The use of modern IT technologies allows the simultaneous organization of decentralized reporting data processing system and integration of accounting information database, providing interconnected reflection of business transactions in the accounts of synthetic and analytical accounting. The use of IT technology brings major advantage to small and medium business. In terms of automatic processing it is possible to solve individual accounting tasks in an account section with the subsequent transfer of the results to the main database to get summary ledgers of accounting reporting and financial statements. The organization of computer processing helps to reduce processing time, improves efficiency and reliability of accounting data (Weygandt, Kimmel, & Kieso, 2011).
The new information processing technology for accounting tasks covers all levels of information processing, starting with the creation of a primary record and finishing with compiling financial statements and their analysis. Many of the accounting calculations which were previously done manually can be automated as, for example, an automatic charge of all payments and deductions on wages, calculation of VAT, excise duties, sales tax, etc. Given the constant changes in the form of accounting records, software products are made in such a way that an accountant is able to form a variety of new forms of documents, reports and tables (Weygandt, Kimmel, & Kieso, 2011).
The profession of an accountant may, among other issues, influence the personality if an individual and help develop and improve one’s knowledge and skills, as well as cultivate important personal traits. The important personal and professional qualities of an accountant include honesty and objectivity, independence, professional competence, confidentiality, ability to resolve ethical conflicts, obligations to respect loyalty, support of colleagues in the profession, fair presentation of financial information in its entirety.
Since an accountant is a key person in the company, it is very important to realize the responsibilities of the position and follow the norms of professional ethics. Code of Ethics for accountants includes ethical standards to be followed by all professional accountants (Warren, Reeve, & Duchac, 2011). In conclusion, it should be noted that compliance with regulations and rules of the Code of Ethics is crucial for accountants. In case of violation of the established norms and rules an accountant may be deprived of an accountant license for professional activity and expelled from the membership of public accounting organization.