No one can neglect all the advancements technology has experienced throughout the years; from having a remote control to change the channels in our televisions to having machines that can convert seawater into actual drinking water.
Technology has grown so advanced that it can do what humans can do, and sometimes even better. Instead of writing a paper, the computer does it for us. Instead of travelling by foot, our vehicles bring us there. Instead of manually calculating for math problems, our calculators can do it faster and without error.
But now, we are not only limited by calculators. There are several websites in the internet that calculates everything for you. All you have to do is input the numbers and, depending on the internet speed of your connection, wait and take note of the answers. Sounds like just an online calculator, but imagine what this can do with accounting.
Accounting, in its textbook definition, is the process of summarizing, studying, and analyzing financial transactions.
Any kind of community or organization in society needs its own financial sector. A family needs someone to manage how much they spend per day. Businesses need to manage how much they spend on tax and services they need to fulfill their clients. The government needs to alot the right amount of money to projects that’ll help improve the country.
But take note, the passing rate for accounts continue to decline year after year. According to Martin Luther Oketch, the passing rate of the Institute of Certified Public Accountants of Uganda (ICPAU) has been declining throughout the years. Just last November 2015, only 192 of 5,259 applicants completed and passed the accountancy test.
However, is this a bad thing? Technology has advanced so much that it can do all the accounting work for us, minus the human error. If I were to ask you, who would you choose to manage your financial system, a human or a computer system?
I would have to guess that majority would, of course, use the computer system. Not only is it handy but there is absolutely no error and is fast-paced.
Aspiring accountants, therefore, should not be taught how to calculate but how to read the data. Accountants, in this age, should not be a person that calculates but a person that reads and maybe even gives strong advice on how to properly budget money.
So, why bother studying every single detail of accountancy? Aren’t the basics enough to know the meaning of each term? Why study the balance sheet when the computer can do it for us?