Information Technology Stakeholders - Research Paper Example

Information technology stakeholders Information technology refers to application of electronic systems in management and processing of information. Its application in enterprises has spread due to its associated level of efficiency in handling data, especially when large volumes of data are involved. This paper seeks to propose a change to computerized accounting in the college setting and to review impacts of the transition on different stakeholders. The processThe proposed process that could be improved by information technology is accounting process.

This refers to the collection, recording, classification, summary, and communication of financial information to stakeholders. Computer based software however exist that facilitate accurate recording of the subject data and computations in developing financial statements and in analysis of such statements for informed decision making by relevant stakeholders. Application of the process to improve the accounting processThe technology would be applied through integrating appropriate accounting based software into accounting computer devices.

Once installed, data will be fed into the software application and managed in accordance with the software’s commands. This would however require personnel’s training on application of the selected software (Vijay, p. 394). Benefits of computerized accountingComputerized accounting has a number of benefits as compared to manual accounting approach. It is for example fast because computations are automatic through in built software tools. This means that any required accounting information can be generated on demand to meet an immediate need.

Application of computerized accounting also ensures a high level of accuracy in the generated accounting information to ensure reliability and validity of prepared and communicated accounting information. This further means that decisions that are made from computerized accounting systems are more accurate. Another advantage of the computerized accounting system is its high level of efficiency in handling large volume of data with respect to time and accuracy. It also makes automatic update of information in all relevant files upon a single entry, an application that eliminates accounting errors from multiple entries (Vijay, p. 394).Stakeholders of the accounting processThe process has a number of stakeholders.

The most significant is the college, the owner of information that will be accounted for by the applied technology. Another group of stakeholder to the process is the students, their parents, or their guardians who will be interacting with the accounting process in remitting payments of payment related documents. External auditors and professional inspectorate bodies are another set of stakeholders (Vijay, p. 16). Stakeholders’ requirements in involvement with the computerized accounting processThe college’s requirement over the computerized accounting process is a level of efficiency, accuracy, and speed in preparation and analysis of financial statements.

The students or their representatives however require an accurate and fast process as they make payments. While external auditors are interested in the system’s level of accuracy and validity towards accurate representation of the college’s financial position, professional regulating bodies such as inspectors require accuracy of the system’s results for evaluating credibility of the college’s financial management (Vijay, p. 16). Impacts of computerized accounting on the different stakeholdersComputerized accounting has the effect of ensuring efficiency and accuracy of accounting processes to the college and students.

Its high level of accuracy however eliminates errors and fraud to make auditors’ work easier. It also reduces the need by the regulatory bodies to inspect the college’s accountancy due to the increased level of credibility of the accounting process (Vijay, p. 394). Works citedVijay, Vikas. Together with accountancy. New Delhi: Rachna Sagar, n.d. Print.