How do the substitute resources such as technology impact your business?
Technology and technological change have a large impact on accounting because the company efficiency, productivity, accuracy, and competitiveness depend on those aspects. Companies use accounting software, tax software, the Microsoft suite, and other similar products to enter data and analyze data, prepare corporate and individual tax, conduct audit and review, as well as provide consulting for small and medium businesses. Notably, a newer system helps analyze data and helps clients make better decisions regarding short-term processes. Technology is a great asset for any company. Updating existing software and protecting information and ensuring privacy is challenging …show more content…
Economic upward and downward affect accounting firms in two ways. Firstly, they impact companies client-wise. During economic upturn, more potential clients are seeking accounting help, which means more revenue. On the flip side, economic downturn results in losing clients, therefore, company revenue.
Economic transformation, however, influences clients in a completely different way. During an economic downturn, clients become more tax-sensitive and controversial of fees we incur on them. During economic upturn, clients become more optimistic and entrepreneurial, and they ask for more advice and usually hire more …show more content…
A structured and defined market is better for public accountants since accountants must follow the government tax regulation and international accounting reporting standards and requirements.
How does rising government debt affect accountants?
Rising government debt leads higher taxes, therefore companies may begin to ask accountants to find a way to minimize taxes. This may result in stress on the accountant. Future consequences may lead to the client hiding information, which is classified as manipulation.
How do the social, economic, environmental, technological, legal and political environments impact your business?
In a political and legal environment, new laws, regulations and tax rules impact the companies' business because the company needs to work accordingly to the ever-changing regulations.
In a social environment, new trends impact company business. For example; For the housing aging population, when a government decides to build senior houses, the construction business increases, therefore, the companies' sales volume
Technology and technological change have a large impact on accounting because the company efficiency, productivity, accuracy, and competitiveness depend on those aspects. Companies use accounting software, tax software, the Microsoft suite, and other similar products to enter data and analyze data, prepare corporate and individual tax, conduct audit and review, as well as provide consulting for small and medium businesses. Notably, a newer system helps analyze data and helps clients make better decisions regarding short-term processes. Technology is a great asset for any company. Updating existing software and protecting information and ensuring privacy is challenging …show more content…
Economic upward and downward affect accounting firms in two ways. Firstly, they impact companies client-wise. During economic upturn, more potential clients are seeking accounting help, which means more revenue. On the flip side, economic downturn results in losing clients, therefore, company revenue.
Economic transformation, however, influences clients in a completely different way. During an economic downturn, clients become more tax-sensitive and controversial of fees we incur on them. During economic upturn, clients become more optimistic and entrepreneurial, and they ask for more advice and usually hire more …show more content…
A structured and defined market is better for public accountants since accountants must follow the government tax regulation and international accounting reporting standards and requirements.
How does rising government debt affect accountants?
Rising government debt leads higher taxes, therefore companies may begin to ask accountants to find a way to minimize taxes. This may result in stress on the accountant. Future consequences may lead to the client hiding information, which is classified as manipulation.
How do the social, economic, environmental, technological, legal and political environments impact your business?
In a political and legal environment, new laws, regulations and tax rules impact the companies' business because the company needs to work accordingly to the ever-changing regulations.
In a social environment, new trends impact company business. For example; For the housing aging population, when a government decides to build senior houses, the construction business increases, therefore, the companies' sales volume