Cloud accounting offers advantages like mobility, accessibility from different platforms, automatic data backups, and simplicity for small businesses. However, it also poses disadvantages like reliance on a stable internet connection and potential security issues. The presentation examines the trends in cloud accounting pioneers like Xero and FreshBooks, and weighs the pros and cons of the technology for small businesses. It emphasizes that while cloud accounting offers benefits, accountants should not abrogate their responsibilities in managing the accounting process for clients.

1. Cloud Accountancy:
Stormy Weather or
Plain Sailing?
Gregory Borchard
Director, MCB Accounting, Australia
Athens University of Economics and Business
Tuesday 17th June 2014

2. Background

3. Cloud Accounting Trends
Cloud Accounting Pioneers
•Xero (284K subscribers at
31 March 2014. Currently
300K) Commenced
operations 2008
•FreshBooks (5 million
subscribers). Commenced
operations January 2003
•Saasu
Popular traditional desktop
providers now providing
cloud offerings:
•MYOB
•Reckon
•QuickBooks

4. Pros and Cons
Advantages
•Basic computer requirements
•Mobility
•Different platforms
•Security
•Loss or theft of devices does not mean loss of data
•Automatic backup
•Simplicity for small business;
•Bank feeds
Disadvantages
•Internet connection required
•Security
•Stickiness

5. Let’s take a look…..

6. Let’s take a look…..

7. Let’s take a look…..

8. Let’s take a look…..

9. Training.
Reliable
internet
Accountant
setup
required
Don't
abrogate
responsibility
Managing the process

10. Questions?