GROUP 6:

QUIJANO, ROBLEDO,
RODRIGO, RIETA, TIMOSAN

INFORMATION TECHNOLOGY- SPECIFIC IN ACCOUNTANCY

DEFINITIONS:

INFORMATION TECHNOLOGY

- It is the creation, processing, storing, protecting, and exchanging of all

types of electronic data using computers, storage, networking, and other
physical devices, infrastructure, and operations.

- So ang technology is dili lang siya gina utilized for personal or leisure
purposes, IT is typically used in the context of corporate activities.
Telecommunications and computer technology are both included in the
business usage of IT. Information technology is developing and spreading
rapidly, helping humans to have better access to the world.

ACCOUNTANCY

- Accountancy is the practice of accounting; it is the systematic field of

analyzing, creating, and reporting in the language of business. Accounting
is the measurement and recording of a company's cash inflows and
outflows. In addition, accountants are also responsible for documenting,
classifying, and reporting economic transactions for an organization. It
gives management input on an organization's financial performance and
status.

INFORMATION TECHNOLOGY SPECIFIC IN ACCOUNTANCY

- Information technology plays a vital role for accountants because it makes

their jobs easier and faster. Information technology helps increase and
enhance accountants' ability to assess statistical data and values. It helps
make the business language easier to understand and interpret.
INFORMATION TECHNOLOGY’S SIGNIFICANT ROLE IN ACCOUNTING

● To make knowledge accessible to accountants.

● To increase the organization, storage, retrieval, and accounting information

interchange skills of research and extension specialists in accounting.

● To develop information-sharing mechanisms.

● To create an accounting database that can be easily accessed and used as a

decision-making tool.

● The information storehouse is simple to access.

● Data on accounting will be accessible to everyone.

● Accounting IT can be used effectively to handle many corporations.

9 CURRENTLY USED/DEVELOP TECHNOLOGY AND ITS RELEVANCE IN

ACCOUNTANCY

1. Cloud Computing

- Cloud computing is a network of remote servers that are stored on the

internet to manage, hold and also process data instead of having these on
your personal computers.
- Cloud computing is a variety of applications and software that allows you
to store and compute data specifically in the accounting field.
- Dext - records bills and receipts online
2. Metaverse

- Metaverse is a term derived from the word meta which means beyond and
verse from the universe.

- Metaverse is a virtual-reality-based world that allows users, also in digital

forms, to explore more.

- NFTs and cryptocurrencies are examples of the metaverse.

3. Artificial Intelligence & Machine Learning

- Artificial intelligence (AI) is the simulation of intellect by robots that can

help solve issues by mimicking human judgment.

- Machine learning (ML) is a subset of AI in which the technology may

"gain knowledge" from experiences to assist in the automation of specific
jobs.

4. Blockchain

- A distributed ledger, often known as a blockchain, is a high-security

database.

- It is a method of securely storing and precisely recording data that has

numerous uses in accounting and financial documents.

- Blockchain provides innovative transactions, asset protection and

exchange, identity and credential verification, and other functions.

5. Mobile apps

- Mobile accounting software keeps the accounts on track.

- It provides excellent guidance that simplifies the performance of various

accounting activities, such as reconciling your accounts, invoicing, and
generating expenditure reports.

- A mobile accounting app allows users to control, encrypt, and analyze

financial information from any device at any time.

6. Big data

- Big data typically refers to processing large amounts of unstructured data

over a variety of data points.

- The idea is how to evaluate financial and non-financial data in a manner

that benefits clients and businesses.

7. No code development

- No-code development creates new apps and accounting automation tools,

as per the needs of the accountant and client.
 - It may create application software and automation more quickly and easily
than conventional software development.

8. Robotic process automation

- A software technology that can replicate human behavior and activities to

complete tasks.

- RPA processed massive amounts of data in a relatively short time while

maintaining accuracy and providing visibility into even the smallest detail,
regardless of area or division.

- It may provide deeper insights in order to make the best business

decisions.

9. Optical Character Recognition

- A software that processes financial records and enters them into an

accounting system.

- It converts the text in the document into a form that may be edited,
searched, and used in various ways.

- It increases efficiency by doing tasks more quickly and with higher

precision and accuracy.

Conclusion:

Information technology plays a huge role in the field of accountancy, and we can't
deny the fact that the field has become more dependent on it. Accountants are keeping
themselves up to date with the advancements in information technology in order to
respond to any market conditions and every client's needs. Due to the rapidly evolving
connection between accounting and information technology, accountants now need to
understand how technology affects businesses and how it can be used to boost
revenue, improve operational efficiency, and comply with regulations. The utilization of
information technology plays a vital role in the field of accountancy because it powers
the business industry worldwide and enables easy and instant access to
business-related information. Information technology opened new doors to
organizations and companies and gave them numerous opportunities to accomplish
accounting tasks more effectively and efficiently.
 REFERENCES

Carissang. (2022, May 23). 8 metaverse business opportunities and the future of the
virtual world. Australia Retrieved September 21, 2022,.
https://employmenthero.com/blog/metaverse-business-opportunities/

Bragg, S. (n.d.). What is accountancy? AccountingTools. Retrieved September 22,

2022, from https://www.accountingtools.com/articles/what-is-accountancy.html

Kuruvilla, V. P. (2022, September 9). OCR Finance & OCR Accounting. Nanonets AI &

Machine Learning Blog. https://nanonets.com/blog/ocr-financial-documents/

Potter, M., Lazanis, R., Amreeta, Glover, N., Clarke, A., Moran, L., Swathi, Redmond,

L., Hayes, A., Olga, Cristello, D., White, W., Terry, A., Kevin, Martel, S., Khan, S.,

