Assessment cover sheet / feedback form

Conclusion

According to a Forbes Study (Press 2016), organizations spend 80 percent of their time gathering and cleaning data, and just 20 percent of their time utilising the data they collect.
Moreover, accounting, like the majority of other professions today, makes use of technology to streamline processes and save time on a daily basis. Accountants rely on technology to gather data and do computations, as well as to store records in a safe manner. Therefore, accountants must be knowledgeable in a variety of information technology topics, including cyber security, in order to secure their companies and clients' or customers' personal information and data. As the accounting profession faces several obstacles, such as fast financial and economic change, financial corruption, globalization, a lack of awareness of new advancements in information technology, and other challenges; data management is one of the most important issues facing the profession. So it is imperative that the crucial strategies for overcoming these kind of difficulties and working to realize the motivations of the accounting vocation be put in place immediately, with a well-known place for specialists and Auditors, as well as the effective utilization of the enormous prospective of information technology. Accounting information quality has been a serious concern in recent years because of corporate organizations' financial crises, which had a detrimental influence on financial report users. Accounting information is crucial in decision-making and the creation of an organization's strategic objectives and policies. Despite the abundance of data accessible today, accountants and decision-makers confront a challenging problem. Whereas data is one of the issues that businesses confront due to the difficulty in processing and utilizing it. As a result, the issue of data analysis and its relevance to the accounting profession is one that merits additional debate and investigation.

References

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