“Final Project”
2S2022-ITE101-3BSA-B
Submitted by:
Alzona, Jose Mari Mencias
Baltazar, John Arwin
Cantalejo, Julie Mae Uri
Capito, Arra Marie Caunin
Dales, Jonabelle Ampoloquio
de Honor, Ericka Jamie Bongbong
Dispo, Mylene Tabian
Hilario, Mhelody Gonzales
Marte, Carmela Magante
Mendoza, Gracechelle Ampoloquio
Onda, Khaila Fae Bathan
Submitted to:
Ma’am Dimaculangan
“The Evolution of Technology for the Accounting
Profession”
Authors:
Dillon, T. W., & Kruck, S. E.
Kruglinski, J. A.
McNamara, W., CPA
Torgerson, S.
I.
II.
Introduction
 As every accountant knows, accounting is the language of business.
Throughout history, this language has evolved significantly. Despite all
the changes, accounting techniques have always made the accountant's
job a little easier. As our technical knowledge grows, so does the
accountant's ability to interpret statistical data. Accounting techniques
have strengthened the accountant's ability to analyze data quickly and
effectively. The accountant has become the company's most trusted
business advisor because he or she can now understand the business
language so fluently.
Summary
 You can start from scratch with the invention of the abacus used to track
things in your business. We didn't call it technology, but we're back for
centuries with some attempts to build a calculator to help accountants
with mathematical solutions. After the main work totalizer, a calculator
for the accuracy of information was invented. As technology has
advanced, so has the speed and skill of accountants' work. However,
even with calculators and adding machines, bookkeepers had to keep
track of transactions with paper reservations. The method of identifying,
measuring, and communicating financial information was documented
within the kind of paper records, columns of numbers, and handwritten
statements. An accountant had to be an awfully methodical, detailoriented person. Today`s accounting professionals who understand the
importance of the web will use the web for e-business. They use the net
to execute major business processes within the enterprise. Electronic
business (e-business) allows the firm to coordinate internal
management activities and combine the clients` relationships with the
utilization of digital networks. Accountants could get the information
with the click of a mouse. This changed the nature of the accountant's
job. The use of data technology has opened further doors. This diverse
opportunity in the field of accounting. A new discipline has been
developed. Employers have begun to rely on professional accountants
III.
IV.
for technical advice. Taking it one step further, cloud computing is
becoming more and more popular today. The name represents the cloud
symbol used in the flowchart and is called cloud computing because it
represents the web. It is a service provided over the Internet that
permanently stores data and uses business applications through remote
servers. Software as a Service (SaaS) can be a web-based service.
Advances in information technology in the accounting industry have
forced accountants to acquire new skills. Accountants can now acquire
advanced computer and technical skills. These skills have become part
of the knowledge and skills of accounting professionals. 21st-century
accountants have strategic software applications for planning the future.
ERP (Enterprise Resource Planning) system, etc. This can be a software
program that integrates different departments within an organization
into the same system. This makes the data available in different ways
and supports activities across different departments. Another strategic
software application is the Supply Chain Management (SCM) system.
This helps companies manage their relationships with their suppliers.
SCM has several requirements: Procurement, Procurement, and Product
Logistics Planning and Management. Operating these systems requires
financial expertise. The financial and administrative aspects of the SCM
organization need to be monitored and supported by employees. The
CPA needs to oversee the entire supply chain across the company.
Conclusion
 The accounting industry now speaks a new business language. It is the
language of future generations of accountants. The development of
accounting technology is enormous and has strong growth potential in
the long run. Advances have reached several new levels of opportunity
for the industry. This was explained in this text. By comparing and
contrasting the changes that have occurred through the use of
technology in accounting over the centuries, corporate productivity has
created career stability and many diverse opportunities for this thriving
professional accountant industry rice field.
