The business world has changed. The COVID pandemic had a much greater impact on all aspects of business than many of us may have expected. Technology has skyrocketed business to a new age. A recent study indicated that over the two initial years of COVID, technology has advanced ten-fold over what would have been expected had the pandemic not occurred. This occurred due to the need to adapt. To be able to work efficiently and continue business, technology had to advance and workers had to adapts. Gone are the days of in-house hardware processing systems and punching cards.

So, what are the important concepts an accounting professional should understand regarding information technology? The rapidly evolving relationship between accounting and information technology means accountants now need to understand how technology impacts business, and how it can be used to improve operational efficiency, achieve regulatory compliance, support financial reporting and management and even increase revenues.

In today’s global and dynamic economy, it is critical all professionals have an understanding of how information technology impacts their jobs as well as businesses is essential. Information technology (IT) involves the study and application of computers and any type of telecommunications that store, retrieve, study, transmit, manipulate data and send information. This involves a combination of hardware and software that is used to perform the essential tasks that people need and use on the everyday basis.