THE IMPACT OF INFORMATION TECHNOLOGY ON THE MANAGEMENT OF FINANCIAL PRACTICES ON BUSINESSES
Category : Financial, Financial Aspect, Information Technology , Management Samples
The impact of information technology on the management of financial practice
In all aspects of your lives without us knowing the impact of information technology to our society has been tremendous, it has continuously creating changes and advancement in almost every paces of our lives, in telecommunication, business, medical, studies and anything else all needs this technology. It has transformed our lives continuously to grow. And with the rapid advancement in this field we can say that the world is now dependent in this technology.
A certain computers can create a multi-task environment from desktop publishing to research, multi-media and worldwide communication that is almost free. It can make our job so much easier than we can ever imagine, think about going back through a typewriter compare to a PC and what would like to be without it. Cellphone act as a very handy tool so we can reach the world whenever and wherever we are, and many other devices are among the basic technology that home, offices, schools, hospitals and organization needs to have to become a part of this wonderful breakthrough.
In a certain company where a high end computer is required this technology brought forth absolute changes to speed up their work especially in financial management aspect it has transformed many organizations into a professional services industry in a very concise manner.
The accounting process makes it even more accurate using the Microsoft office program which is created by Microsoft. No matter how large or small a certain company and no matter how much work load they may require some software makes financial practice even more easier to deal with. Let say an accounting firm can deliver a much wider reports and complete data within a few days without having to worry about accuracy and data loss because data can be save in just a few clicks of a button or it can even be delivered anywhere around the world whenever needed, data can be easily available using emails and so it leads to productivity gain. Other popular and recommended softwares are MYOB, SAP, Quicken, Quickbook, AS400 and Peach tree.
But in order to become really effective on the management of financial aspects of every company, one must be familiar with the latest software that is now available in the market. You can choose the one that is right according to your needs.
To create a more appropriate high impact services on financial management one must understand that data gathering, organizing, processing and delivery must require professional knowledge especially in financial firms or government organization which people look forward to. This may only be the hindrance a person may need to identify if they need to become a part of a certain organization. Moreover accounting software provides businesses with the tools necessary to streamline business processes, make transactions manageable, and improve employee efficiency and accuracy. Below are some of the solutions that you would like to use for your company/organization. You may look at it in your favorite software store or make a research online.
1. Account payable software 7. Fixed asset software
2. Bank reconciliation software 8. Payroll software
3. Bill of material software 9. Project accounting software
4. Budget management software 10. And Business management software
5. Consolidation software 11. Financial modules software
6. Credit card processing software 12. Etc.
The software above is guaranteed to make your company and organization much more efficient and can bring you on the top of the competition. These are the open secrets of some companies; they invest in people and worthy technology.
To give you an overlook let us say, In the United States of America where elections are done on a computerized mode the financial expenditure can be easily calculated and reported to the public after a few weeks, days or even hours thus making it very convenient for a certain state to organize such event like election. Candidates who won the election can be easily promulgated in a matter of time unlike other country in Asia that still uses manual counting which take so much time and money to deal with. Corruption would start to crop because of inaccurate manual reports and abusive accounting individual. From this example we can say that the impact of technology again and again can never be over emphasized. Therefore the impact of information technology on the management of financial practice in order to be a success is within your reaches, so take advantage of it.