequate supporting documentation, improper management approval, and/or lack of transparency into the impact of late adjustments Perform exception management, identify errors, eliminate “approve after posts” and reduce processing time Reduce cycle time in the critical path of the financial close by accelerating the time from journal entry creation to post Enhance control over manual adjustments with a closed loop to the general ledger reconciliation

Alaa Salem
by Alaa Salem , Financial Manager , Alandalus-Travel company

technology affects accounting and finance as a hole but for accounting it make the work easier ; in past a small company needed at least6 to9 accountants to made an accurate work and now a days with an average accounting software you just need from2 to4 accountants max.
so technology affects the number of accountants needed but you must have a very good accountant to establish a good accounts tree so you have accurate work and reports it decreases the time of auditing and correcting the data entry mistakes if I found a mistake I will just correct it in the input window while in manual accounting the mistake can be in any part and you need to ask yourself where the mistake affects and start to correct it , is it in the GL or in the balance sheet or in the budget or .......
etc and about the time you saved a lot of time in making all the accounting books today in accounting software just enter the invoices and the software make the rest and you just need only one good accountant to analyzes the reports correctly and the other staff not so good like this one so technology decreases the time to made the work done , decreases the papers and pens needed, decreases the number of good employers you need which will ask for big salaries so if you see it correctly you will see that technology affects the hole financial industry

Cherryl Jaranilla
by Cherryl Jaranilla , Accounting Bookkeeper , Dumanjug Multi-Purpose Cooperative

Nowadays we have a lot of types of technology like low technology such as, crafts, tools and much more others low technologies and high technology such as, cellphones, telephones, laptops, computers, ipods, and much more other high technologies.
Technology can affect a person's life such as cellphones and telephones makes it easier for us humans to get in touch and communicate with people far away from us.
Also like laptops and computers makes it easier for us humans to write our homework, so instead of writing homework in hand we can just type out our homework.
I think that in the future like about one hundred years later there will be a lot of types technologies that have super cool and super awesome abilities.
I am not sure like what kind of technology it will turn out as maybe like robots and something like that which will turn out super cool and super awesome but that will be bad because then people will be very lazy since it is easy to do stuff with technology.
It will also be more bad to the Earth because a lot of types of technology is not that natural so it will cause global warming and harm the Earth.Modern technology allows small businesses to operate in ways that were impossible only a generation ago.
Technology allows staff members to communicate better, enables business owners to manage costs more efficiently and sell products and services in new and different ways.
Small businesses benefit from simplified and less expensive manufacturing processes and can grow without affecting the quality service they offer their customers.
Regardless of the size or nature of a small business, technology has opened new and exciting doors to success.

Ahmad Almesry
by Ahmad Almesry , Auditor , General authority of ediocational buldings (GAEB)

I read the three answers above, all of them speaks about the benefits of technology.
But I need to speak about the dark part! I have experience in both manual and mechanical systems, and all the worker on the new system need to prove that the mechanical systems give them the same results.
If the system is a famous one (made by famous company) it doesn't need this proof, but it is made for general user and can not fit all your needs.
For that you may need a system made by a programmer or a programming company, here you need the proof, it takes time and effort to get confidence.
Another problem I faced that the one how is responsible for making changes on the system some times do this change without making discussions.
Another one is that reports that the programmer made unlike the users need, and the user must adjusts his work to fit the program, the programmer (not the law) is the one how make the rules.

Musheer Syed
by Musheer Syed , Accountant , Kadhema Scientific Consultancy & Services

The Impact of Technology on Accounting : Information Technology has Created Benefits for Accountants , Technology & Systems has Shortened the lead time needed by the accountants to prepare journal entries and information to the management and shareholders not only shortened the lead time required to present financial information but also improved the over all * increase Functionality * improve Accuracy * Faster processing * Better External Reporting * Reduces Accounting Cycle Time * Budgetary Control

Parshuram Nepal
by Parshuram Nepal , Senior Account/ Finance Officer , Federation of Nepalese Chambers of Commerce & Industry

Simply modern technology reduces the time substantially for making journal entries. In the mean time we can give more emphasis on the documentation parts. In the same time information technology made us easier to generate the report as & when required.

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