The technology of today is vastly innovative and beneficial to those who know how to manipulate it. The Internet era is unfolding, anybody can now log on to their computers and take care of their financial business, online in the comfort of their own homes. This is called e-commerce, within the past few years; companies have been excited with the idea of online shopping and connecting with customer's worldwide. This is mainly because of over exaggerated headlines, outrageous market appraisals and so-called "instant billionaires". The hype began in 1994, when the Internet and the World Wide Web gained popularity; companies competed to be the first ones out with convenient online shopping sites, for busy, tech savvy individuals. Online shopping was seen as the future and technology stocks were benefiting from all the positive media that was being reported. Unfortunately, these predictions proved to be incorrect and in the 1999 Christmas season, companies that had invested heavily in creating online shopping sites realized that the everyday consumer still did their shopping in the "real world". Although e-commerce centers itself on selling a company's product, e-biz aids in re-engineering the transactions that run our economy. E-biz helps to bring a business closer together and organize it making it more efficient. E-biz ensures that each business system communicates with one another and shares information; sales data, order entry, billing, shipping and receiving, inventory; and many more all feeding off of one another. It also ensures that if a company's customers and employees want to access this information from anywhere and anytime, they can do so securely. The effect of e-commerce and e-biz on the economy, participants of the economy and the accounting field are proving to be both positive and worth anticipating. .
E-commerce and e-biz definitely influence the economy in a very constructive way.