Accounting systems and the role of technology in modern-day accounting

 1. Accounting systems 

The accounting system is used to record and manage its company financial, or accounting records, income and expenses are included. It is used a set of guidelines accountancy and procedures which helps to generate accurate financial reports, these reports are already to send for internal and external stakeholders in order to make the effective business and investment decisions. 

To easier for you to understand I have a picture of accounting systems' works

2. The role of technology in modern-day accounting

The most specific impact of technology is to use the computer systems to track and record financial reports. Paperwork, manual spreadsheet, and hand-written about finance have transformed all into computer systems that quickly change individual transactions into financial reports.

Some of the impact can be list below:

• Increase functionality. 
• Improved accuracy 
• Faster Processing Computerized Accounting System

Technology has transformed modern accounting systems, revolutionizing the way accounting is done. Accounting technology is the application of software and hardware to improve accounting processes and systems. Accounting technology has reduced errors, improved decision-making, and made accountants' jobs easier. Cloud-based accounting software, machine learning, cryptocurrencies, and mobile accounting apps are examples of modern accounting technologies. 

That why we need to adapt the knowledge of technology up to date for not to be low-tech in our major especially in accounting field which is changing every seconds.

References 

kate.brevard@thomsonreuters.com (2023) Accounting Technology: What it is and how it works. https://tax.thomsonreuters.com/blog/accounting-technology-what-it-is-and-how-it-works/.

 The impact of information technology on accounting (2021). https://bizfluent.com/about-5471307-impact-information-technology-accounting.html.

Team, W. (2023) Accounting system. https://www.wallstreetmojo.com/accounting-system/.

Shabana (2022) What is the Role of Modern Technology in Accounting? https://invyce.com/what-is-the-role-of-modern-technology-in-accounting/.