Electronic Data Interchange and Financial Electronic Data Interchange: threats and opportunities for financial accounting Online publication date: Wed, 18-Jan-2006
by A. Seetharaman, Jayashree Sreenivasan, Manoharan Murugeson
International Journal of Services and Standards (IJSS), Vol. 2, No. 2, 2006
Abstract: This research, based on the literature survey, explores Electronic Data Interchange (EDI) and Financial Electronic Data Interchange (FEDI) and identifies threats and opportunities for financial accounting and attempts to show that these are in the form of obstacles and benefits. In this process, it links technology, specifically EDI/FEDI, with change that is impacting organisations, and redefining the accounting functions and its roles. Information Technology (IT) changed the approach to accounting and transaction processing with the advent of EDI and FEDI (an extension of EDI). This paper also discusses how electronic payments FEDI has brought about tremendous savings by the way of reduction in paper checks, time in processing and administration work. The main objective of this research is to determine and discuss the threat, either perceived or real, posed by EDI/FEDI to financial accounting and to critically evaluate the benefits of EDI/FEDI to financial accounting.
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