Second concern that is of huge importance is technological concern for the accounting and financial reporting. Security within the computerized program is limited and if the database system is poorly protected, it will leave room for unauthorized personnel to access the financial information that could potentially result in devastating results and loss of potential projects. Furthermore, the constant changing technology and necessary training are also of a big concern. “Computerized accounting system may become outdated over time. The functionality of an older system is limited compared to updated software”, (Frost, Small Business, March 28, 2014). Because of this, companies are always exposed to more costs and the cost of training of their employees. And lastly, one big concern that companies risk when ti comes to technological concerns, is entering the information into the system incorrectly thus further causes confusing on all of the financial reports by the generated system. Without a doubt, extreme caution is necessary when working with the technology systems and constant updates and training.
The third concern of the accounting and financial