Saturday, March 01, 2003

Information Technology and its use by the Accountant

For the ICAJ Technology Tools and Information Systems Seminar, March 1, 2003

[SLIDE 1] Good morning colleagues.
In this presentation I will examine Information Technology (IT) and its importance to the organization. More specifically I will explore the various ways in which an accountant can utilize IT within an organization and examine the usefulness of IT to the introduction of International Accounting Standards.

[SLIDE 2] The Oxford dictionary defines information technology as “the study or use of systems (especially computers and telecommunications) for storing, retrieving and sending information.” Information Technology can therefore be viewed as the use of systems for capturing and processing information. This is fundamentally what the accountant’s role is in whatever sphere of the profession he/she chooses to practice. The accountant is the one within the organization with primary responsibility for capturing data and converting it to information, specifically for the various users of financial statements.

[SLIDE 3] The IASB (International Accounting Standards Board) Framework states that information presented in the form of financial statements must include the characteristics of:
Understandability – information must be readily understandable by the users;
Relevance –information must influence the economic decisions of users by assisting them to evaluate the past, present or future events;
Reliability (Accuracy) –information must be free from material error and bias and can be depended on by users; and
Timeliness – information must be presented while it is still applicable for decision making.
In fulfilling these requirements the accountant could find IT extremely useful and particularly important in today’s world of increasing market complexities and competitiveness.

[SLIDE 4] The concepts of “Relevance” and “Timeliness” are also constantly changing as markets develop. Increased competition impacts on the need for information to be provided on a timelier basis in order to remain relevant. Also, with the advent of globalization many products are becoming more homogenous, with the only real distinction in product or service delivery being driven by the quality of information and the speed at which it can be processed.
In addition to the usefulness of IT to the accountant, there are also benefits of efficiencies that the organization can enjoy from a properly implemented IT solution, which will be addressed.
IAS Introduction

[SLIDE 5] Over the past two years, the ICAJ has been involved in the introduction of International Accounting Standards. IAS compliance became necessary for companies whose financial year started on July 1, 2002 or after. The introduction of IAS in 2002 has resulted in increased reporting requirements as well as the need for more detailed information gathering. The standards which will affect us more in this regard include IAS 12 (Income Taxes), IAS 14 (Segment Reporting), IAS 19 (Employee Benefits), IAS 36 (Impairment of Assets) and IAS 39 (Financial Instruments). This increased reporting requirement results from an effort by IAS to accurately capture all assets and liabilities that exist or can reasonably be expected to arise at a future date. This translates to a need for proper record capturing systems within companies. Companies must of necessity move away from the temptation to delay data capturing until the preparation of financial statements and begin to capture information at the transaction level.
The increased number of transactions and employee numbers in businesses today also add to the complexity of IAS reporting requirements, as it increases the amount of data that must be captured by accountants. This necessitates that organizations deploy new technological tools to capture information in a timelier manner so as not to delay the reporting of information for management purposes. The accountant needs to therefore conform to greater reporting requirements and at the same time face the challenge of increasing reporting efficiencies. This means that the accountant needs to utilize tools outside of the traditional accounting modules (General Ledger, Accounts Receivable, Accounts Payable, Cash Book) as information needs to be captured much earlier to ensure that it is fed to the financials on a more timely basis. An increased information requirement makes it imperative to employ efficient information processing to meet similar reporting deadlines.
The accountant needs to utilize systems such as Fixed Asset Registers, HR systems, Financial Reporting Systems and spreadsheet applications.

