Information technology is highly important in accounting. Today, more than ever, tax returns are being prepared electronically with the use of information systems. During my experience as an intern at a local public accounting firm, I used the system known as GoTax in order to prepare corporate and individual tax returns.

This system allows the user to locate each return by entering a specific I.D. number. Each year the returns are rolled forward and the system is updated for changes in tax law. Once a return is opened, the user can drop in the numbers needed to complete the return. GoTax will automatically configure the tax payment or refund needed. This has dramatically cut down on preparation and review hours for returns. GoTax also allows users to preview the final return and does a diagnostic check for errors.

Such a system is strategically important for several reasons. Primarily, it allows for uniform access to accounting returns over a large geographical area. At the place I interned, reports and research we conducted could be available almost immediately to managers for review. This is also important for on-site work at a client's home office. Additionally, there is the ability for management oversight during return preparation. Returns completed by many different employees can be checked and reviewed by a single user in a different location.

Further, IT in accounting has helped in its ability to create a consistent quality of accounting throughout a company. Information systems used in the areas of audit and tax ensure an identical work product through the use of corporate policy and education. Corporate policy, both static and constantly updated, can be distributed immediately to all employees in all departments.