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Nowadays, the impact of globalization, the speedy advances in science and technology, the increase of massive knowledge, the wide unfold of internet-based applications and even standardization have created the right context for the emergence of cloud technology. Cloud computing has an impact on many industries and businesses; one of the other affected areas is the accounting sector. The focus of this article is to highlight the effect of the cloud on the accounting industry.
Our approach is specifically focused on the monetary benefits and also the other benefits cloud has to offer. Accounting is one of the traditional sectors next in line for an automation upgrade. This means practice owners will have more options to automate some of their basic accounting tasks – freeing them up to focus on their customers. They will be more than happy to eliminate the administrative and manual data entry tasks which will help them to focus on their clients and building their business.
Earlier at the beginning of the cloud era, accountants were hesitant towards it due to lack of knowledge and expertise; it was unexplored territory for them.
As the decade is progressing, the paradigm is shifting, more and more accounting firms and small businesses are moving towards the cloud for more productivity and efficiency. Now accountants are looking at a great opportunity of creating new roles and we know that the change is happening and it is happening fast. They are also not afraid of using automation techniques to complete their tasks.
With this advancement in technology, accountants should adapt the idea of the cloud and get associated benefits; otherwise, there is a big risk of being left behind in this progressing cloud era. The impact of cloud computing is presently undisputed and will be responsible for providing future ideas.
There are multiple benefits for the whole financial & accounting sector, once accountants assess the results of the changes by opting for the cloud in respect to the whole accounting system.
For a small business, traditional accounting applications are expensive and complicated as well as they need internet, local IT setup, and storage capabilities to function, along with installing, configuring, and updating the software.
Now, on the contrary, performing accounting operations on the cloud becomes way easier with increased collaboration, anywhere access, scalable systems. Cloud ensures that all the users have access to the same information from any location; the only prerequisite is a stable internet connection.
Benefits of moving your operations to the cloud:
•Reduced IT cost:
As everything is happening on the …….
Source: https://www.hostreview.com/blog/211119-how-does-cloud-computing-transforming-the-accounting-industry