[SLIDE 6] I will now address some examples of how IT can assist with IAS compliance:
· IAS 12: IT solutions can be used to compute taxable differences and capital allowances by setting parameters within the Fixed Assets Register and GL and Reporting systems, which would otherwise have been time consuming if done manually;
· IAS 19: deals with five categories of employee benefits:
1. Short term benefits e.g. wages, annual leave and bonuses;
2. post employment benefits e.g. pensions and post-employment insurance and healthcare;
3. Other long term benefits e.g. log-service leave and log-term disability benefits; termination benefits; and
4. Termination benefits; and
5. Equity compensation benefits.
HR systems can be used to capture this information. Automated HR systems are particularly key to reducing inefficiencies where there are large numbers of employees, e.g. at ROJ where we have some 1,500 employees. A good locally developed HR package is provided by New Generation Solutions.
Spreadsheet applications can be used to track pension valuations and tie that into the accounting system. A spreadsheet can also be set up with the appropriate macros to determine what a company’s obligations are under a defined benefits plan, for recognition under IAS 19.
· IAS 14: defines a reportable segment as a business or geographical segment for which segment information is required to be disclosed by section 9. Segment reporting can be easily captured by accounting applications, and in fact has been a feature of accounting systems for a long time. It is important, however, to first establish the rules by which segments will be reported on. It is possible with some accounting applications to report on both business and geographic segments.
The way it is handled is that the segment information is captured from the point of the subsidiary ledgers and defined and reported through the GL. The financial report writer can also be set up to report based on certain criteria, such as the five test process outlined by Professor Chris Knobes at the last seminar.
· IAS 39: deals with three basic categories of financial instruments:
Type of Investment
Value
Gains/Losses
Held-to-maturity
Cost
None
Available-for-sale
Fair Value
Changes in equity, or income
Trading
Fair Value
Income
* Table extracted from presentation done by Professor Chris Knobes
Financial IT systems can be used to track the various categories for reporting and spreadsheets can most certainly be used to compute value and gains or losses. The use of IT to track and report on financial instruments can significantly reduce reporting time and manual input; and
· IAS 1: deals with the presentation of financial statements. IT use is applicable through the GL chart of accounts and financial report writer.

[SLIDE 7] Most available accounting and other applications do not conform to IAS, simply because the major market for development, the US, does not use IAS. The implication is that the automation of IAS requirements requires creative use of fields within the present systems as well as personal productivity applications such as spreadsheets, which can be easily tied into the mission critical systems. We are unlikely to see changes in the available applications to conform with IAS unless the US adapts IAS or IAS compliant countries begin to develop accounting applications. Alternatively, individual companies can modify applications through developmental interfaces available from solution providers.
Computers used in everyday businesses cannot think through problems, but are merely used to aid in the faster capture and processing of information. Consequently, IAS rules must be determined before they can be adapted to IT, to facilitate faster processing and capture of data.
The introduction of systems can greatly assist in the implementation and conformity to IAS but if implemented and maintained incorrectly can lead to greater inefficiencies and costs. A major benefit from using IT is that once set up the process is automatic and does not require further manual processing.



[SLIDE 8] Data Capture
The accountant must find ways to capture data at the transactional source and speedily convert that to information, as this is the most efficient way to record data and also when it is most readily available. This is easily achieved via process specific and accounting applications. At the core is usually an accounting system, which consists of a general ledger (GL) and include accounts receivable (AR), accounts payable (AP) and inventory (IV) functions. Extensions of these modules include order entry (OE), purchase order (PO), manufacturing, warehouse management, reservation and other process specific applications.
The chart illustrates the relationship between the various modular components of such packages. The ultimate aim is the timely capture of information to produce financial statements. Along the way the method of gathering data is critical. The chart illustrates that systems today encompass the full gambit of an organization’s operation.
It should be noted that the only modules where an accounting entry is generated are AR, AP, IV, Bank and GL. All other applications only provide data for the accounting entry to be posted. An examination of the file structure will reveal this.

[SLIDE 9] The idea behind these systems is to capture data at each point of interaction (originating document) with external parties, thereby reducing the need for further manual data processing.
The points (originating documents) at which data is gathered includes, but are not limited to:
· Entry of customer quotes, vendor invoices and job costing information;
· Printing of customer invoices and cheques for payment;
· Printing of purchase orders; and
· Entering inventory receipts.
There is no longer a need to employ a specialist data processing department or individuals primarily for that purpose. Additionally, these systems add benefits of speed (timeliness), accuracy and relevance to the information process.
When data is gathered at these points it produces instantaneous information for management decision. Additionally, capturing data here creates a check point for accuracy as external parties ensure the correctness of the documentation. The result is a reduced need for unnecessary reconciliation. A properly implemented and run system means that financial statements can be kept current throughout the month.
At each stage management will have information for decision making. A manufacturing system will produce costings, a PO module will show credit obligations, AR and AP will show customer and vendor balances and history and the GL will produce financial statements. It should be noted that the further the information gets from the point of external interaction the more consolidated it becomes. This is consistent with the use of information by various levels within the organization. Management will primarily use the more consolidated information and the functional staff will use daily reports. This acts as a guide for the access levels given to users.

