General technology was initially brought to public attention in the 1890s, and since then, it has undergone significant development. Technology has changed and evolved throughout the past century of human existence. Industries that were adopting the idea and utilizing it at work helped make the advancement of technology conceivable and a reality. Depending on what the technology was being utilized for, the usage of technology in various industries changed various business functions in each industry. For example, counters were used extensively in all accounting processes in the past because there were no conventional techniques in use. The manual creation of financial reports, such as balance sheets and profit and loss accounting, is kept up to date by daily reporting. For the company’s ICT sector to be relevant and competitive, decisions and accounting systems must be considered. One must acknowledge that computer systems have enhanced the efficiency of financial institutions. As a result, accountants can now generate reports and analyses that provide a comprehensive picture of the present situation and are helpful for management operations thanks to the acceleration of accounting information. It may be saved and monitored with a more effective electronic system, which boosts productivity and reduces mistakes to guarantee client pleasure.
Apple Inc., formerly Apple Computer, Inc., is an American multinational firm that manufactures personal computers, smartphones, tablet computers, computer peripherals, and computer software. Generally, technology has improved an accountant’s efficiency and capacity to analyze statistical numbers (Shakhtarin & Nosyriev, 2018). It has also improved an accountant’s capacity to quickly grasp business jargon, making the accountant the corporation’s most trusted business counsel. The most favored method of maintaining records in Apple’s financial activity has traditionally been the development of computerized accounting. However, due to technological development, several robots are now available that can carry out various accounting tasks. These gadgets merged a typewriter’s features with those of many calculators.
Technology advanced much further as transaction volume significantly increased. The development of a computerized accounting system transaction mechanism made it easier to preserve accounting records in Apple Inc. TPS, or transaction processes system, is one of the earliest automated systems created to cater to the requirements of core business activities in Apple Inc. The goal of a typical TPS is to capture, process, and store transactions in Apple Inc. functional areas for subsequent retrieval and usage.
A significant technological revolution has recently impacted many aspects of business operations at Apple. Due to automated tools and easy access to sophisticated software programs that can quickly finish time-consuming tasks, financial accounting operations are today more organized, effective, and productive (Andiola et al., 2020). The significant impact of technology on accounting at Apple has resulted in an expansion of the role of an accountant. Accountants may now concentrate on data analysis to assist the company in making better business choices and strategic planning. This is because labor-intensive tasks that once required much time can now be finished with the press of a button; also, creating an industry analysis is easy since everyone can look up and analyze data online. Applications and software for accounting have grown as a result (Andiola et al., 2020). This technology has boosted business relationships and accelerated and enhanced employment creation. Additionally, it has improved Apple’s productivity and value generation (Alsaffar, 2019). Therefore, they play a vital and fundamental role in supporting the upkeep and expansion of businesses and their growth and survival.
In light of this, technology in accounting has both advantages and problems. Automation is now better because of technology; for instance, owing to industrialization, accounting documents like checks, account statements, and invoices are now simple to prepare at Apple. As a result, it is feasible to provide necessary financial reports on time. In addition, financial information is automatically posted to matching ledgers or accounts, reducing human errors and upholding consistency and integrity (Akter et al., 2021). On the other hand, the fact that it causes various technical problems is one of the most significant drawbacks of technology in accounting. As a result, technology development has generally had varying effects on accounting, affecting how firms record and document financial information.
Programming languages are among the aspects of the software that come with a language that is difficult for consumers to understand, which presents linguistic and technical details difficulty (Andiola et al., 2020). As a result, those who receive the proper instruction will be able to profit. The problem of adapting to frequent changes is another issue. As a result, some employees lose interest, which lowers their mood at work. However, some could view it as a project to keep going and help them concentrate. In general, it is challenging to quantify the costs and advantages of ICT in the functioning of the business since it is an essential qualitative component that cannot be quantitatively or digitally quantified (Andiola et al., 2020). Nevertheless, although it was only sometimes the simplest, there is evidence that an organization’s use of information technology has resulted in promising developments.
Despite the positive impacts, there are also negative impacts associated with this technology, and every accounting program requires manual data input. The reports produced by accounting software will result in misconceptions if the data are not checked for correctness and completeness (Andiola et al., 2020). To meet company objectives, many accounting software must be modified. Management must devote significant time and money to training staff members to access and utilize accounting software (Hoon Yuk & Bin Leem, 2017). Accounting software used to calculate taxes must be updated to account for tax rates and regulations changes. Finally, computerized systems may be impacted by power outages, computer viruses, and hackers if safeguards and security measures are not implemented.
To conclude, there are current robots that can do various accounting functions. The influence of technology on accounting has resulted in an expansion of the job of an accountant. Accountants can now concentrate on data analysis to assist their clients in making better business plans. Since ICT is a crucial qualitative component that cannot be defined mathematically or digitally, it is not easy to quantify the costs and benefits of ICT in the organization’s operation. However, there is proof that Apple’s application of information technology has led to positive changes. ICT has so far improved and hastened the establishment of new jobs and commercial ties.
References
Alsaffar, K. (2019). Summarizing articles about corporate governance and international financial reporting standards. SSRN Electronic Journal. Web.
Akter, A., Hossain, M. K., Alam, M. J., & Islam, Md. S. (2021). Do the Attributes of Audit Committee Explain Non-Performing Loans? Evidence from an Emerging Economy. Asia-Pacific Management Accounting Journal, 16(3), 327–357. Web.
Andiola, L. M., Masters, E., & Norman, C. (2020). Integrating technology and data analytic skills into the accounting curriculum: Accounting department leaders’ experiences and insights. Journal of Accounting Education, 50, 100655. Web.
Hoon Yuk, J., & Bin Leem, W. (2017). The effects of the International Financial Reporting Standards (IFRS) adoption on earnings quality: evidence from Korea. Investment Management and Financial Innovations, 14(3), 243–250. Web.
Shakhtarin, K., & Nosyriev, O. (2018). Company Branding In The Aspects Of Effective Innovation Marketing (Apple corporation example). International Scientific Journal “Internauka”. Series: “Economic Sciences,” 12. Web.