CCH Wolter Kluwer, an accounting research manager, conducted a research study in 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 approves that the change to cloud-computing software or platforms for accounting services is well proceeding. Acceptance has now reached momentous levels among accountants and small business owners and is predominantly high amid younger groups. Future intents show that the mainstream of SMEs and their accountants will be managing their accounting on the cloud within two to three years. For the accounting industry, the change to cloud-based computing offers some direct threats but also long-term prospects.
Cloud computing will mechanize much of the low-level, managerial facilities that accountants have provided to small and medium enterprise clients for so long. This is not lost on business owners, who show they will consider replacing much of their accountant’s work now with cloud software. A decent number also says that 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.
Cloud accounting is the same as traditional accounting, and 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,’ where it is processed and sent back to the user. All application functions are done off-site, on the cloud, not on the desktop. 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 from any place globally, provided the cloud applications service provider is present.
Benefits of Cloud Computing for Businesses
- You have access to your accounting and bookkeeping data anywhere and anytime in the world. You can spend time on other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and stay updated with the accounting and bookkeeping functions in your business from the comfort of your own home. An up-to-date view of your business’s financial status enables you to make the right decisions at the right time.
- Go paperless in accounting and bookkeeping. This step is 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.
- Cloud accounting software offers multi-user access.
- A better relationship is built with your accountant. You can access accounting data online and give your accountant quality time for discussion related to business bookkeeping.
- Cloud accounting software is automatically updated.
- Cloud accounting reduces upfront business costs. You do not face regular maintenance fees.
Cloud computing is the future of accounting procedures in small and medium-sized businesses. Accountants must seek training to learn cloud computing operations for their survival in accounting jobs. 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 entrepreneurship. This is the preference of business owners as well.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.