How Technology Will Change The Accounting Profession

1948 words - 8 pages

ACC 700

How Technology Will Change the Accounting Profession
Charles Duell, the director of the U.S Patent Office at the beginning of the twentieth century, prophesied that "everything that can be invented has been invented." Looking back, one can only laugh at the irony of this statement and the sheer amount that has actually changed since then. However, amidst the laughter, a question is raised: is it possible that today’s businesses believe what Duells said, that there is nothing more to come? Today, companies have access to some of the most groundbreaking technology, but are they truly taking advantage of it? One field that has changed dramatically over the past few years is the ...view middle of the document...

This is why some professors have begun to use computer applications as well as traditional text books to thoroughly prepare student’s minds. In the early 1980’s very few accounting classes were encouraged to have group projects or even make presentations, but just as technology is evolving and adapting, so is the accounting classroom- as is evidenced by this paper itself! Accounting courses are encouraged to implement some of the same standards and situations that are present in a CPAs work life into the curriculum in an attempt to make the accounting profession an even more competitive market and the student an even more well rounded one. While the main objective used to be passing the uniform CPA examination, now the objective is to have a “ready-to-go” accountant with knowledge of not only current computer software used in company bookkeeping, but also even a bit about how that same technology may be defrauded!
A CPA, CMA, and Partner for UHY LLP Steve McCarty, believes in staying up to date with the advances his company, as well as the world, is making involving the technology that will be changing his profession for many years to come. He is aware of constant changes and enjoys being on the cutting edge. When asked how technology has impacted his career, an enthused McCarty responded, “HUGE! When I started 15 years ago, I did not have a computer. We typed financials and prepared tax returns by hand. Technology has allowed for us to grow more efficiently, faster, and remain cutting edge. Technology has also created opportunities for our profession. Now we are hired to test client IT Systems and do walk through to help facilitate or audits.” While his response was extremely pro technology, other CPAs seem to be in the dark on how technology is actually going to influence their career. Carol Bowles, a top CPA in Tennessee, is less familiar with the technology that is presented. When asked about changes in technology she mainly remarked on the changes in the CPA Examination, and less on the affects it will have on her career. Her only contribution was that it is her belief that PDA’s, or Personal Digital Appliances will be owned by nearly everyone (aren’t they already?) and that PC's (Personal Computers) will be a thing of the past. Personally, I believe they will become as common as the cell phone already is, especially as technological advances are combining the two. They will be used in business offices, homes, and classrooms for teaching and learning. So is Bowles correct? Will PCs become a thing of the past? While many people say “yes” and even encourage accounts to ditch their computers for a PDA, the individuals who would be most affected by this say “no way.” While the access to files would be wonderful, the idea of the small screen is less inviting. Current advances in cloud computing are additionally helpful as suddenly all necessary information is available to a variety of different people in a variety of different places- virtually...

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