Record Keeping To Book Keeping To E-Records: What Next?

Abstract

Trends is a necessary for understanding a phenomenon as it traces the history, status quo and can fairly project into the future thereby giving basic understanding necessary for innovations. Record-keeping in accounting is a basic financial reporting function which this study strives to understand especially from the historical perspective to present practice and hopes to be able to project into the future. This work is a theoretical review of the book-keeping function in financial reporting, and the study found that record keeping which was the basic means has advanced to the use of online real-time records of transactions and events. Concerning future projection, the study assumes a more sophisticated approach. There is a tendency to undermine the role-relevance of book-keepers by modern technological applications in business, which is a wonderful innovation, it should not erode the underlying essence and principles on which book-keeping and the accounting profession is built.