References
 https://www.cpapracticeadvisor.com/home/article/10263076/theevolution-of-technology-for-the-accounting-profession
“The Future of Accounting Profession in an Era of
Start-Ups”
Author:
Burak Özdoğan
I.
II.
Introduction
 Accounting could be a profound profession that has existed since the
birth of civilizations, and its marks are seen ever since BC, and today
people still use it. Accounting, which is a necessary business function
and management tool, has always been ready to restructure itself
altogether important transformations in enterprises and its forms during
a new transformation today. This transformation includes both
technological developments that transform the present kind of
accounting and intellectual conversions that transform the aim and ways
in which accounting is employed. With the developments in
communication technologies, accessing and investment costs are
rapidly increased, which situation led to the emergence of startups that
enable small and medium-sized enterprises (SMEs) to learn from many
support systems of selections that were previously available to large and
institutional enterprises. Startups are newly established but have a high
rate of growth and growth potential, have focused on especially SMEs in
corporate services, and have transformed accounting functions like
operational functions into support system of choices for SMEs. During
this process, startups, which use actively cloud computing, big data
analysis, and AI technologies, became a significant opponent to the
normal business model and have influenced the longer-term role of
accounting. This chapter shares the long-term prospects of the
accounting profession by examining the technologies currently in use,
reflections from the business community, and their impact on the
accounting profession.
Summary
 From 16 years now, it had been 2001 when MIT Technology Review has
announced ‘Natural Language Processing’ technology collectively of the
‘10 Breakthrough Technology List’ of the year which is largely about the
computers which will understand the daily language of humans and
interact with them during away as close because of the natural
communication of humans in between. it should seem familiar since
we've got ‘Hey Siri!’ or ‘Okay Google!’ in use today. It’s not a
breakthrough today to interact with a computer in a very close thanks
to the natural human interaction. Today, within the same list, there are
immune engineering, reusable rockets, robots that teach one another,
and autonomous cars. All the technological advancements that we
expect to own within the future which we ran down have already got
transformational effects on the way we produce, buy, sell and consume.
Technology is the major influencer of business and its functions since
the trendy businesses that we establish today are strongly connected
with technological advancements in many ways. The effect of
technological advancements on the way of doing business is well-known
since the event of steam power machines Today, as a consequence of
advancements in technologies mentioned above, new business models
for traditional sectors have changed the way of competition. Hui claims
that today’s companies should reconsider their business models to
remain within the competition. With the widespread use of cloud
technology, many traditional software companies have changed their
business model by subscribing the purchasers to the software service
rather than selling the software. This new model is termed Software as
a Service (SaaS). The SaaS model creates an efficient and productive
system for the purchasers and also the software companies by
decreasing the infrastructure investments, and operating costs and
making the info entry and monitoring activities seamless from anytime
and anywhere with an internet-connected device. Accounting is one of
the professions that may adapt quickly to the wants and competencies
of these times. It’s a rooted tradition and historical background. The
accounting profession, which has undertaken the required
transformations without breaking removed from its basic principles in
coordination with all technological transformations since the amount of
record-keeping was occurring by hand, plays a critical role within the
decision-making processes of enterprises as a very important data
system today. Accounting is one of the foremost prepared business units
for large data use as a unit within which intensive data flow and analysis
are distributed within the past, and reports are filtered by these data.
Big data, unlike the standard data recording, processing, and
interpretation processes, allow structured or unstructured data to be
aggregated from many sources to supply meaningful results. Big data
and accounting are two concepts that can't be considered separately
from one another in the near term. The widespread use of AI and
machine-learning technologies has led to the emergence of various
collaborations and new effective management tools. The variation of
computer science and machine-learning technologies in the areas of
accounting and finance, and auditing is every one of the areas of
particular interest to businesses within the era we are in. Companies
that are brought up as start-ups with a good rate of growth and make
actual the business opportunities of the results of digitalization have
affected disruptively all traditional business models of traditional sectors
like accounting. New-generation start-ups combine SaaS and similar
business models with flexible working styles, target speed, and ease,
and make these accessible for SMEs to technology services that be taken
by big corporate enterprises, thus creating an important market.
