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.
As everything is happening on the cloud, there is no need for setting up local servers or hardware resources, also, most of the cloud companies follow the pay-as-you-go model which means instead of paying a large sum upfront, you can simply pay as per your usage on a monthly basis.
You can access your information anytime from any location without any geographical constraints, and that is from multiple devices. This is very crucial for making decisions as you get access to your financial information in real-time.
With fast data transfer & real-time data access, the users are more in sync which results in higher productivity and increased team collaboration. Also, the resources can be scaled anytime as per your business requirements.
On the cloud, your data is backed up on daily basis on multiple levels; in case of accidental data deletion or loss, the data can be restored at any time from backup copies. Your data get stored in onsite & offsite locations to ensure in any hazard, the data can be restored to ensure business continuity.
Securing your data is the topmost priority for clod hosting providers as they understand the value of your data. Enterprise-grade security tools have been used to protect the cloud network, many providers use 256 bit SSL encryption to encrypt the data to add an additional level of security.
Cloud comes in different variants and offers a different kinds of solutions, organizations should consider all the characteristics of their business before choosing a suitable cloud hosting service. If the right solution is chosen; it will definitely enhance the capabilities.
Data migration is one of the other very important aspects that need to consider before moving to the cloud; the amount of data that needs to be transferred and the best time to perform the migration are key points for a successful and smooth transition.
There are other financial and pricing aspects involved too; paying attention to the costs that come along with a cloud-based system. The benefits cloud offers have a price as well, so a careful evaluation is required to ensure the pricing does not exceed the current accounting model.
Being an accountant & financial advisor requires real-time access to the data provided by remote technology. Not only can it assist in creating and tracking progress toward prospective clients, but also gives 24/7 access to that information your clients can use to make immediate decisions. The more business-friendly touchpoints you have with your clients to monitor their businesss success, the more value you create for that relationship.
View original post here:
How does cloud computing transforming the accounting industry? - HostReview.com
- Blackline Safety : What is the cloud and why should businesses care about cloud-connected safety? - marketscreener.com - January 22nd, 2022
- DataHEALTH, Inc. Begins Notification of Cybersecurity Incident - PRNewswire - January 22nd, 2022
- Data Centers Must Rethink Interconnection in Order to Evolve - Data Center Frontier - January 22nd, 2022
- Onlive Server Launched Canada VPS Hosting with Upto 48 CPU CORE and Cloud VPS Control Panel - Digital Journal - January 22nd, 2022
- Gartner: IT spending forecast points to skills rebalance - ComputerWeekly.com - January 22nd, 2022
- IBM is selling off its Watson Health assets - Boston News, Weather, Sports | WHDH 7News - January 22nd, 2022
- Global Cloud Hosting Service Market Focusing on Trends and Innovations during the Period 2021 to 2027 Discovery Sports Media - Discovery Sports Media - January 22nd, 2022
- Why COVIDtests.gov worked where HealthCare.gov stumbled - FedScoop - January 22nd, 2022
- VTEX : 5 benefits of SaaS and a cloud commerce ecosystem - marketscreener.com - January 22nd, 2022
- Ford and ADT team up to prevent theft from vehicles - TechCrunch - January 22nd, 2022
- Patent Awarded to Nanoprecise Sci Corp for its Automated Predictive Maintenance Solution - PR Newswire India - January 22nd, 2022
- Recent Analysis on Cloud Hosting Service Market 2022-2028 Top Trends, Business Opportunity, and Growth Strategy LSMedia - LSMedia - January 22nd, 2022
- Google Project Iris AR Headset in the Works, May Feature In-House Processor: Report - Gadgets 360 - January 22nd, 2022
- Cyber Security in 2022: What Should You Know? - GISuser.com - January 22nd, 2022
- Cellular connectivity: the final piece of the IoT puzzle - ITProPortal - January 22nd, 2022
- The opportunities and challenges of data center industry in 2022 - Analytics India Magazine - January 16th, 2022
- The rising threat of cyber criminals targeting cloud infrastructure in 2022 - Help Net Security - January 16th, 2022
- Strata Identity Hosts Complimentary Webinar Featuring ESG Analyst on Identity and Policy Management for Multi-Cloud in 2022 - Business Wire - January 16th, 2022
- ISG to Conduct Study on Private and Hybrid Cloud Providers - StreetInsider.com - January 16th, 2022
- Strengthening the availability chain - ITProPortal - January 16th, 2022
- NordVPN launches open source VPN speed testing tool - IT PRO - January 16th, 2022
- Emby vs Plex: Which media server is right for you? - nation.lk - The Nation Newspaper - January 16th, 2022
- Nutanix Rajiv Ramaswami On His First Year As CEO - Forbes - January 16th, 2022
- ThycoticCentrify adds new security controls and automation to Secret Server - SecurityBrief Asia - January 16th, 2022
- PCIe 6.0 is here with double the bandwidth at 128Gbps - comments - GSMArena.com - January 16th, 2022
- 'Our servers are secure' -- NIMC responds as hacker claims he gained access to NIN database - TheCable - January 16th, 2022
