Essay: Information Technology and Accounting
Information technology is one of the most innovative sources that can aid the companies in making their accounting practices ad business procedures terms of operations as well as operations more efficient and accurate. Lean accounting is achieved through controlling of costs at the company and talking steps which identify sources of high costs so that strategies can be implemented to reduce them.
The various accounting systems available today can aid the company in implementing lean accounting procedures and practices. “IT has made many companies more efficient and accurate in performing accounting, internal audit, and tax functions.” (Chang, 2005) The manufacturing and production functions at businesses are mostly made efficient and lean through business process engineering and the implementation of supporting information technology. Similarly the accounting control systems and the accounting management systems at the company also need to correspond to the changing lean orientation of the company. This requires the implementation of flexible information technology systems that can adapt to the changes made in the accounting procedures and reflect the efficiency in the reports generated by the systems.
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