Introduction

The financial data and the managerial data is used by many organizations. The financial data is used for the assessment or the appraisal of some investment projects on the basis of profitability and other data. The financial data further helps in issuing financial statements on a timely basis and they are more concerned about the historical data rather than the current data of the business. On the other hand, managerial data is more concerned about the operational reports generated by the business about several activities in a day. The managerial accounting is more about the future of budgets and forecasting is done in managerial accounting.(Bragg, 2017)

However, the technology is good for both types of data security if these data are kept safe by using passwords and general biometric fingerprint devices and other ways of security. This would prevent everyone accessing the data and this will reduce the risk of the data being manipulated. This will also lead to the company’s confidentiality being maintained and the data is only used by those who are more concerned about the decision making or who use data for decision making.(Mcwaters, 2015)
How technological advances benefit and challenge Financial Accounting and Managerial Accounting Data Security Harvard Case Solution & Analysis

On the other hand, the challenges faced by the advancement in technology by the organization are due to the fact that there is a very costly and expensive system which is to be used for the security. There are more chances of data being corrupted if the technological systems are used and the technological risks include theft, data being destroyed and accessed by anyone and the major risk is of fire. If the office does not have any firefightingsystem, then the whole computers and the data stored in them will not be safe. Furthermore,there is arisk of flood and this will also have an adverse effect and will increase the risk of data being lost. It is very costly for small organizations to purchase these systems as the cost of purchasing is high whereas the benefit is less.(PEPE, 2011)

Analysis

The advancement in the technology will lead to several benefits and challenges to the financial and managerial data.

The financial data is more concerned about the historical data such as the financial statements. This will make the overall data more accurate if the company makes use of technology and this will lead to fewer chances of errors as the data will be calculated by the computers. The data will further take less time in calculation as in old method the manual data entry led to inaccuracy and the more time-consuming process whereas in this technologically advanced method, one does not have to enter everything but the required instructions will be put in to the machine so that this will have the data being generated more easily in less time.(Pasquarosa, 2016)

The technology advancement will also lead to staff motivation being boosted whereas the same nature of work done by the staff will make them feel bored and their efficiency will decrease day by day. This will lead to fewer entries being posted by the staff in a day and this might make the work progress of the staff slower than it should be or that it was.( CTMfile, 2016)............................

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