Accounting in the 21st Century

Paper Summary:

This paper discusses that, in the 21st Century, new technology, such as the computer, fax machines and the internet, have improved the business and accounting world in virtually every area ranging from communication, to data recording, to company billing. The author comments that the use of the computer has almost eliminated the job category of bookkeeper. The author discusses that, although these new technologies have great benefits, they are not without problems such as computer crashes.

From the Paper:

"The technological world has become an absolute necessity in accounting. One way technology has influenced accounting firms is in the realm of communication. Communication, vital to every business, plays a crucial role in the accounting process. Through the use of the fax machine, important documents can be sent via phone line from client to accountant or vice versa. For example, a business needs to have a sales journal covering the last quarter immediately because of a meeting the next day. The fax machine will allow the journal to get from the accountant to the client, a task that would have taken at least a day or two, within a few minutes."

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