- How this Mumbai startup is carving a niche for itself in the crowded ecommerce delivery space - YourStory - January 16th, 2022
- What begins with a 'B' and is having problems at tsoHost? Hopefully not your website - The Register - January 12th, 2022
- Sensory Extends Voice and Visual AI Platform to the Cloud - Voicebot.ai - January 12th, 2022
- How these 3 Companies Leverage the Hybrid Cloud - TechGenix - January 12th, 2022
- Multi-cloud security doesn't have to be complicated, just consistent - IT-Online - January 12th, 2022
- Podcast: why the future of data management sits in the cloud - Central Banking - January 12th, 2022
- Streaming Analytics Market worth $50.1 billion by 2026 - Exclusive Report by MarketsandMarkets - Yahoo Finance - January 12th, 2022
- Growing Technical Advancements in DevOps Technologies and Their Rising Demand for Optimizing Business Operations to Drive the Global DevOps Market by... - January 12th, 2022
- Data Center Market to Grow by USD 519.34 Bn | Adoption of Multi-cloud and Network Upgrades to Support 5G will Drive Growth | Technavio - PRNewswire - January 12th, 2022
- From 1920s to 2020s: Get ready for a new Roaring Twenties - Big Think - January 12th, 2022
- Post Pandemic: Cloud Adoption Needs to Be Accelerated - APN News - January 12th, 2022
- 2 Growth Stocks That Could Double Your Money in 5 Years - Motley Fool - January 12th, 2022
- Dispelling the top five myths of modern infrastructure - ComputerWeekly.com - January 12th, 2022
- The Future of Records & Compliance With Optimere CEO ICYMI - Government Technology - January 12th, 2022
- Why Banks Are Slow to Embrace Cloud Computing - The New York Times - January 4th, 2022
- How I fell into the self-hosting rabbit hole in 2021 - Windows Central - January 4th, 2022
- The future of web hosting: 5 things to look out for in 2022 - TechRadar - January 4th, 2022
- New Connectivity Is Bringing Roads Up to Speed - Wired.co.uk - January 4th, 2022
- Healthcare for the new normal world reimagined with digital analytics at the core - ETHealthworld.com - January 4th, 2022
- Opinion: White Renegade of the Year 2021 Gregory Hood - Prescott eNews - January 4th, 2022
- Best of 2021 Why Kubernetes is the King of Containerized Tools - Container Journal - December 27th, 2021
- Cloud and Edge Computing Will Be Key for Government Agencies in 2022 - StateTech Magazine - December 27th, 2021
- Cloud Security Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027 mainlander.nz -... - December 27th, 2021
- iOS 15.2 Makes it Easier to Replace the Screen on the iPhone 13 - iDrop News - December 27th, 2021
- 4-Year-Old Bug in Azure App Service Exposed Hundreds of Source Code Repositories - The Hacker News - December 27th, 2021
- Top 5 Best Free Linux Cloud Servers  - December 22nd, 2021
- phoenixNAP and MemVerge to Enable Memory Virtualization in Bare Metal Cloud - HPCwire - December 22nd, 2021
- AWS outages and cloud computing, explained - Popular Science - December 22nd, 2021
- How the Cloud Helps With Medical Research and Remote Medicine - Business Insider - December 22nd, 2021
- Contributed | The role of the Cloud in digital transformation - DIGIT.FYI - December 22nd, 2021
- Cloud Security Market 2021 is Expected to be on Course to Achieve Considerable Growth to 2027 mainlander.nz - mainlander.nz - December 22nd, 2021
- How Tripwire Can Be a Partner on Your Zero Trust Journey - tripwire.com - December 22nd, 2021
- Top Cloud Computing Trends Shaping Our IT Landscape in 2022 - CRN - India - CRN.in - December 22nd, 2021
- Medelln Campus writes the future of worldwide industrial automation - Intelligent CIO ME - December 22nd, 2021
- How Kubernetes lowers costs and automates IT department work - The Register - December 22nd, 2021
- 3 Top Trends to Invest in for 2022 (and Beyond) - Motley Fool - December 22nd, 2021
- What Agencies Need to Do to Combat Shadow IT Driven by Cloud Sprawl - Nextgov - December 12th, 2021
- Nvidia CEO Huang jointly files patent for software tech in the metaverse - The Register - December 12th, 2021
- Truly thrifty cloud hosting - Hetzner Online GmbH - December 5th, 2021
- These researchers wanted to test cloud security. They were shocked by what they found - ZDNet - December 5th, 2021
- What Is The Cloud And Where Is It Used? - Fossbytes - December 5th, 2021
- JetBrains starts adding remote dev functionality on IDEs and introduces Fleet - ZDNet - December 5th, 2021
- Your iPhones best trick is tucked away inside Photos app do you know it?... - The Sun - December 5th, 2021
- Tech Investment Alert: Check Out Top Five Tech Stocks Today - Analytics Insight - December 5th, 2021
- Tencent Cloud and AMD Join Forces to Launch StarLake Servers in Southeast Asia - HPCwire - December 3rd, 2021
- A Climate Dystopia Displayed at the UMOCA with 'the weight of a cloud' - Daily Utah Chronicle - December 3rd, 2021
- AWS Announced General Availability of Elastic Disaster Recovery - InfoQ.com - December 3rd, 2021
- The Benefits of Using a Share File Server in Education - eLearningInside News - eLearningInside News - December 3rd, 2021
- 5 questions for Mark Mills on the cloud revolution - Washington Examiner - December 3rd, 2021
- Inspur Information Impresses in AI Performance with 7 Titles in MLPerf Training v1.1 - Business Wire - December 3rd, 2021
- How Secure Is iMessage? | Leaked FBI Document Reveals the Truth - iDrop News - December 3rd, 2021
- Netweb Technologies Bags Award from MeitY in Contribution to the Manufacturing Sector - News Nation - December 3rd, 2021
- FTC is Suing NVIDIA to Stop Its $40B Acquisition of Arm Amidst Concerns of Potential Reliance from Rival Firms Should Deal Push Through - Tech Times - December 3rd, 2021
- Securing the edge server infrastructure from the ground up - The Register - December 3rd, 2021