Information Technology Today Business World Is Changing

Information Technology Today business world is changing rapidly. The cause of this is globalization, high IT investment and technological change in relationship with high cost of research and development (Frishamar, 2004). The function of information technology has become important part of how companies manage and control their resources, different companies and organizations respond to technology in different ways (Johnson, 2007).

IT plays a significant role in modern business especially in looking at accounting function; it has transformed the nature of business and accounting practices where computers are used in recording data this results to time saving and enhances accuracy. As we look into the technology of the future in accounting functions and accounting information systems our views collects what is near us that is, increase adoption of collaborative technology and the interchangeability of collaborative tools. Use of computing leads to the edge of what we can currently hold.

Many tasks in accounting have been automated, with advance in hardware, software technology. Accounting software has increasingly become sophisticated and customized for specific company needs. Accounting software used to be basic whereby bookkeeping transactions was simply processed for businesses but today because of technology accounting enterprise-wide software are incredibly powerful, complex and are able to collect a wide variety of data to support business decisions for large companies. They are also able to accommodate specific company information needs driven by some unique business processes.

FORCASTING 2020 Due to advancement in technology, the view of accounting function and accounting information system in the year 2020 is based on the adoption of technology and the contributions that come with it, that override the traditional ways of doing things. For instance in the year 2020 the business solutions will become a part of integrated enterprise accounting software programs called Enterprise Resource Planning (ERP)systems which include; financial functions integrated with sales, and distribution, human resource application in manufacturing. This will aid in processing all types of accounting transactions.

It also enable the sales person taking order in a company to be able to check inventory availability hence enhancing the use of same information to perform tasks efficiently to meet customers' needs (Frishamar,2004) The use of Digital dashboards and scorecards that enables the company to monitor wide variety of business processes is also a very important tool. Accounting functions and accounting information systems its success looks at what they do best; they leave activities that do not add value in order to achieve a sustainable and competitive advantage.

To enhance its leadership position by 2020, accounting function and accounting information systems focus on important activities which include: Replacing manpower with IT. The accounting function and information system indentify opportunities to automate transactions processing beyond the shared services centre and into system-based solution. A people business. Accounting has inputs into decision as they are put and take part in helping company to make timely decisions and to maintain strategic advantage.

A skilled accountant professional critically analyze the data from within and outside the company, giving fascinating results and helping leaders to make value enhancing decisions. For accounting to create competitive advantage it should.