Cloud computing in accounting.pptx

1. CLOUD COMPUTING IN
ACCOUNTING
MANOJ KUMAR .G(23COMD34)
MANU KUMAR(23COMD35)
ARVIND (23COMD08)
DEPARTMENT OF COMMERCE [UG]
BCOM ‘D’ SECTION
2023 - 2026

2. CONTENT
• INTRODUCTION
• WHAT IS CLOUD COMPUTING
• BENEFITS OF CLOUD COMPUTING IN ACCOUNTING
• HOW IS CLOUD COMPUTING USED IN ACCOUNTING TODAY
• ADVANTAGES AND DISADVANTAGES
• SOME EXAMPLES OF CLOUD ACCOUNTING SOFTWARE
• CONCLUSION

3. INTRODUCTION
CLOUD COMPUTING IN ACCOUNTING
IS THE DELIVERY OF ACCOUNTING
SOFTWARE AND SERVICES OVER
THE INTERNET. THIS MEANS THAT
BUSINESSES CAN ACCESS THEIR
ACCOUNTING DATA AND
APPLICATIONS FROM ANYWHERE IN
THE WORLD, WITH AN INTERNET
CONNECTION.

4. WHAT IS CLOUD COMPUTING
• CLOUD COMPUTING IS THE DELIVERY OF
COMPUTING SERVICES INCLUDING
SERVERS, STORAGE, DATABASES,
NETWORKING, SOFTWARE, ANALYTICS,
INTELLIGENCE, AND MORE OVER THE
INTERNET (“THE CLOUD”) TO OFFER
FASTER INNOVATION, FLEXIBLE
RESOURCES, AND ECONOMIES OF SCALE.

5. BENEFITS OF CLOUD COMPUTING IN
ACCOUNTING
• AFFORDABILITY: CLOUD ACCOUNTING IS OFTEN MORE
AFFORDABLE THAN TRADITIONAL ON-PREMISES ACCOUNTING
SOFTWARE, AS THERE IS NO NEED TO PURCHASE AND
MAINTAIN EXPENSIVE HARDWARE AND SOFTWARE.
• SCALABILITY: CLOUD ACCOUNTING IS HIGHLY SCALABLE,
MEANING THAT BUSINESSES CAN EASILY ADD OR REMOVE
USERS AND FUNCTIONALITY AS NEEDED. THIS IS IDEAL FOR
BUSINESSES THAT ARE GROWING OR CHANGING RAPIDLY.
• ACCESSIBILITY: CLOUD ACCOUNTING CAN BE ACCESSED
FROM ANYWHERE WITH AN INTERNET CONNECTION, MAKING
IT IDEAL FOR BUSINESSES WITH REMOTE EMPLOYEES OR
MULTIPLE LOCATIONS.

6. • SECURITY: CLOUD ACCOUNTING PROVIDERS TYPICALLY HAVE
ROBUST SECURITY MEASURES IN PLACE TO PROTECT CUSTOMER
DATA.
• REAL-TIME COLLABORATION: CLOUD ACCOUNTING
SOFTWARE MAKES IT EASY FOR ACCOUNTANTS TO
COLLABORATE WITH CLIENTS AND OTHER TEAM MEMBERS IN
REAL TIME, REGARDLESS OF LOCATION.
• AUTOMATED ACCOUNTING TASKS: MANY CLOUD
ACCOUNTING SOFTWARE PROGRAMS CAN AUTOMATE TASKS
SUCH AS INVOICING, BILL PAY, AND PAYROLL, FREEING UP
ACCOUNTING STAFF TO FOCUS ON MORE STRATEGIC WORK.
• UP-TO-DATE SOFTWARE: CLOUD ACCOUNTING SOFTWARE
PROVIDERS TYPICALLY UPDATE THEIR SOFTWARE REGULARLY, SO
BUSINESSES CAN BE SURE THAT THEY ARE ALWAYS USING THE
LATEST FEATURES AND SECURITY PATCHES