[SLIDE 10]
IT System Selection & Implementation
The key steps that must be followed are:
1. Proper selection process [often the longest part of the project as once a system is selected it is very difficult to reverse the decision]
Company Size
Available Accounting Packages
Large and multinational
· Oracle Financials
· JD Edwards
· SAP
Medium – Large
· EPICOR Financials
· ACCPAC (probably most widely used in Ja)
· Solomon
· Great Plains
Small / Home Office
· MYOB
· Simply Accounting
· QuickBooks
2. Proper implementation procedures [including project management where project management software can be utilized]; and
3. Proper training of personnel.
There are various options available to the accountant as shown in the chart. It is important to select a multi-currency package in Jamaica. Quicken is NOT a substitute for a good accounting system.
(Specific accounting applications are to be presented in a later paper)
The appropriate system selection not only depends on company size and transaction volume, but also on the features and third party solutions available. Each system has its strong points and weaknesses. In selecting an appropriate system the accountant must ensure that proper due diligence is conducted, which examines, among other things, the following requirements:
· Transactional (process method and volume);
· Processing speed;
· Input / Data capture;
· Reporting; and
· Integration needs.

[SLIDE 11] The accountant must arrive at a balance between cost and functionality. In considering costs, the accountant must not only bear in mind absolute cost, but more importantly opportunity cost. The opportunity cost of one system may be greater than the other even though the absolute cost is much less. In such a case the long term benefit of the more expensive system may be more beneficial to the organization. Additionally, the cost of training and technical expertise must not be sacrificed as incorrect (or no) training and expertise will inevitably lead to incorrect implementations or the expected efficiencies not being realized. The cost of correcting a bad systems implementation is always greater in direct and indirect costs than doing it right the first time. It always surprises me when organizations spend exponentially more on acquiring private motor vehicles (that have limited economic benefit) than on putting proper systems in place or on training. It should be noted that the initial costs of IT may seem prohibitive but the future benefits can lead to a substantial return in greater years.
An important consideration for system selection is how widely used a system is. If you are the only one using a certain application in Jamaica then the replacement of human resources will be difficult and at a greater cost. This is similar to having the only type of a car, which means that parts will not be readily available.

[SLIDE 12] Of critical importance is the need for proper IT implementation. This means that from design phase to cutover there must be a proper assessment and management of the appropriate resources. Important in all of this is the need to ensure that proper controls are in place, as employees with fraudulent intents can most certainly do greater damage with a computerized rather than a manual system. This damage is not only restricted to the manipulation of normal internal control practices but employees can cover their tracks by introducing viruses or eliminating data. The control and risks associated with IT systems will be addressed in greater detail in a later paper.

[SLIDE 13]
Human Resource Implication
There are of course important HR considerations in the deployment of any new IT tool. After all we must remember that IT is just another tool that is being used by the accountant. Just as a hammer or saw cannot work on its own so too IT cannot be made to act on its own. What’s more is that the more skilled with the tool the operator is, is the greater the competitive advantage. It always amazes me when people talk about IT as if it is this magical thing that will bring great benefits once it is acquired. This could be no further from the truth. IT must only be seen as another tool that can provide expanded benefits to an organization, which requires a skilled operator to handle. This means that the success of IT solutions involves proper recruitment and consistent training of the organization’s human resources.
(Pookie Johnson Joke)
The real advantage of IT is not determined by how much money is spent but on the use that is made of the system, that is, the expected economic benefits are greater than the cost.
The fundamental rules as it applies to HR in the context of IT then are:
1. Hire the appropriate personnel; and
2. Training, training and more training.
[SLIDE 14]
Manual vs. Computerized Accounting Systems
A comparison of a manual against a computerized accounting system will show that although there is a difference in form there is no difference in substance of these systems.
Manual System Computerized System

