ACC700 Principles of Accounting: The Future of Jobs

Introduction

Accounting is an art of classifying transaction on the basis of their transactions and then presenting the same in a proper manner in the financial statements. It can also be classified as an information system that passes collects and diverts information of the accounting nature of a entity. With overall development in technology and growth I this field, it has led to several changes on the method of accounting. It has a positive impact on accounting by increasing the overall efficiency by better streamlining of information. It has helped in better transformation of economic life an brought in so many changes to the life involved. With increase in computer and other technologies there has been increase in office work, better productivity and also better functioning of the management. It has given accountant new tools to do their work and has helped in increasing their efficiency in so many ways. Also with the so many positive effects there have been negative impacts to on the profession of accounting due to the increased automation of work in so many ways. These technologies impact several areas of the accounting profession, including particular accountant skills such as the requirement for the skill of digital data collection which can be an awesome Endeavour, in addition to the bearing on ethics in the industry. In this paper we will analyze the overall impact that growth in technology has caused in the overall accounting world. After all the research we have come across various factors and some surprising elements to that effect the policies of accounting in so many ways. We will explore and compare the overall effect of accounting in both the countries Australia and Korea, and compare the effect that the method of technology used had effect on the overall policies of accounting.

A.What your group have research about current and future technology, accountant skills and ethics and career opportunities for those who pursue accounting careers?

Before computer developed

1. That most of the people were doing entries manuaaly before hand.
2. Stereotypical introverted/glas-wearing/math nerd/pocket-protector image was perpetuated
3. In case of any mistake it meant long hours of calculation and also loss of money
4. It was a tedious work to find the errors involved.

After accounting computer programs

1. It led to elimination of stationery, calculator and calculation on paper.
2. There was a reduction in the error caused mathematically
3. It was easy to find and correct mistakes
4. It helped in doing the overall work in speed.

It has helped in changing the overall process of accounting and has made it more fast paced and also more efficient..

This beginning of automation came in the form of simple automation of beginning of the spreadsheet program.

VisiCalc – 1978

It led to up gradation on the part of the company in from manual spreadsheet.

VisiCalc pioneered without human intervention updating cells

Quickbooks - 1998

It dominated the market for everyday accounting

Over 80% of accounting using Quickbooks

4.5 million Companies use QuickBooks

It is the most popular accounting software in US.

Accounting can be considered as a most effective and most primitive method form the ancient times, when there was manual accounting, the growth of accounting form dirt token to mathematical intervention the growth in accounting has been fabulous. Around hundred years after the fact, Luca Pacioli-one of the popular Franciscan monk, recorded a mathematics book that highlighted three key things required by vendors: adequate cash or credit, an accounting system, and a good bookkeeper. Nowadays more and more youths are undertaking accounting based studies based on its value and its growth in the society and its importance in the huskiness world, form that forts entry to today’s quick book the growth is very much visible and evident.

The overall changes in accounting has been sensitive an very much evident for that first computer in 1197, to that first entry of accounting done through computers the overall growth may be slow but hays even effective enough in changing the lives of the people involved in so many ways.

That the advent of computers the records was kept manually an don paper. It was a very tedious work, it involved a lot of labor hour a hampered the overall growth of the company because of the time of accounting involved. Adding to this, there was a changed strategy of leading accounting obligations that shifted from one department to another in so many ways. With the overall changes in PC and accounting application the method of accounting ahs definitely changed. It has altered the everyday method of accounting in so many ways.

It helped the accounting technicians to make use of the electronic spreadsheet in place of pencils and calculator and that saved a lot of their time an brought a revolution in the overall accounting method. .It has helped the book keeper in maintaining better trail of the items and the entries involved and also identify any kind of error involved in the same. Detection of errors has become a very easy task. At last, this has brought about better responsibility and productivity.

It has helped in changing the customary picture of accounting all over. Prior the field that was thought to be exceptionally undertaking focused has changed into a vocation that is more distinctive and adaptable in working style. The overall notion that nay man who is involved in accounting ahs to entire day perform the work of book keeping is a very historical fact. Nowadays, the bookkeeper is more talented with different accounting applications and use PC to perform the everyday accounting assignment. It allows the book keepers to complete the tasks involved in minutes which previously took hours to finish.

Despite the fact that there are some who are somewhat bothered that vocation openings or profiles of the past have been swapped by the use of PCs and programming, others are astonished and welcoming the presentation of PCs in accounting. By and by, there is still much livelihood prospect as there was 30 years prior. All that we need is to set ourselves up for each change that will undoubtedly come our way at normal interims. 

Future

Digital mobility opportunities: Reducing capital costs; increasing service and employee productivity by leveraging mobile devices and digital platforms; and consolidating and integrating cloud-based information repositories.

80% of the firms claim that digital mobilization will play a very important part in the coming year in the field of accounting and will revolution in the entire concept of accounting will be there because of the same.

93 percent of the accountants have stated that these changes have helped them in doing their work in better way then before and they have implemented this technology of mobile computing into their work. For the next there year. It is the new era of accounting problem and solution. It will help in improving the life of accountants, help in providing better services to the clients and also helps in making better production of work which may not be possible the other way.

Around 62 percent firms have already adopted the method of mobile computing, and have made several changes in the firm. Other companies are also in the queue to make the changes involved..

The various accounting jobs that are vailable on seek.com

What information has surprised your group? 

Previously the accountants had to spend huge of money to provide the best services of their client also the mnaul work demanded more resources , The new cloud platform, providing professional finance and accounting tools to anyone with a meagre $70 a month or so has completely wiped out that old business model.There will be an technologicaladvancement since the last decade an dthat will continue in the times to come. Withy more innovative eapplications and better tehnological changes, the advanacement will be visible more in the times to come. The cocept of mobile computing will change the industry in a lot of ways. It will not only change the way the books are kept but also improve the overall client experience and also bring changes that might not be possible beforehand with the manual system of accounting. With the development of real-time information and automation, being onsite will become significantly less important and will greatly reduce the time needed for data validation.

