IN life, everyone deals with finances; we’re own “little” accountants in different ways: Save some here; deposit a little something in the bank; put aside some for “hard time”;

submit tax returns; pay VAT…  You know how it goes. But in a business, organization, institution or any other entity, proper accounting is a must. In fact, proper accounting by the ideal set of people and, most importantly, the right tools and programmes is best. This brings me to the point of advising my ACCA and aspiring ACCA friends on how Technology can help to make their work much easier, now that ACCA exams are in progress. All the best for the remaining exams, guys!
The Association of Chartered Certified Accountants (ACCA) is a leading international accountancy body by reputation, influence and size used by employers around the world more frequently than any other professional accountancy body. The qualification proves to employers that you have ability in all aspects of business. It is the largest and fastest growing qualification in the world, with hundreds of thousands of members and students in 170 countries providing services through a network of over 80 offices and active centres. Until 1956, accountants in Guyana belonged to the UK-based Association of Certified Corporate Accountants (ACCA). But on July 11, 1974, the organisation was renamed the Institute of Chartered Accounts of Guyana (ICAG). It is responsible for the regulation of the accounting profession in Guyana, under the Institute of Chartered Accountants of Guyana Act, 1991. Now that you know a little about  both ACCA and ICAG, let’s get down to the ‘techie’ part of accounts.Technology has allowed for many advances in the practice of accounting in recent years. Many forms of automation in recording, storing, managing and analysing data are allowing accountants and the companies they work for to expand their financial capacities by receiving more accurate, timely and beneficial information than ever before.
Historically, accounting was performed in columned ledger books, and required hours to record relevant information. Each transaction was recorded in daily activity, and then summarized into monthly results and quarterly, annual and comparative reports. One or more clerks were responsible for recording this data legibly by hand, mainly using ink pens that would lead to reworking a page with too many accidental ink blots. Those using pencils and erasers had some flexibility, and could then “ink over” final results, making the ledger book permanent. Storing the data took lots of space, and there was always risk of fire, flood or other disasters. Along with the large amounts of manual labour, and repetitive, almost mindless, work, there existed a risk potential for error in the data, both in recording the data accurately, and in calculating the results. These errors carried forward, polluting the data, and making it more difficult to understand the reality of business results for managers, owners and investors. Yep! Our older folks had it “hard” back then!

Enter technology
The advent of the mainframe computer, and now the personal computer, has greatly increased the ability for automation in gathering, maintaining, analysing and reporting accounting data. Initially, programmes gathered data into one place. This removed some of the risk of bad information being recorded, and allowed accountants to utilize better data, trading the day-to-day recording processes for additional duties each month, a prime example of technology reducing the necessary workforce.
Then the miracle that is the spreadsheet came into being. All of a sudden, accountants and managers were able to manipulate data in a multitude of ways to present information much more quickly than ever before. Mathematics and statistical analysis were now much easier to incorporate in reporting on financial results. Most companies now use some sort of spreadsheet technology within their accounting functions. Virtually all new personal computers come with a pre-installed spreadsheet programme — Microsoft Excel to be exact.
Spreadsheets may be the No.1 benefit of using computers in accounting. Accountants can do a number of activities using just a spreadsheet. Creating ledgers, journals, reports, financial statements and other tools is possible with this tool. Accountants can also save this record onto removable data storage such as flash drives for use in different business locations. Linking spreadsheets is another benefit. This allows accountants create a structured set of data on spreadsheets.
Technology gives accountants many tools and advantages for recording and reporting financial data. While computers have been in use by businesses for decades, recent developments have had a direct impact on accounting processes. Essentially, computers allow accountants to process more information in less time. A wide number of products are available to help companies compute financial information.
Accounting software
Accounting software packages take much of the work out of traditional accounting tasks. Rather than spending overflowing time recording data into paper journals and ledgers, accountants can now enter information into the software and allow it to post entries to accounts or update reports. This reduces the time spent on menial tasks, and allows accountants more time for analysis. Generating reports is also quicker, as the software usually includes canned report formats.
Accounting software programs include spreadsheets, ratio calculators and balance sheet templates.

Examples of accounting software:
•    Peachtree Complete
•    MYOB Business Essentials
•    QuickBooks Pro
•    NetSuite Small Business
•    Cougar Mountain
•    BookKeeper
•    Simply Accounting
•    CYMA IV for Windows
•    ACCPAC
•    Dac Easy
•    Bottom Line

Automatic closing
The closing process at each accounting period’s end is often a laborious task. Spreadsheets and accounting software offer companies automatic closing procedures. Once accountants review the current period’s information, they can approve it for closing the books. Clicking a button will move temporary account balances to permanent accounts, and reset the accounting cycle. This reduces closing time from days to hours.

Online access
Computers allow accountants to access financial information via the Internet. Banks, creditors, suppliers and other businesses may all use Online websites. Accountants can download statements, make payments, update information and analyze data through these portals. This improves the timeliness of data prepared by accountants. Lead time also decreases, as companies spend less time waiting for important financial documents.

Auditing systems
Auditing is the process of reviewing an organization’s financial statements for accuracy. An auditing system is not a single program; rather, it is a network of programs and documents that facilitate the auditing process

Networking essentials
Networking is the science of managing connections between computers on a network. Networks can be local (e.g., an office LAN), regional or global (e.g., the Internet). In accounting, networks are used to transmit and store financial data.
Computerized accounting helped reduce common human errors in rote summations and other calculations through lengthy lists of numbers. Anyone who has manually balanced a checkbook knows that errors tend to appear in direct proportion to the length of the list of transactions. Accurate accounting had previously benefited when adding machines were introduced prior to computers for this reason.
Accounting information technology is a rapidly growing field, with programs offered at many prestigious business schools around the world. Accounting IT professionals use and build accounting software to streamline the accounting process for organizations. Accurate accounting has been enhanced by the use of computers. As computers have evolved, so has the application of accounting. Computerized accounting training can be one at many places across Guyana. Accountants, get into the digital zone! It’s fun!