Additional ModulesIn both a manual and computerized system you will find a set of subsidiary ledgers (AR, AP, Cash Book and Inventory) which feeds into a General Ledger. The only difference is one requires key strokes and the other pen strokes. A computerized accounting system is therefore only an automation of a manual system’s book keeping and information processing functions. This adds efficiencies, in terms of functions and costs, but does not change the underlying operation. As a matter of fact, the literature promoting some accounting systems will state that it is written to adhere to GAAP.
This means that the accountant is the person with primary responsibility for the IT accounting solutions, and this should not be left to the systems administrator. Which accountant would leave the responsibility of their manual ledgers to someone else within the organization? It is therefore imperative that accountants understand fully the tools of their trade.

[SLIDE 15] This is recognized by organizations as is typified in the requirements of job advertisements for accounting positions.


[SLIDE 16] There are three levels to understanding an IT solution:
LEVEL 1:
Functional
Everyday users
LEVEL 2:
File structure
Accountant and provider
LEVEL 3:
Programme
Developer
It is Level 2 that the accountant needs to focus on, as this is similar to how entries in the subsidiary ledgers affect the GL. Low level accounting staff may only understand the particular entry they are involved in, but the accounting manager / chief accountant / financial controller needs to understand the full impact of the entry.

[SLIDE 17]
Challenges Faced By Jamaican Companies
There are some peculiar challenges being faced by Jamaican organizations in the implementation of IT systems. These include the following:
1. Labour Productivity – one of the main challenges faced in Jamaica today is the low level of labour productivity. It is no secret that labour productivity has consistently declined over the years. In fact a paper produced recently (Geoffrey Messado) shows the following comparison between 1960 – 1990:
Labour Productivity Increase
(1960 – 1990)
Singapore
386.6%
Barbados
118.9%
Jamaica
18.8%

Jamaican organizations, therefore, of necessity need to compensate for the low level of productivity by utilizing more technology. Because IT requires HR productivity and IT cannot run on its own, Jamaican organizations are faced with increasing training costs in the bid to remain competitive.
Solution: It is necessary that Jamaican organizations utilize technology to compensate for labour productivity in addition to emphasizing greater training.
2. HR and Managerial Ignorance of IT – Another challenge is that much of Jamaica’s labour force is highly IT illiterate. Persons usually only have a passing acquaintance with personal productivity applications (Spreadsheets and Word Processors) but do not understand the available technology enough to make a proper assessment or use it effectively. This is by no means restricted to lower level employees but also includes management all the way up to the top. Recently I was at a meeting where a senior manager said to a subordinate “do not worry about the technology but leave it to the systems persons”. Many managers do not understand the integral role IT plays within the organization and thinks that the old days of supercomputers are still with us.
Solution: Recruit personnel who has a knack for IT, and who has experience with IT systems. This must be addressed at the senior level also.
3. Lack of Adequate Financing – the economic times we find ourselves in have also restricted the ability of many organizations to implement IT solutions that will make them competitive. The result is that they fail to compete effectively because of inefficiencies and cannot afford to reverse that trend because of inadequate funding (chicken and egg situation).
Solution: IT providers have introduced hosting services to assist with defraying large capital outlay.

[SLIDE 18]
Conclusion
The onus placed on accountants for the quality of management information inevitably will lead to a merger between the accounting and IT functions. A move towards efficiency and the available tools have made that distinction redundant. Today’s accountant must understand IT to be relevant.
In the final analysis, the accountant is responsible for the integrity and timeliness of information and must employ tools in achieving these objectives. Although this is a very involved process, ultimately it will enhance work flow and decision making. If organizations are to become more efficient in today’s competitive environment then the accountant must be aware of and consistently employ new IT tools.

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