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1Implications of the Developments in
Information Technology for Management Accounting and Control Systems
(MACS)
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Word Count: 3000
, 2
Implications of the Developments in
Information Technology for Management Accounting and Control Systems
(MACS)
Introduction
The technological development occasioned by the internet and other related
information technologies (ITs) like blockchain, cloud services, data analytics, and
artificial intelligence (AI) is rapidly changing organizational approaches to
accounting management and the associated control systems. One of the main
issues that have risen in the recent past is the future and the value of the people
employed in the accounting departments considering the applications of web-based
business model platforms that are more digital (Moll and Yigitbasioglu 2019).
Accounting is increasingly considered a crucial development aspect beyond the
success of an organization but that of the whole world. Sustainability development
goals are equally cognizant of the roles accounting plays through transparency and
it continuously incorporates the stakes of accountants and business professionals
who stop giving reports that support the sustainable development goals (SDGs)
(Adams et al.2020, p.6). Moreover, most of these SDGs are anchored on the use of
modern technology making accounting and control systems to be digitized in most
entities. However, IT involvement in management accounting and control systems
comes with both positive and negative sides since it improves performances while
causing some limitations such as job losses as captured by Moll and Yigitbasioglu
(2019). The paper seeks to discuss the use of IT in management accounting and
control systems as well as explain the beneficial impacts it introduces in the sector
and the negative implications associated with its continued use.
Literature Review
Blockchain technology is one of the impacts of technology in accounting
today. The technology can enhance business operations through ledger
reconciliation and reduction in maintenance costs (Faccia and Mosteanu, 2019,
P.109). Data manipulation and accounting errors have since been reduced through
technology making organizations transparent and efficient. The use of debits and
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