Cloud accounting is rapidly gaining popularity among chartered accountants as digital technology advancements and the growth of cloud computing continue in today's world, posing opportunities for companies for innovation.
Cloud computing is the gathering of resources including computer power and memory to tailor them to each user’s needs. These resources are shared among different users but kept separate. The main features of cloud computing include pooling resources, easily getting what you need, accessing them over the internet, expanding or shrinking as required and precisely measuring usage.
This advancement makes way for cost-benefit analysis and consultation on implementation to training, taxation consultancy and assistance with system audits. With this, Chartered Accountants can play important roles in developing intelligent, platform-independent and cloud-based systems that are needed for each individual entity requirements.
Cloud computing also provide assurance through measuring and the ability of checking cloud service of providers to securely deliver services in line with industry standards and regulatory compliance.
Governance of this technology is important in ensuring accountability and balancing benefits, risks and resources while embracing cloud technology.
Meanwhile, as with most advancements in technology, challenges come in along with the innovation. This involves confidentiality, integrity, availability, data privacy, data ownership and backup strategies.
Nonetheless, cloud computing can help accountants to streamline operations, enhance client services and simultaneously adapt to the evolving profession.
