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In the seventies the micro computer set in motion a revolution in the office. While large companies had been using mainframe computers in accounting departments for years, the small computer attached to local area networks made these efficiencies available to everyone. The result: fewer people in the accounting department, more accurate information, faster response times.

The advent of the internet is about to open a new revolution in the accounting department. The future of accounting:

The end of local accounting software.
In the future your books with be kept on a computer in a remote location. Accounting software and your data will be housed on a computer in Seattle, San Jose or some other remote location. Information will be more secure and more available.

The end of the paper invoice.
The paper invoice is about to disappear. Orders will be placed online and invoices will be delivered online. Emailed invoices are currently becoming more common, but in the future there will be an important difference. The invoice will be directly loaded into your accounting software. Currently your vendor prepares an invoice using his computer, prints it and mails it to you. Then you manually enter the same information into your computer. Soon the invoice will automatically download into your accounting system. The result: more accurate information and lower labor costs. Most key strokes will be made at the time of making the order.

The end of the paper check.
The end of the paper check is near. In 2005 a new federal law went into effect which allows banks to stop delivering cancelled checks with bank statements. Payroll services for many years have provided for payments to employees by direct bank deposit. The transfer is called an ACH (Automated Clearing House) transfer. High end accounting software is now available with the capability of initiating ACH transactions for payment of accounts payable liabilities. This all means less paper, less printing, no check signing, no envelope stuffing, less postage and time and money saved.

When will all of this come about? It depends. Some organizations are using these techniques now. Others soon will. As time passes most everyone will be using these new advances.

 


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