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Accounting Information System Author's Note: Cloud Based Accounting System

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Added on  2020-04-07

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ACCOUNTING INFORMATION SYSTEM 3 ACCOUNTING INFORMATION SYSTEM Accounting Information System Author’s Note: Executive Summary It is seen that the process of cloud based accounting system has been discovered to the new age process of accounting, which analyses the overall system of accounting system online and records the data in the server that is even known as “clouds”. Different from the conventional accounting process, in which a lot of resources and time are consumed in maintaining the books of accounts, the innovative technology based on cloud on the

Accounting Information System Author's Note: Cloud Based Accounting System

   Added on 2020-04-07

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Running head: ACCOUNTING INFORMATION SYSTEM Accounting Information SystemName of the Student: Name of the University: Author’s Note:
Accounting Information System Author's Note: Cloud Based Accounting System_1
1ACCOUNTING INFORMATION SYSTEM Executive Summary It is seen that the process of cloud based accounting system has been discovered to thenew age process of accounting, which analyses the overall system of accounting system onlineand records the data in the server that is even known as “clouds”. With the development ofcloud based accounting, it is currently possible for the each and every employees, the owners andthe managers of the firm to receive admittance to any kind of accounting information fromanywhere around the globe by taking help of the internet services. The data and the informationthat have been typed in to the accounting tool are saved in the cloud and these are assessed in atypical manner that anyone gaining the power can get the entry to the data within seconds fromanywhere. Different from the conventional accounting process, in which a lot of resources andtime are consumed in maintaining the books of accounts, the innovative technology based oncloud on the other hand makes sure that efficient exploitation of the resources and time evenguarantees the savings in the entire expenses associated with the maintenance of the books ofaccounts and the techniques used in accounting. In accordance to the case study, it has been observed that Goodie Gumdrops has been astart-up organization that have assigned an exclusive hard drive for the intention of recording andsorting the accounting data. Unlike the conventional process of accounting, the cloud basedaccounting process ensure the safeguard of the data but even make sure that these are accuratelybacked up which is not seen in the conventional accounting process. In the current global environment, the cloud accounting has been found to be a morerational method of accounting rather than the traditional process of accounting. A significantfeature regarding cloud dependent accounting has been its cost efficiency. The primary expenseof the process Cloud Accounting installation has been very insignificant and during the long run
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2ACCOUNTING INFORMATION SYSTEM it even curtails sufficient amount of capital for the organization with the incorporation ofnumerous technologies. An accounting software that is cloud based aids users in undertakingmultifunctional jobs concurrently and due to the fact that all the computations are pre-programmed in the software and in a manner decreasing the error of profitability by an employeeto larger extent. Another significant characteristic of \cloud based accounting process that has made it astandout in the economy is its present time characteristic. During the times, when the owner andthe other shareholders of the firm are needed to undertake actual financial condition of theorganization, which is updated till the last second. This makes sure that precise decisions will beundertaken with respect to the organization by the advisors and the stakeholders. This will beimpossible in case the organization utilises the conventional accounting process because in thisscenario, the overall mechanism would be significantly long and expensive. Furthermore, asmentioned before in the Cloud Based Accounting software, the information is recordedautomatically at the day end. Therefore, it respites the employees from the pressure ofmaintaining a backup which was prevalent in the conventional process accounting. Hence, start-up organizations like the “Goodie Gumdrops”, which is developing, it hasbeen often advisable to implement the process of cloud based accounting over the conventionalprocess as the organisation is not even in a condition to undertake large volume of investments inthe process of accounting. Cloud accounting software for instance XERO, MYOB can be anappealing selection for “Goodie Gumdrops” at a minimal expenditure.
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