Rehan Ahmed 2023-10-19 Ms. R. Gardner-Blake BAT4M0 The Impact of Technology on Accounting 1. Why did Keenoy feel that technology would impact the accounting industry? Keenoy felt that technology would impact the accounting industry because it would be a challenging mechanism used in accounting. It would negatively impact the accounting industry. Since it would eventually lead to the unemployment of many accountants which would reveal itself to be true based on sales numbers. After examining these numbers, it was understandable that technology was expanding within the accounting industry and would be far more successful than human resources. Therefore many employees were in favor of automation since it was efficient and work was done faster while also having cutbacks on costs. As stated by Keenoy himself “Electronics is that new mode of transportation because of it’s tremendous speed of carrying out our errands”. It has been said that the volume of paperwork has increased but there aren’t enough people to handle it. According to the Census Bureau, it's estimated that 1 out of 6 when it should be 1 out of 10 was a paper worker, so the cost of record keeping has become a significant economic and management problem. 2. What did Keenoy predict about the impact of technology on the field of Accounting? Keenoy predicted a few possible outcomes that could impact the field of accounting. One of which includes; the idea of Integrated Data Processing (IDP), it is built around a machine code that links together in a continuous way different types of machines and operations being used. Its main purpose is to reduce effort in data processing and as the years of accounting go on, this tool will remain a resource. He mentioned how difficult it was for managers to maintain records of transactions and how many young entrepreneurs and business owners would benefit from a computerized "punch-card" system that logged transaction details. Keenoy also anticipated the creation of a "Sales-Tronic" system, to scan and interpret these transactions. This method can save an accountant a full day's worth of bookkeeping. After that, the data can be sent to other digital computers. All subsequent data will subsequently be automatically continued. 3. Do you see evidence of Keenoy’s predictions within the video for Microsoft Dynamics GP? In the Microsoft Dynamics demonstration, the software exhibited a series of statements, including bills and balance sheets, that recorded information from transitions. This evidence demonstrates that Keenoy was correct in his prediction of the emergence of an automated system for information recording. Keenoy went on to say that the data associated with these transactions might be accessed and sent to other electronic devices. This forecast was also correct due to Microsoft Dynamics' ability to convert transactions into Excel files that can be downloaded to other users. Keenoy's final prediction about printing these transitions in their correct format came true since we can now utilize printers to print prepared information that can be faxed and scanned to banks and corporations.
