Cloud Accounting: Benefits, Limitations, and Considerations for Adoption

Cloud Accounting
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Introduction
This presentation focused on the use of cloud computing and its
benefits to organization .
Cloud accounting allows organization to lower down the
complexity of the accounting recording for preparing financial
statement.
Cloud computing is done by the expert members by using the
Internet or other network via a cloud application service
provider

Cloud Computing
Cloud accounting is also known as software as accounting services.
It is used to make the online accounting entries through the
accounting software's.
There are several accounting software's XERO, MYOB, XOXO, and
Wave.
It assists in using all the accounting functions off-site through the
accounting software application (Gosnell, 2017).

Benefits of the use of cloud accounting in firms as compared to traditional accounting.
All application functions of the account recording
are performed outside the sites.
Cloud accounting follows the same accounting
standards and accounting concepts to keep the
harmonization in the reporting frameworks in cloud
accounting and traditional accounting.
It lower down the administration expenses to
maintain the cloud accounting (Dimitriu, & Matei,
2014).