Factors Influencing the Integration of Cloud Computing in Modern Accounting Practices in the Malaysian Accounting Sector: A Conceptual Study

Abstract

In the dynamic landscape of contemporary business, cloud computing has become a prevalent tool for organizations to manage and store data efficiently as more organizations adopt cloud-based solutions for their IT needs. In this case, the adoption of cloud computing is beneficial not only for managing and storing data but also for implementing effective cloud accounting systems. However, amidst the transformation and benefits, adopting and integrating cloud computing in accounting practices are not without challenges. This study aims to delve deeper into these issues to investigate the key factors influencing the adoption of cloud computing in accounting, particularly in the Malaysian business landscape. The factors explore the distinctive benefits like security, cost-effectiveness and flexibility while also shedding light on the associated challenges, with a particular emphasis on security. Despite these challenges, such as security vulnerabilities, cost overruns and potential for data loss, the study asserts that the benefits of integrating cloud computing into accounting practices substantially outweigh the hurdles. Consequently, it recommends strategic steps to ensure a smooth transition to cloud-based accounting systems. These measures are critical in aiding businesses in navigating through the challenges while capitalizing on the transformative potential of cloud computing, thereby staying competitive and agile in the rapidly evolving digital era.