Accounting Information Systems According to Term Paper

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The information age is likely to have a continuing impact on financial
accounting. What are some changes you think will occur in the way
financial information is gathered, processed, and communicated as a result
of increasingly sophisticated information technology?

There are massive changes on the way regarding how the information age will
impact financial accounting. First, there is the exponential growth in the
area of financial analysis and forecasting software, which is part of the
broader enterprise software growth in analytics. This area of information
technologies (IT) is already creating a foundation of entirely new levels
of processes for gathering, processing and analyzing, then succinctly
communicating financial results. This entire area of financial analytics
is becoming increasingly predictive as well, allowing financial analysts
and professionals to complete projections and plans in real-time to see how
their decisions will impact an organization.

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Second, the adoption of Service Oriented Architectures (SOA) is making the
strategic objective of aligning core business processes to line-of-business
goals and objectives much easier to attain. Foremost in the SOA adoption
today is the use of Business Process Management (BPM) software that
provides financial planners with the ability to define and automate process
workflows electronically. This is also making it possible to gather
financial information not otherwise known, analyze and communicate it from
a process and objectives-based standpoint rather than a product or business
unit one, and also provides for financial variance analysis as well.
Managerial accounting is impacted by the information age in many ways. One
important impact is that computerization makes it possible for companies to
estimate.....

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