As the business world is changing rapidly so as the development in technologies has changed the methods of carrying out different tasks under different Industries, similarly it has produced some major changes in the finance and accounting profession. The emerging services in technology are a wave of innovation for customers in field of finance and accounts. There is a strong urge on behalf of customers and business leading parties on need of accessing online services quickly and easily by smart phones or computers. This shift from traditional skills to being digital agile is a challenge to meet expected results and work in profession of accounting and finance.
Role of Information Technology in Finance & Accounts
The role of information technology in institutions of accounts and finance is to attain the required information as required by competition rate. Technology used in field of accounts and finance refers to software tools and computer systems used by the company to automate such functions and organization of flow of data. Such capabilities help in data storage, file management and reporting of data. Applications used in accounting software helps in keeping the work force more focused and increasing its efficiency. If process of financial reports is fast it will simplify the procedure of decision making well managed accordingly.
Through the use of information technology the exchange of financial data in various functions is easy as the sale and marketing functions also need help of finance department. The information technology has made it easy to open online business by anyone or to sale or purchase anything. It is duty of banks and security to keep check on every activity under this head for safety of customers.
Software used in Finance and Accounts
It’s time for accounting and finance institutions to consider Oracle’s a complete line of cloud base platform as a service; providing solution for development of finance and accounting.
Including Oracle other software such as share point, MS Dynamics, Open ERP. Let’s have look on working and usage of these software in accounts and finance.
As it is well known fact that Oracle and Java are registered trademarks of ORACLE any of its affiliate .Its only ORACLE which offers almost complete and most integrated financial management. ORACLE is basically data base software with rational data base managing system. It is largest vendor in Information Technology.
Java is the leading programming language in accounts and finance services for many years, in traditional financial sector Java is providing a secure source of financial data and it also imposes object oriented programming.
SharePoint is web based platform serving as document management and storage system. It is a collaborative system which integrates with Microsoft office. In financial managements and accounting system share point is a right solution for cash flow strategies, auto mate journal creation and reporting. In accounts share point serves as a source to manage budget, forecast and reporting, it also secures data in centrally organized place. Share point is an economical and efficiency boosting solution for access and management of critical documents.
- MS Dynamics
It is a business or enterprise software used for management of customer relation with organization. It is cloud based application that is term as CRM (customer relationship management). Main focus of this application are manufacturing, service, retail including public sectors. This application helps to maintain customer relation, in tracking sales and engagements of business. In simple words it transforms the way of business carried out by anyone.
- Open ERP
It is a software with public access which is actually collectively in public manners. This is a kind of software to which everyone can have access and can bring changes accordingly.
In accounting ERP is abbreviation of “Enterprise Resource Planning” accounts module, which is a data based software with packages to support process and operations of a business. That may include marketing, finance, human resources and so on. Finance module ERP is a software that is for business management process. And the aim of technology is to use combined system of applications to manage and auto mate office works, services and human resource.
Ease of information technology to accounts & finance departments
The discussed technologies has offered lots of benefits to finance and account sector, with help of information technology the customers are getting more quick access to daily transaction and business deals. Information technology has shaped the size of enterprise and helped in making money and produce results according to customer demand some of the benefits are discussed below:
- Functionality solutions for organization
Oracle and other software provide the functionality solutions for finance and account industry, which can easily be integrate with already in existence enterprise applications and data base, which results in maximizing profit and increasing customer retention.
- Pre-built reporting ability
In present situation the business organizations need fast and easy ways to create ad-hoc outputs, inputs and to generate pre-built reports. These requirements as being critical for financial management system are being sorted out through software system including ERP and other applications.
- Secure infrastructure
The development in information technology has change the prospective of business entirely, new software and applications are making financial and accounting system more secure and reliable for the customers that is in convincible approach of customers as well.
- Instinctive experience
Oracle and other technologies used in accounting and finance are bringing users to the world of new experiments and experiences. The modern designs and tools used by the software maximize the productivity and profit.
- High scale for transactions
The extreme scalability is also a benefit that is given by the information technology to finance, it is Oracle that provides high velocity scale solutions in a high volume (for complex sets of financial transactions).
- End to end enterprise
It is information technology that has given a better in sight picture of business and has evolved it and still building a compatible work flow in business management either its related to financial heads or to accounts.
Limitations of information technology
Where IT is serving human life in different ways in different fields of life and creating a revolutionary period for each and every industry there are some short comings which are being faced by the service providers and as well as by the customers:
- In accounting and finance major problem faced now a days is Security, the security of customers depend on the quality of the program used by the organization.
- System automation is also a limitation of the modern technology that is being used by the financial and accounting organizations. Automatic update system can be sometimes a trouble maker by slight errors in information.
- Rapid changes in the software in use is also ambiguous process, need more money to upgrade system with passing time.
- Well trained staff is pivotal point of any business if the operating staff cannot handle and manage the system it affects the customers reliability on service providers.
Influence of IT on future of finance & accounts
To conclude it can be observe that despite the fact of many limitations and shortcomings in use of IT in accounts and finance it has changed the enterprises and business organizations in a very convenient way to make life easy and better. To compete with changing global policies and way of dealings it has become the compulsory part of daily life to get up grated and modern applications in business organization to attract more customers and increase profitability of the organization with a high scale of service providing criteria, in daily financial transactions customers want easy and quick process that can only be achieved by the help of new software, tools and applications.
Aldaim Solutions (ADS) has experience of many years with a hard working team of expertise who are well versed and qualified in their fields. All staff members have good command over finance and accounting using upgraded web system and software according to requirements of clients. For schedule a meeting or to hire our developers from ADS, contact us and experience the highly developed technologies in field of finance and accounting.