Cloud Saves Accounting

Accounting Industry - Complete Controller

CCH Wolter Kluwer, an accounting research manager, conducted a research study 2013. It was a national research study commissioned by CCH. The study was “Cloud computing – a matter of survival for the accounting industry?” The findings of the study were interesting and expected.

CCH’s study proves that the change to cloud-computing software or platforms for accounting services is proceeding well. Acceptance has reached momentous levels among accountants and small business owners and is predominantly high among younger demographics.
Future intents show that within two to three years, a mainstream of Small and Medium Enterprises (SMEs) and their accountants will manage their accounting on the cloud. The change to cloud-based computing offers some direct threats and long-term prospects for the accounting industry.LastPass – Family or Org Password Vault

Cloud computing will mechanize much of the low-level managerial services that accountants have provided to small and medium enterprise clients for so long. This is not lost on business owners, who show they will now consider replacing much of their accountant’s work with cloud software. A significant number also say they will deliberately replace their accountants if they do not work with a cloud computing system. This fondness for cloud computing is increasing abruptly amid younger groups of business owners.

Cloud computing cannot replace an accountant by any means. However, accountants with a wide knowledge of cloud computing will certainly be given preference in future jobs in small to medium-sized businesses.

Before understanding the benefits of cloud computing, let us thoroughly understand the differences between accounting and cloud accounting.

Cloud Accounting

Cloud accounting is the same as traditional accounting; bookkeeping procedures are done on accounting software. The cloud accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud,’ which is processed and returned to the user. All application functions are done off-site, on the cloud, not on the desktop.

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The accounting functions are done online and not on desktop software. The internet or another network is used for the process. Users access the 
cloud accounting software through a cloud application service provider. The software does not have to be installed onto a computer. It can be accessed anywhere globally, provided the cloud applications service provider is present.

Benefits of Cloud Computing for Businesses

  1. If you have access to your accounting and bookkeeping data anytime and anywhere in the world. Spend time on other business operations-related activities or spend quality time with family. You can access cloud accounting software online while sitting at home and stay updated with your business’s accounting and bookkeeping functions from the comfort of your own home. An up-to-date view of the financial status of your business enables you to make the right decisions at the right time.
  2. Try and go paperless in accounting and bookkeeping, which makes cloud-based accounting Eco-friendly, too. Paperwork takes a lot of time and resources for accountants and business owners. Small business owners need time to interpret accounting information. Accounting software makes it easy to interpret this critical information without cumbersome papers.
  3. Cloud accounting software offers multi-user access.
  4. A better relationship is built with your accountant when you use cloud accounting. You can access accounting data online and give your accountant quality time for discussion related to business bookkeeping.
  5. Cloud accounting software is automatically updated.
  6. Cloud accounting reduces upfront business costs, and you do not face regular maintenance fees.

Download A Free Financial ToolkitConclusion

Cloud computing is the future of accounting procedures in small and medium-sized businesses. Accountants must seek training to learn cloud computing operations for job survival in the accounting industry. Cloud computing cannot replace accountants. It only makes their jobs more efficient and time-effective. The accounting industry is shifting from manual accounting to cloud computing in nearly all small and medium-sized businesses, which is the preference of business owners.

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