ARTICLE
Accounting & Bookkeeping

Shaping The Future Of Accounting Using Cloud Computing

Written by Analytix Editorial Team | September 28, 2016

At first glance, cloud computing and accounting seem diametrically opposite; one is a futuristic concept while the other, accounting, is an orthodox discipline that forms the bedrock for all business houses.

However, cloud computing, implemented across the Internet is actually all about convenience and cost efficacy, especially for small and medium businesses. Also, several solutions have been developed in the form of Finance and Accounting applications for cloud computing. Regardless of the size of your business, cloud computing can help in:

  • Increased scalability
  • Reduced overall costs

Currently, it would be safe to say that these applications are focused on accounting activities such as budget management and reporting. Core areas such as auditing are still not as well connected with cloud computing; scope exists for more work in connecting auditing with the conveniences of cloud computing.

The American Institute of Certified Public Accountants has recommended finance and accounting Software-as-a-Service (SaaS) solutions to businesses dealing in accounting. What this means in the larger practical sense is that, any business house, irrespective of revenue and size, can harness the benefit of the cloud without first needing to bolster it up with large capital.

Further, apart from providing value for money services, it also weaves in the flexibility to introduce changes. Change could refer to anything – expansion or modification in your service offerings or requirements. With all these advantages, accounting software is already doing brisk business in the markets and it seems like just a matter of time before cloud computing takes over other aspects of accounting as well.

Weaving cloud services into your accounting function can have several benefits:

  • It can allow you to address problems in a more cost-effective way. One solution can help you resolve problems across several regions.
  • Cloud solutions often result in significant reduction of deployment time. This can allow you to conserve resources for utilization on other projects.

In this perspective, cloud computing seems all set to change the face of accounting; several accounting applications in the market currently are well adapted to the cloud; in fact, some applications have been developed keeping the cloud in mind.

When you invest in cloud computing-compatible software for your accounting function, you also enable it to become part of your business strategy. Since accounting is often the bedrock of any business, harnessing the advantages of cloud computing make sense from several perspectives:

  • Cloud computing can strengthen your accounting function, in turn helping ensure growth for your other functions, like marketing or sales.

Cloud computing can bring together different functions to allow for synchronized working within your company. This can strengthen your core deliverables as well, because your back-office work is being taken care of.

Written by

Analytix Editorial Team

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