In the past few years, the field of accounting has been developing new ideas and creative ways on how accounting activities are to be handled. During one to one interview with the most famous accountant in United States of America. I was so inspired by the creative and innovative trend he mentioned in the accounting field, that was the use forensic accounting. The accountant argued that the current accounting system have been exposed to different financial mismanagement. He further states that, forensic accounting has played an integral role in safeguarding investors and customers from illegality acts of a business; this is through detecting bribery, embezzled fund, and money laundering. Forensic accounting give an accounting analysis that are favorite to court and this forms a foundation for discussion, debate and a better way of resolving disputes. This change appears more creative since when conducting an investigation, forensic accountants make use of investigative skills, auditing and accounting. He added that forensic accountants are trained deal with the exact reality of any particular business by looking beyond the numbers. The forensic accountants are able to respond quickly and to give out financial information precise and a in a clear manner in any court room settings. The interviewee was not that clear on answering the technicality and the cost of implementing forensic accounting. He stated that the cost of implementing was relatively cheaper as compared the loss that can be incurred if not well implemented. The interviewee further stated that forensic accounting is relatively expensive since attract skilled personnel to carry out the task and sometimes these individuals are expensive are very expensive to hire. The course readings have emphasized more on various techniques used in accounting such as the use of financial statement in detecting frauds and money laundering which is not that effective. The discussion emphasizes more on early detection and proof.
In our modern world, changes in technology have brought about a lot of changes in the accounting field. The American successful accountant on the interview kept repeating the word technology. He answered my question on the technological influence that the development of accounting softwares has created efficiency in the accounting process. He added that the softwares supports e-payment system and customer can make their payments without necessarily visiting the most of business premises. The creative part of this software is that they attract accountability and drastically reduces theft. The prominent accountant mentioned that employees cannot receive cash money from the customers since most of the transactions are online and the only job is left with is to monitor the transactions online and to make software support changes if a need arises. These changes are indeed creative as compared to that period when customers used to walk with cash money and business used to receive this money and at the end of the day they physically count the money and store it. At the same time, accounting staffs can only monitor the online system and how the money is trickling in the organization accounts but they cannot access the system. The interviewee had positive opinion on this, he stated that the accounting procedures have been narrowed down into a single click and you check on the account of the firm. He further stated that theft that used to be experienced at the collection desk by unethical employees have been reduced as a result of this accounting software.
Accounting sector have been experiencing, increasing growth and innovation of different and up to date software and hardware, most of simple and technical application, plus robot have been in a constant development. The international accountant on the interview stressed that accounting field is still not left behind; he added that most of the business and organization have tried their best to keep themselves updated to the current competitive innovation. This in return makes the companies adopting this to stay ahead of their competitors, enjoy large market share and make large profit. The interviewee generalized that the current accounting system is being shaped to accommodate all type of people, in that different segment in accounting has been created to serve different people and different segments owning number of needs. Additionally, the international accountant mentioned the current innovation of smart phone application that is able to facilitate banking and financial management. Most individuals in the banking industries, now owns their bank account in their phones, they can withdraw and deposit money through the use of mobile banking and e- banking .I was so impressed by the accountant comment on how transaction process has been quicken and efficiency has been enhanced through this process. This type of change is a creative and innovative idea in that; its associated by unbelievable solutions. It has come to the rescue of long time taken by a customer queuing to be served with one cashier, since your bank account is brought closer to you. E- Banking and mobile banking has reduced several laps that individual has to take in depositing and withdrawing money in the banking buildings.
The accountant on the interview gave a statistics on how Mobile banking has led to increase of money circulation in the economy, through the increase ratio on how banking has been influenced greatly by mobile phone banking. This, it has sometimes promoted impulse buying especially by the ladies and little saving since money is at their disposal. The interviewee finally concluded that with the mobile banking, its an indication that in a span of ten years, the number of accountants and financial managers will have no jobs since technology would have reduced their importance, and their presence in a banking building will be of no essential need. Banks will just employ few people to monitor the performance, monitoring of the efficiency the banking softwares and data; few will be available in the office to monitor the performance and general management. He emphasized that few employees will be employed since most of the work will be automated and computerized, in connection little workforce will be required because more work will have been handled automatically.
One of the question I raised to the prominent accountant, whether a good accounting system should be integrated with all other functional system to allow efficient operation in their day to day operation. The American popular accountant stated that the current organization normally have many different functions that need to be budgeted for, he put a lot of emphasis on the resources used for the operations that they must be accounted for, he added that large organization with one management system can have a complex system which can be complicated and frustrating when accounting function is not integrated in it. He reported that an organization that incorporates its accounting system into the general system of the organization normally performs much better than the one that just handle the accounting process as one. Additionally, in strategic management process, an integrated system, allows for proper planning, training, organizing and coordination of different units to make an integrated system.
The type of change that a traditional company should try to implement is to have their accounting sector integrated in their main system. This is one of the creative and new innovative ways that strategist must have a prior plan before implementing the actual plan, strategist with the help the functional managers and the technical team. The creative part about the integrated system is that it can accommodate all the departments without conflicting and interference. The interviewee further stated that integrated system cannot work without proper accounting system.
If you are the original author of this essay and no longer wish to have it published on the SuperbGrade website, please click below to request its removal:
- Examine the Proposal to Purchase Vehicles for the Organization
- Can Your Employees Really Speak Freely? - Problem Solution Essay
- Leaders and Managers Role in Public Health Practice
- Strategic Management Practice in the Modern Business Environment
- Coca-Colas Exploration Concerning Strategic Management
- Transformational Leadership in Nursing Practice
- Corporate Ethics: Introduction and Relevance to Hospitality