Adoption of Cloud Computing to Accounting: Benefits and Challenges

Abstract

Cloud computing is the most notable notion that has changed the traditional approach of offering accounting solutions. The bookkeeping industry is moving towards online goods. The numerous benefits of cloud services have been established that a technology revolution is unquestionably required in the accounting department of businesses. Cloud-based solutions have accelerated the pace of change in the accounting industry. Cloud computing services assist businesses in developing an inclusive strategy and prioritizing real-time and practical financial advice for clients. Cloud service providers have developed cloud-based accounting systems that offer significant benefits. Accounting on the cloud, enabled by cloud computing technology, is becoming a new commercial reality. Cloud accounting gives every company that uses it a lot of flexibility, allowing any company, big or little, to customize cloud software to match their individual needs. The risk of data imperfectness and incompatibleness that were present in prior techniques are reduced by using cloud based accounting solution. The main purpose of this article is to investigate the significance of cloud computing and its influence on accounting, as well as the factors to consider when using cloud computing in accounting and the benefits of cloud accounting. The study is done based on the existing literature related to cloud computing and its use in accounting.