A Study on the Implication of E-Accounting in Modern Business

Abstract

Electronic Accounting (E-accounting) is considered a new concept in the field of accounting. E-accounting replaces paper with electronic sources for accounting records and documentation. It retains a lot of time, zeal, paper and funds for any type of organisation. New software for recording accounting transactions is released every day which is giving technological improvements. E-accounting is characterised as the use of Internet technologies and online applications for business accounting. Additionally, it helps organisations maintain their accounting software and financial data in a secure manner while granting authorised users real-time access regardless of location or computer platform. The objective of the paper is to understand the basic concept of E-accounting, the characteristics of E-accounting, its benefits and drawbacks, and its conclusion. The purpose of this study is to shed light on the implications of E-accounting in modern companies. The review of related literature that was used to develop the study’s theoretical framework served as the secondary source of data for this report. According to surveys, many businesses fail not just due to low-quality products, a lack of qualified employees, or managerial problems, but also because of bad accounting procedures. It has been determined that the company needs to switch to current accounting procedures from outdated ones.

Keywords: Accounting, E-Accounting, Transaction, System, Technology, Software

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