Cloud Accounting System: Benefits, Limitations, and Comparison of Three Software Packages

This presentation discusses the benefits and limitations of cloud accounting systems, including faster processing, accessibility, and cost-effectiveness. It also compares three popular software packages - Freshbooks, Xero, and Quickbooks Online - based on factors such as user-friendliness, pricing, and customer support. The presentation concludes that investing in a cloud-based system can be advantageous for companies, but they should choose a system that is suitable for their operations and provides the best results.

ACCOUNTING
INFORMATION
SYSTEM
Name of the student:
Course:
Date: 28.11.2017

INTRODUCTION
 Cloud accounting system is a new
technology that has been designed in
recent years and the managers of Jones
and Associates are contemplating
installing the same.

BENEFITS OF CLOUD
ACCOUNTING SYSTEM
 It is fast and takes less time to process
the data.
 It is very accessible.
 It is very cost effective.
 It helps in storing large amount of data
at one time.

LIMITATION OF A CLOUD
BASED ACCOUNTING SYSTEM.
 It is not a solution to all the problems
that an enterprise might be facing
 There may be a possible downtime
 There are probable security issues
 It is very costly to invest in the same
initially.

MAJOR DIFFERENCE BETWEEN
TRADITIONAL AND CLOUD BASED
ACCOUNTING SYSTEM
 Cost benefit difference
 Time based difference
 Adaptability
 Accessibility
 Training required
 Expert needed

EFFECT OF IMPLEMENTATION ON
CORPORATE STRATEGY AND VALUE CHAIN
OF THE COMPANY.
 Better flow of data.
 Introduction of new guidelines to
maintain data security
 Change in the flow of information
 Change in the corporate strategy for
better results.

THREE CLOUD BASED ACCOUNTING
SOFTWARE PACKAGES
 Freshbooks
 Zero
 Quickbooks Online

DIFFERENCES BETWEEN THE THREE
ACCOUNTING SOFTWARE PACKAGES
Freshbook Xero Quickbook
Online
Suited for small
enterprises
Suited for medium
enterprises
Suited for medium
to large
enterprises.
It is very user
friendly and has all
the features that
are required by the
user for accounting
purpose
It Has all the
features that Quick
books have, except
that it does not
allow unrestricted
access to the user
more then five
times.
Quick books
provide the best
services, with
unlimited access to
the users. They
have the best
Inventory
management
system.
Freshbooks are the
most easy to use
accounting
Xero is intimidating
to use and requires
a lot of research so
Quick books have
a middle ground,
they are not that

DIFFERENCES BETWEEN THE THREE
ACCOUNTING SOFTWARE PACKAGES
Freshbooks Xero Quickbooks
It is less costly in
comparison to the
other two
It is medium
ranged accounting
software in terms
of pricing
It is the most
expensive
accounting
software out of the
three software
packages
It is more user
friendly and
provides good
customer support
services
It provides the best
customer support
services and are
less complex in
comparison to
other sites.
It provides medium
ranged support
services, the email
based support that
it operates is
excellent.

CONCLUSION
From the perspective of the overall
discussion it can be said that it will be
advantageous for the company if they
invest in such a cloud based system.
There are variety of systems that are
available in the market and they should
choose one that is suitable to their
operations and provide them with best
results.

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