Authors

1. Ms. Reenu Shukla
2. Dr. Monu Bhargava

Affiliation

• Assistant Professor DCTE Jaipur
• Assistant Professor CIITM Jaipur

Abstract

With the revolution in information technology, there has been far-reaching change in the nature of business and created competitive advantages for those who value its effects. Finance and accounting requirements for businesses have also undergone drastic change. Technology is increasingly making the ability to transact easier, thus compelling the business firms to provide a higher level of service to stay relevant. Web based technologies has radically altered the manner in which accounting information is produced, disseminated, and used. This change has increased the role of internet accounting and has helped the accountants in time saving, reduction of transaction costs, handling bookkeeping processes, minimizing the costs of storing information and producing at the right time. Now traditional source documents such as accounting books, ledgers have been replaced by internet based accounting software and electronic financial spreadsheet. Internet accounting applications has changed all of this. With such applications available in plenty, one can easily maintain details of even the smallest of transactions. Data can be retrieved and analyzed at the click of a button. Records can be generated easily and quickly. Society as well as whole economy is also changing continuously with the growth, integration, and sophistication of technology and it has helped business firms in forming deep business relationships beyond the traditional enterprise boundary. Consumers and businesses have become particularly quick to recognize the potential and to realize the benefits of forming new relationships across computer-enabled networks. The increased technology and change in global business has resulted in expanding accountants’ duties and offered new challenges. Thus, this paper reveals that Internet accounting has provided a bright future for accounting system managers and users and with this technological up gradation the traditional business processes has been modernized. The future of Internet accounting is less about documents and publishing and more about transaction processing and participation in transaction workflows.

Keywords

Internet accounting, electronic-accounting, change, future trends

References

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