7. HOW IS CLOUD COMPUTING USED IN ACCOUNTING
TODAY?
• REAL-TIME FINANCIAL REPORTING: CLOUD ACCOUNTING
SOFTWARE ALLOWS BUSINESSES TO GENERATE REAL-TIME
FINANCIAL REPORTS, WHICH CAN BE USED TO MAKE BETTER
BUSINESS DECISIONS.
• AUTOMATED ACCOUNTING TASKS: MANY CLOUD
ACCOUNTING SOFTWARE PROGRAMS CAN AUTOMATE TASKS
SUCH AS INVOICING, BILL PAY, AND PAYROLL, FREEING UP
ACCOUNTING STAFF TO FOCUS ON MORE STRATEGIC WORK.
• COLLABORATION: CLOUD ACCOUNTING SOFTWARE MAKES
IT EASY FOR ACCOUNTANTS TO COLLABORATE WITH CLIENTS
AND OTHER TEAM MEMBERS, REGARDLESS OF LOCATION.
• TAX COMPLIANCE: CLOUD ACCOUNTING SOFTWARE CAN
HELP BUSINESSES COMPLY WITH COMPLEX TAX

8. ADVANTAGE
S
• COST-EFFECTIVENESS: CLOUD ACCOUNTING IS TYPICALLY MORE AFFORDABLE THAN
TRADITIONAL ON-PREMISES ACCOUNTING SOFTWARE, AS THERE IS NO NEED TO PURCHASE AND
MAINTAIN EXPENSIVE HARDWARE AND SOFTWARE.
• SCALABILITY: CLOUD ACCOUNTING IS HIGHLY SCALABLE, MEANING THAT BUSINESSES CAN
EASILY ADD OR REMOVE USERS AND FUNCTIONALITY AS NEEDED. THIS IS IDEAL FOR BUSINESSES
THAT ARE GROWING OR CHANGING RAPIDLY.
• ACCESSIBILITY: CLOUD ACCOUNTING CAN BE ACCESSED FROM ANYWHERE WITH AN INTERNET
CONNECTION, MAKING IT IDEAL FOR BUSINESSES WITH REMOTE EMPLOYEES OR MULTIPLE
LOCATIONS.
• SECURITY: CLOUD ACCOUNTING PROVIDERS TYPICALLY HAVE ROBUST SECURITY MEASURES IN
PLACE TO PROTECT CUSTOMER DATA.
• REAL-TIME COLLABORATION: CLOUD ACCOUNTING SOFTWARE MAKES IT EASY FOR
ACCOUNTANTS TO COLLABORATE WITH CLIENTS AND OTHER TEAM MEMBERS IN REAL TIME,
REGARDLESS OF LOCATION.

9. DISADVANTAGES
• RELIANCE ON INTERNET: CLOUD ACCOUNTING REQUIRES A RELIABLE INTERNET
CONNECTION. IF THE INTERNET GOES DOWN, BUSINESSES WILL NOT BE ABLE TO ACCESS
THEIR ACCOUNTING DATA AND APPLICATIONS.
• SECURITY CONCERNS: WHILE CLOUD ACCOUNTING PROVIDERS TYPICALLY HAVE
ROBUST SECURITY MEASURES IN PLACE, THERE IS ALWAYS A RISK OF DATA BREACHES.
• VENDOR LOCK-IN: ONCE A BUSINESS HAS SWITCHED TO CLOUD ACCOUNTING, IT CAN
BE DIFFICULT AND EXPENSIVE TO SWITCH TO A DIFFERENT PROVIDER.
• LIMITED CONTROL: BUSINESSES HAVE LESS CONTROL OVER THEIR DATA AND
APPLICATIONS WHEN THEY ARE USING CLOUD ACCOUNTING.

10. EXAMPLES OF CLOUD ACCOUNTING
SOFTWARE
• XERO
• QUICKBOOKS ONLINE
• FRESHBOOKS
• SAGE INTACCT
• NETSUITE

11. CONCLUSION
• CLOUD COMPUTING IS A VALUABLE TOOL FOR
ACCOUNTANTS AND BUSINESSES OF ALL SIZES. IT
CAN HELP TO IMPROVE EFFICIENCY, REDUCE
COSTS, AND INCREASE SECURITY.

12. THANK
YOU