Leigh Lester T.

Pilapil Accounting 143

Many people don't realize that they spend more than they earn and slowly sink deeper

into debt every year. Overall though that I got from the article is that technology provides the opportunity

to transform the planning, budgeting, implementation, and overall management of an organization’s capital

program.

The article started with the statement stating a great weakness an organizations may

have. This often happens because the IT team doesn’t understand the budgeting process and

the finance team doesn’t understand IT and I cannot deny that fact, even now I could have the

glimpse of how different is the environment that is waiting for us after passing the board exam.

It is mentioned in the article the Run-Grow-Transform model, I learned that this system is

an indicator of how much of the IT resource is consumed and focused on the continuing operation

of the business. It includes all non-discretionary expenses as part of the run-the-business costs,

how much of the IT resource is consumed and focused on developing and enhancing IT systems

in support of business growth (typically organic growth), and on how much of the IT resource is

consumed and focused on implementing technology systems that enable the enterprise to enact

new business models.

As I was reading the article, I was reminded that we must take out IT subjects seriously

and if possible treat it as one of our major subjects. Since we live in the “information age,”

information technology has become a part of our everyday lives, which is a great impact on our

society. Information technologies are changing the nature and economics of accounting activity.

The career plans of professional accountants, and their related training needs, need to be based

on a realistic view of the changing nature of accounting and the profession’s role, and the

knowledge and skills required for success as a professional accountant.

Leigh Lester T. Pilapil Accounting 143

Also in application with our previous It subjects, It is a scope of Data Management there

is no need to keep papers about every detail in an organization. Management Information

Systems where data can be accessed and used in a given period of time. MIS reports summarize

or aggregate information to support decision-making tasks. It is very important for employees and

managers to access data anytime for quick decision making.

Only those Professional accountants can, with more specialized training, work in these

areas. Information technologies affect how organizations are structured, managed and operated.

Entities can no longer develop business strategy separate from IT strategy, because IT is an

enabler of business initiatives. There is therefore a need to integrate sound business and IT

planning, and to incorporate effective financial and management controls within new systems.

The traditional role of professional accountants: evaluating investments in business systems;

evaluating business systems designs; and reporting on potential weaknesses within these

initiatives, needs to be preserved and enhanced. That is also why we have subjects like

Information technology that I believe has a greater advantage only if implemented and we really

have enough facilities to support the learning process because we cannot deny the fact that we

are already in a generation where technology is a vital part of every transactions and accounting

is paperless and we have no other way but to learn and adapt to it for us to remain in the track.

Competence is being able to perform a work role to a defined standard, with reference to

real working environments. Individuals are expected to develop the appropriate IT competences

required to qualify as professional accountants, and then to maintain these and develop further

appropriate IT competences throughout their careers.