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Cloud Accounting System Assignment

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Charles Sturt University

   

Added on  2020-04-15

Cloud Accounting System Assignment

   

Charles Sturt University

   Added on 2020-04-15

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IntroductionCloud accounting can be defined as an accounting system that is hosted on remote servers and can be accessed on the internet (Simkin, Norman, & Rose, 2014). Cloud accounting helps record financial details for both small and large businesses more effectively compared to a manual or in-house accounting system. Benefits of Cloud AccountingAccuracy. Cloud accounting software helps to process financial records more accurately even with big numbers.Privacy. Cloud accounting ensures that there is a backup server in more than one locations. This reduces risk of losing data in case of a cyber theft or interference (Mian, Teixeira, & Koskivaara, 2011). Flexibility. The software enables individuals to access information anywhere. Despite of their locality differences.Cost effective. After purchasing cost, there are no additional costs. Once the server has being purchased there is no need to purchase it twice.Time management. When the user enters data for processing. He or she is assured of timely results whereby there will be no delays.Accessibility. Cloud accounting can also be accessed to more than three corporate users withoutslow or delayed services.The clients of Jones and Associates will be able use the software despite limitations like differentcurrencies. The software is able to convert and give accurate results.Cloud accounting is able to process transactions efficiently for Jones and associate clients. Limitations of Cloud accounting system•Cloud accounting requires uninterrupted internet connection in order to operate according to the users’ commands.•Cloud accounting relies heavily on the users skills to enter data. If the user mistypes or misuses the software features. This will result to poor quality results and wastage of time. Garbage in ,garbage out (Molnar, & Schechter, 2010). •Cloud accounting can only be used by users who have legal rights of ownership or legal agreements to share. •Expensive. Cloud accounting software is expensive at initial cost .because one has to purchase expensive new hardware serves. This might scare of clients to Jones firm who will find their serves expensive.•Cloud accounting software incurs costly maintenance due to new licensing and fee for the database system. Since the user needs to update or renew it.
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•Software requires endless supply of electricity which will loss data if interrupted.•Due to easy access of accounting software. This tends to limit professionals example accountants to be unemployed. Since the software has no specialized skillsImpact of clound Accounting•Profitability is ensured since more accountants are able to use it in book keeping , this ensures good quality results and good performance.•When profitability is assured. This makes the firm grow rapidly since they are able to retain theirclients. •Security is high since cloud accounting has a password. So, bank feeds are safe and other transaction details are safe. Hence processing transactions efficiently for Jones and associate clients (Christauskas, & Miseviciene, 2012). •Cost effective. After purchasing cost, there are no additional cost . Once the server has being purchased there is no need to purchase it twice.•Time management. When the user enters data for processing. He or she is assured of timely results whereby there will be no delays.•Accessibility. Cloud accounting can also be accessed to more than three corporate users withoutslow or delayed services.•The clients of Jones and Associates will be able use the software despite limitations like differentcurrencies. The software is able to convert and give accurate results.
Cloud Accounting System Assignment_2

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