Toledo, G. A. de, Dale, R., Knight, L., … Feliciano, C. (2022, September). 147 cloud

accounting software apps: The big list. Future Firm. Retrieved September 21, 2022,

from https://futurefirm.co/cloud-accounting-software-apps/

Robotic Process Automation in Finance and Accounting. (n.d.). Retrieved September

22, 2022, from https://www.solvexia.com/blog/rpa-in-finance-and-accounting

Sun. The Role of IT in Accounting. (n.d.). Retrieved September 22, 2022, from

https://engage.smu.edu.sg/role-it-accounting

Super20. (2021, July 22). Role of Technology In Accounting.

https://s20.in/blog/role-of-technology-in-accounting/
What is information technology? Definition and Examples. (n.d.). SearchDataCenter.
Retrieved September 22, 2022, from
https://www.techtarget.com/searchdatacenter/definition/IT

QUESTIONS AND ANSWERS: PREPARE 6 QUESTIONS

Q1. Why does the field of Accountancy need to keep up with the advancements in
information technology? (Rhyca)

Answer: Information technology helps the accounting field and significantly

impacts this sector. One reason we need to keep up with technological
advancements is that they enhance accountants' ability to interpret data
efficiently and effectively, making their jobs easier. Technology advancement is
shaping the future of accounting, and we need to evolve with the changing
industry. Accountants must become more proficient in leveraging clients'
up-to-date financial analysis and staying competitive.

https://online.maryville.edu/blog/future-accounting/

Q2. Do the emerging technologies in information technology impose a threat to

accountants and workers in the field of the accounting sector? (Timosan)

https://www.accountantsdaily.com.au/technology/11042-is-new-technology-a-threat-to-ac
counting#:~:text=Our%20survey%20reveals%20that%20while,about%20the%20fut
ure%20of%20accounting.

ANSWER: More than the threat, it helps accountants and all workers in the
accounting sector manage and store data more efficiently, save time, reduce costs
and offer new services to customers than the traditional ways. Although, yes, AI
technology and bots can make accountants feel redundant about their work, I
believe that this feeling is not permanent because businesses still need
accountants to help with their decision-making.

Q3: How has information technology affected accounting? (diane)

https://www.lsbf.edu.sg/blog/innovation-and-technology/how-has-technology-impacted-th
e-finance-and-accounting-industry/

ANSWER: The role of technology in accounting has transformed the sector with newer
and advanced software, and its ability to ensure accuracy and reduce errors, which helps
businesses avoid tax penalties and other issues. Furthermore, it's now much easier to
organize audits in a highly efficient manner. Apart from this, technologies plays a vital
role in accessibility of financial informations especially when needed immediately for
economic and financial issues to project it in a presentable and efficient way. Moreover,
to add, the discussion of miss geralde that states the INFORMATION TECHNOLOGY’S
SIGNIFICANT ROLE IN ACCOUNTING showcases how technology affects
accounting where
● To make knowledge accessible to accountants.

● To increase the organization, storage, retrieval, and accounting information

interchange skills of research and extension specialists in accounting.

● To develop information-sharing mechanisms.

● To create an accounting database that can be easily accessed and used as a

decision-making tool.

● The information storehouse is simple to access.

● Data on accounting will be accessible to everyone.

● Accounting IT can be used effectively to handle many corporations.

Q4: What are three benefits of using technology in accounting? (diane)

https://blog.spendesk.com/en/accounting-automation

ANSWER: There are many benefits to using technology in accounting but I can say
there are three major benefits to it which are time saver, secure file storage, and
professional development. In which time saver enables the most tangible benefit of
technology in accounting. For example, suppose you use the cloud computing to
manage expenses and other costs because cloud computing is a variety of
applications and software that allows you to store and compute data specifically in the
accounting field. Like Dext that enables records bills and receipts online. Then literally
takes a click to export this - and all other expense claims - to your accounting and
reporting tools. So what normally takes days (or weeks) can be done in minutes. Also,
secure file storage where the need to store paper records for 7-10 years can be secured
and Every document is then accessible to you no matter where you are. There’s no need
to rifle through the filing cabinet or go down the hall to a storage cupboard. Lastly,
profession development where the accountant career with high levels of repetitive,
manual work has the potential to be automated which give change that actually
presents an opportunity for growth. Also, when used well, accounting automation
should simply remove all of the tedious and frustrating parts of the job, leaving
room for management accounting, strategy, and good communication.
Q5: Will there be a potential in the near future for technology to take over
accounting if corporations believe that technology is superior to accountants?
(gwy)

Answer: I believe that accounting professionals will never be replaced by technology. It may
minimize the need for accountants to conduct repetitive bookkeeping tasks, but it does not
eliminate the necessity for accountants to perform higher-value accounting operations.
Furthermore, even though technology has already replaced some time-consuming accounting
tasks, opportunities still exist for accountants. Accountants will always be needed to analyze and
interpret data and their expertise and knowledge will never be substituted in examining balance
sheets, making smart decisions, or forecasting cash flow in ways that a technology cannot. In
simple words, technology will never have the potential to take over accounting as technology is
only necessary to automate basic repetitive accounting tasks, while accountants would be
dealing with physical or corporal jobs.

Q6: Does technology have a negative effect on accounting? If so, how has
technology negatively affected accounting? (Lorenzo)

Answer: Yes, technology has a negative effect on accounting because technology

changes so quickly that computerized accounting systems may eventually become
outdated. When compared to current software, an outdated system's capability is limited.
As a result, you have the option of using the system as is with fewer features or
spending the money to upgrade to a new version or system.