Financial reports

On a large scale basis, the computer servers of accounting departments can hold vast quantities of data which can easily be retrieved and edited depending on the necessity of the situation (Powell & Dent-Micallef, 2005). Local computer networks in the workplace provide suitable means for accounting departments to store voluminous financial reports as well as tax and budget reports regardless of their quantity. The higher the storage capacity of the computer servers, the more files can be stored in them.

In consequence, accountants no longer have to worry about tomes of paper files and the office space needed to keep them in good shape. The rise of the internet has also made possible the transfer of files across geographical boundaries with relative ease. Accountants working for a company consisting of several offices from different locations in the world can easily send and receive accounting records in real-time, thereby hastening the comparison and assessment of these records with very minimal delays.

Communication between corporations or between corporations and their clients is also accelerated through the use of the internet since it provides efficient communication tools such as online instant messengers and emails. Since modern technology has “digitized” the output of the traditional methods of creating accounting records, much of the efforts to maintain the integrity of these records now rest on the task of protecting them from more modern threats.

These threats include “hacking” as well as the presence of computer viruses and malicious software that attack the delicate internal programs of the computer. To a certain extent, accountants have opted to protect their records and files by turning to modern technology. Today, there are various anti-virus computer programs that can be downloaded and installed on computers so as to protect the files from being hacked or corrupted by external and unauthorized users.

Thus, the accounting profession has also evolved in terms of how it seeks to resolve modern threats and of how it finds ways to prevent future threats from occurring. The Bank of America’s call center facilities have greatly benefited from the technological developments in the accounting profession. Through the modern accounting tools, accountants working under the bank’s call center facilities are able to monitor the financial performance of these facilities and are also able predict the performance of the facilities in the next few months.

Moreover, transaction records regardless of their sheer volume are easily organized, stored and retrieved by the company’s accountants in their preferred time without having to plough through the unnecessary bulk of records on paper. Searching for accounting records for the previous months is also faster and easier since the database of digital records is arranged according to various categories such as total expenses and net profit for a given period. In essence, the accounting profession has greatly benefited from the advantages offered by modern technology.

With modern tools such as computers and the internet, accountants are able to work more efficiently and more productively with less hassle.

References

Orlikowski, W. J. (2003). The Duality of Technology: Rethinking the Concept of Technology in Organizations. Organization Science, 3(3), 398-427. Powell, T. C. , & Dent-Micallef, A. (2005). Information Technology as Competitive Advantage: The Role of Human, Business, and Technology Resources. Strategic Management Journal, 18(5), 375-405.