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With software and technological oversight, many of the errors experienced by Insight Enterprises could have been avoided. Furthermore, the duration that these errors occurred suggests that proper oversight of accounting was not in the company. With technology, proper oversight can help reduce the duration, and the subsequent damage of accounting errors (Elliot, 2004).
Technology also allows accountants be more efficient in regard to their labor. Technology helps to reduce much or the redundant and routine tasks associated with accounting. Accountants no longer need to count specific line items or add all the ledgers together by hand. They simply input the required numbers into the system, which will do the computations itself, free from human error. The oversight system within technology can also help diminish the intentional errors of unethical accountants attempting to steal or input incorrect data into the system. As such, technology helps abate the influence of fraud within the accounting industry. This concept has recently come to the forefront of popular discussion as the financial crisis still grips American society. Financial oversights, particularly those with the mortgage arena, might have avoided the crisis many Americans are currently enduring....
Provisions in the law Sarbanes-Oxley also uses technology extensively to help ward off the influence of fraud within the accounting and business professions (Bratton, 2002).
In conclusion, technology provides excessive benefits to accountants and the profession overall. For one, technology helps reduce accounting errors while also making accountants more efficient with their time. It also, helps reduce fraud that can potentially harm society and the accountant's constituents. Finally, helps provide oversights into accounting activities to help companies identify errors before they can have a profound effect on the business or society at large. All of these aspects are welcomed additions to the accounting professional, which has been battered of late due to the financial crisis. With the proper application of these concepts society and business will become much safer.
References:
1) Bratton, William W. "Enron and the Dark Side of Shareholder Value" (Tulane Law Review, New Orleans, May 2002) p. 61
2) Elliot, Barry & Elliot, Jamie: Financial accounting and reporting, Prentice Hall, London 2004, ISBN 0-273-70364-1, p. 3
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