That has drastically changed, and especially within the past year as organizations have been forced to develop remote work capabilities as a result of a global pandemic. “Remote work” as we know it today wasn’t achievable. Workplace CultureĮmployees of accounting departments have been accustomed to working long hours in the office.
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No system is completely secure, but there are steps companies can take to minimize attacks, such as investing in a robust security network and accounting software such as CaseWare’s to keep information safe and reduce the possibility of a data breach. In spite of all of these security protections that can be used today, many companies still rely on basic spreadsheet programs that are susceptible to the same risks. Since data is kept on-premise and within large data centres that are shared by many other users, computer crimes such as identity theft, email phishing, hacking, viruses, and scams are threats to any use of information technology. Even so, data security and hacking is still a major concern for businesses today.Ĭloud computing allows firms to permanently store data and use business applications over a remote server. Modern accounting technology, such as cloud computing, has provided a more secure way for firms to conduct business, and our capabilities for data security today are orders of magnitude greater than back then. Keeping physical files safe and secure can be risky when you have many people coming in and out of an office building, and having robust office security can be expensive to maintain. When corporate data is entered into these systems, information is automatically consolidated, analyzed, and stored on the computer or cloud.
With applications such as CaseWare Working Papers, corporate accountants can automatically organize documents and process data with improved efficiency. With multiple people editing a file at once, a mistake could be made easily and is difficult to track and correct as it moves along. Bruner recounts what this pen-and-paper approach looked like for him: “You’d have to go back and compare, ‘do the notes agree to the financial statements?’ We’d have some very detailed analysis to go through to ensure that our statements were, from start to finish, consistent.”ĭocuments were vulnerable to a lot of human error.
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Efficiency and ConsolidationĪggregating numbers, gathering information, and consolidating information used to be a lengthy and manual process. More importantly, it made accounting less tedious and improved its overall accuracy. The introduction of these technologies eliminated the need for calculators, ledgers, and paper-based systems. It wasn’t until the end of the 20th century when firms began to adopt computers and accounting software, such as proto-spreadsheet tool Visicalc and the now-ubiquitous Microsoft Excel. He recalls an experience where he sat with his receptionist for hours through the night reading each document back and forth to ensure accuracy. “It was tedious to do everything by hand,” explains Cal Bruner, CFO of CaseWare International. The process of identifying, measuring, and communicating financial information used to be entirely manual, meaning accountants had to spend an extensive amount of time verifying that information was accurate and consistent.
To illustrate these differences, here are a few ways corporate accounting used to look much different than it does today. Corporate accounting today has its share of challenges, but looking back 30 or 40 years ago, things were much more difficult. Technological advancements have enabled accountants to interpret data more efficiently and effectively throughout the years. 4 Ways Corporate Accounting Has Changed (and Stayed the Same) in 40 Years
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