III.
IV.
Conclusion
 With the help of advances in the areas of communications and
knowledge technology, the amount of IT-based software is growing
rapidly, and the capabilities of high-budget enterprise resource planning
(ERP) software widely used by large enterprises are small and mediumsized enterprises. And medium-sized enterprises (SMEs). This chapter
describes cloud computing and other information technology-based
accounting startups, and the impact of these high-growth startups on
accounting professionals. Finally, technology-based accounting startups
with both accounting professionals and entrepreneurs with information
technology expertise may be closed and increased in the future, and
cloud-based accounting initiatives will be long-term. It is expected to
form a profession.
References
 https://www.intechopen.com/chapters/55533
“The impact of Information Technology (IT) on modern
accounting systems”
Authors:
Maziyar Ghasemi
Vahid Shafeiepour
Mohammad Aslani
Elham Barvayeh
I.
II.
Introduction
 Accounting is the system a corporation uses to live its financial
performance by noting and classifying all the transactions like sales,
purchases, assets, and liabilities in a manner that adheres to certain
accepted standard formats. It helps to judge a Company`s past
performance, present condition, and prospects. A more formal definition
of accounting is the art of recording, classifying, and summarizing in an
exceedingly significant manner and terms of cash, transactions, and
events that are, partially a minimum of, of a financial character and
interpreting the results thereof. Advances in information technology (IT)
have transformed many firms in professional services industries, but
perhaps none of the maximum amount as those within the public
accounting industry. Once a slow-paced and conservative industry,
public accounting underwent tremendous changes at the turn of the
millennium, sparked largely by the rapid changes in its environment
(Elliott 1998). Audit software and knowledge-sharing applications are
two key components of these changes. The automation of audit tasks,
and therefore the use of dedicated audit software, has replaced IT work
and adapted the structure of the audit team. Equally important is the
use of advanced systems to share the knowledge base across different
parts of the organization. This allows professional service companies to
use their talent more effectively.
Summary
 Advances in information technology have enabled companies to
computerize their information systems. As a result of significant
technological improvements, accounting information systems have also
been computerized. As accounting information systems become
computerized, accountants must acquire the talent to use computerized
systems. The use of computerized accounting information systems has
opened up opportunities for businesses to perform accounting functions
more effectively and efficiently, as the use of computerized AIS has
resulted in significant time and cost savings. The use of data techniques
III.
IV.
to perform accounting functions has provided an opportunity for
businesses to move toward paperless offices. In addition, companies
applying production systems can apply it more effectively with
computerized systems. Tools such as electronic data interchange and
wire transfer can provide businesses with the opportunity to use their
production systems more effectively and save money. Some of the
benefits of using computerized accounting methods are that the
calculation of summing the debit and credit columns is done
automatically and with absolute accuracy by the PC, the audit trail or
details are automatically maintained, and the financial statements. The
financial statement report helps the computer system to quickly recall
the latest information by selecting the appropriate menu item.
Information such as today's inventory, customer payments, past sales
and data is kept sensitive using the secure password system provided
by most accounting programs.
Conclusion
 This white paper seeks to clarify the impact of knowledge technology
(IT) on the accounting system. The most important accounting impact
is the ability of companies to develop and use computerized systems for
tracking and recording financial transactions. IT networks and computer
systems have reduced the time it takes accountants to organize and
present financial information to management. This method allows
enterprises to quickly and easily create customized reports for
administrative decisions. Other features of the computerized accounting
system include improved functionality, increased accuracy, faster
processing, and improved external reporting. Finally, this paper focuses
on the strengths and weaknesses of using information technology (IT)
in accounting systems.
References
 https://www.sciencedirect.com/science/article/pii/S187704281102462
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