1. The technology, the accountant skills, the ethics and the career opportunities your group have researched may reflect an Australian viewpoint. Choose a country that members of your group may have an interest in, or knowledge about. Briefly discuss what aspects of the technology, the accountant skills, the ethics the career opportunities would have to be considered and what changes/adaptations your group might need to make.

As what ahs been discussed above theer has been several change sin the overall method skill and ethics invlve din accounting because of the changes in tecahnology and other factors. It ahs ledto bettr development of skill, technology and better carreer opportunities to the people must be provided. Traditionally most of accountant’s job was keep tracking the numbers, they only using mechanic equipment for solving mathematical problems such as calculator. Previusly the accountant used the calculator an dpencil to solve most of theaccounting relate dproblems and that involved alarge amount of time in mantannec of books and other accounting activities. With the advent of electronic spreadsheet such tasks of the accountants have become very easy.

Korea is one of the country got affect by development technology. One of the most changes are following development internet technology As known as South Korea is one of the country which got development in internet technology, following this development South Korea government start published internet tax system. Currently Korean can do basic tax work at home by internet service which call home tax service (HTS). Through this HTS every Korean get information and payment tax at home without contact with accountant, therefore HTS also has notification service by email or mobile phone to Korean. As a result Korea successfully achieved e-tax system and it improve government outcome from tax(Kim, n.d.).

Also along with the changes there are changes in the way accouting ha sbeen done previously ,a slo the electronic spreadsheet has helped in bringing so many changes. It ahs helped in internet in making changes in the method of accounting. iNternbet ahs been a major player in bringing so many changes, the accountant can look over the inetrent for any issue involved in accpunting and can instantly solve the issues. But there are so many information presnt on the internbet that some information can be wrong and that can cause harm to the auditor he needs to make changes with respect of the same. These new skills are bring changing to account industry now most of accounting education provider in South Korea start having new accounting skill curriculum.

All these changes are bringing changes in the job sector inkorea, it has led to better development of technology and beter development of jobs and also better accounting experience for the people, there ha sbeen wide scale development in jobs involved in this ector. . Since Korean government start E-business policy and development in IT industry, firm need accountant who more specialized about analysis information and having computer skills that help to solving accounting problem more efficient and reduce time consume. Also there are some of expectation is exist to accountant that analysis correct information and showing the way which firm should take.

What is your group opinion on the value of studying/taking accounting courses?

 Even though theer are so many changes taking place , accounting is one job that has made changes in the industry and the demand for the same is exsisting and will always exsist . hence to take study in that respect ahs helped in better development of jobs all around the world. If one is studying accountancy they will only excel. The new development of accountuing also has changed the job of theaccpoounatnt and has made hikm hele dthe position of accounting technician in the company, It ahs opened new opportunities for the people. Taking up the accounting cousre is value, everyone requires an accountant for their jobs. . If people opening business and run the business by themselves, they will facing to many of accountant problem, such as reading and understand profit movement and tracking the cost used for their business. Though these activity they can easily find a way to make more profit and it will help achieve higher goal for the people who run their own business. Also if taking accounting course it will help to get the ability of reading financial information, even the people who do not have their own business if they know about world financial, it will help to increasing career opportunity that can hired by other financial firms(Prince, 2015).

Also the demand for the accounat in the world economy will keep onincreasing , There are so amny problems in the world economy , the people need to take important decisions regarding investing money in ethri field of money and also the accountants helps in makng the same. The fir will need specialists that will help them I taking important decisions with regard to the same. According to report from AICPA the demand about accounting graduate are always existing and it kept increased till nowadays. Compare with 2010 and 2012 the hired rate by CPA firms among accounting graduates are increased by 21% in total also in 2014 it increased 7% in total, however the demand for graduates master degree student is increase by 11%. It simply shows that the dnemand for the accountant will keep on increasing it will never fall below the requisite demand and people who staudy accountancy will always have som or the other job involved. So we can say that the accounting people will always have better career opportunities in the world. (2015 TRENDS IN THE SUPPLY OF ACCOUNTING GRADUATES AND THE DEMAND FOR PUBLIC ACCOUNTING RECRUITS, 2015).

As we go with the prospects of accounting salary, according to the research , a full timeaccounting will earn is A$75,603 in Australia and a aprt time will earn A$89,736 which higher than average full-time earning(Livingin-australia.com, 2016). An accountant will mostly have avery high salary prospects. According to salary guide by Robert half (2015) finance and accounting salaries in Australia increased by 67% in medium business, 60% in small business and larger business increase huge amount which is 74%. In addition it keep showing positive sign that the salary will increase more in financial and accounting sector. 

Conclusion

With the overall research w ecan see that there has een so many changes in the method of accountuing and it has brought in so many changes. With the advent of technology it will make jobs easier , better use of electronic spreadsheet will help in making changes in so many ways. The development in It sector will help in circulation of better information and also make the people less risk averse. The changes are occurring every now and than and all the students who are studying accounting needs to include thes ecahnjges in their curriculum , so that they are in sync with the growing trend in the accounting concept.

Reference

[1] ICPA, “Review and Resume”, Accounting Terminology Bulletin no. 1, (1953), page 9.

[2] N. Conn, “Objectives of Financial Reporting by Business Enterprises”, Statement of Financial Accounting Concepts no. 1, (1978), par 9.

[3] W. Ballada and S. Ballada, “Basic Accounting”, DomDane Publishing, (2011), pp. 20, 88-90.

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