The field of accounting is constantly evolving, and nothing makes this more obvious than the increasing centrality of technology concepts, data, and information systems to accountants’ jobs. Top-flight accounting professionals will feel these impacts on their work, but with the right knowledge and training, they can continue to excel in their careers. As Isaac Heller, a CEO and member of the Forbes Technology Council, writes: “Far from replacing the accountant, technology is empowering the accountant to rise to loftier heights, which bodes well for the future of the profession.”
For those who want to gain a competitive advantage in the dynamic world of accounting, the online Master of Accountancy (MAcc) program from Texas A&M-Corpus Christi (TAMU-CC) offers students both a solid foundation in accounting principles and the chance to develop critical analytical and problem-solving skills. The AACSB-accredited program can be completed in under two years and has a flexible schedule, multiple start dates, and 100% online coursework.
How Is Technology Changing Accounting?
Professional accountants have never been immune to technological change. In fact, as Heller explains, accounting has often been at the forefront of both responding to and driving technological change. “In driving the adoption of new technologies, for example, it was the accounting profession that first used adding machines (specifically for use in tax calculations), which ultimately were precursors to the computer,” Heller writes.
Accounting in the 21st century is no different. Developments like accounting information systems are challenging certified public accountants (CPAs) in new ways. The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA), two major professional organizations for CPAs in the United States, are tracking these changes, and both groups argue that newly licensed CPAs need to be better prepared for these changing conditions.
While technological innovations create opportunities for CPAs, they also expand necessary skills for new licensees. As knowledge of systems, controls, and data analysis are essential to future CPA roles, newly licensed CPAs must be well versed in accounting applications of technology to meet the needs of practice.
What Are Accounting Information Systems?
Accounting information systems (AIS) may seem like a brand-new invention to some in the accounting field. However, while AIS certainly incorporate new technological developments, they also rely on traditional accounting practices.
According to Investopedia, AIS comprise “the collection, storage, and processing of financial and accounting data used by internal users to report information to investors, creditors, and tax authorities.” In other words, AIS combine accounting principles with modern computer and information technology resources to keep track of an organization’s bookkeeping.
What Is the CPA Evolution?
As part of their effort to prepare CPAs for a technologically complex future, the NASBA and AICPA recently launched a project known as the CPA Evolution initiative. According to This Way To CPA, this collaborative effort “is transforming the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future.”
The goal is to help future-proof the accounting profession. These advancements will also help the field of accounting continue to produce “candidates who have the knowledge and skills necessary to perform high-quality work, meeting the needs of organizations, firms and the public,” as per This Way To CPA.
Learn About New Accounting Technologies in an Online Master’s Program
The future is uncertain, but preparing for that future is certainly possible. Technology will continue to progress in unpredictable ways, but initiatives like CPA Evolution are one way the accounting profession responds in the face of the unknown.
TAMU-CC’s online MAcc program is another way for aspiring accounting professionals to future-proof themselves, as the coursework includes a thorough grounding in the role of accounting information systems and their applications in various computer environments through its Information Systems in Accounting core course. TAMU-CC’s elective Software-Based Business Solutions course provides students with knowledge and experience operating computer-based technologies in a business environment, a skill that will help them succeed in today’s modern accounting world.
Learn more about TAMU-CC’s online Master of Accountancy program.
