Intro Nowadays, it is almost unthinkable to perform accounting functions without the help of information technology (IT). Accounting dates back to 3600 BC, when the oldest business event was recorded, and there is evidence that accounting systems were used in ancient Greece, China, and Rome (Knežević, Stanković, & Tepavac, 2012). Managerial accounting is a relatively new function of accounting and provides information such as the status of capital investments, payback period, planning and control, budget, etc. to internal users and decision makers (Moorthy et. al, 2012). Since management accounting plays such a critical role in an organization, it makes sense to integrate them. Because management accounting plays such an important role in planning, control and decision-making activities, the quicker and more accurate the data, the better. Objective and timely information is important for the economic efficiency of the company and is provided by the accounting department or system. The ultimate goal of applying IT in management accounting is to gain a competitive advantage (Moorthy et. Al, 2012). The primary objective is to collect and record data and information on information and events that have an economic impact on organizations and the maintenance, processing and communication of information to internal and external stakeholders (Christauskas & Miseviciene, 2012). Information technology (IT) is a tool that plays an important role in helping a business be more efficient and successful (Moorthy et. al, 2012). IT has reformed traditional accounting and enabled the growth of processed accounting information, reduced the amount of routine functions by automating them, and made information available quickly… middle of paper… up to sustained revenue. Kai Peters of Ashridge Business School believes that by 2022 accounts will provide more in-depth information and there will be a greater need for strategic accounting expertise. Sean Wilkins, chief financial officer of Tesco Malaysia, foresees more accountants as business partners, a development of insights rather than data and a more influential role than reporting. Bill Schneider, CFO Kansas City Chiefs, believes there will be a greater demand for more information in the future, whereas right now there will be more emphasis on process expertise, preventative controls and anticipating customer/investor/customer needs. Finally, AT&T Chief Accounting Officer Bill Schneider predicts that the CFO will continue to be more involved in strategic consulting, development, and planning, and that the role will evolve into a strategic, analytical, and forward-thinking position (Doherty, 2012).