A Report on Cloud Based Accounting Systems and its Benefits

This report focuses on cloud-based accounting systems, detailing their advantages and applications. It explores how these systems, such as Xero and MYOB, facilitate financial transaction management, data storage, and analysis. The report highlights the accessibility and cost-effectiveness of cloud-based solutions, emphasizing their ability to provide real-time financial data and enhance security. The report also discusses the benefits of using cloud-based accounting systems, including increased efficiency, improved collaboration, and reduced reliance on traditional accounting methods. The report references the advantages of these systems in a business context, including the ability to provide multiple users with different access levels and authority.

Running head: MANAGEMENT ACCOUNTING
Management Accounting
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Cloud based accounting system:......................................................................................................2
References:......................................................................................................................................3

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Cloud based accounting system:
There are various computerized and automated accounting information systems, which
can help an organization to record the financial transaction and prepare meaningful information.
Some of them are desktop accounting system which can only be used in the desktop in which the
system is installed and some of them are cloud based which can be access through the internet
from anywhere. Therefore, the cloud based accounting systems are some accounting information
systems, which can be used through the internet from anywhere. There are numerous such cloud
based accounting systems such as Xero, MYOB and so on. We just need to register our
Company by paying the annual subscriptions and input the basic company related information to
it. It can be used by multiple users simultaneously from different places (Belfo and Trigo 2013).
Reasons behind the popularity of the cloud based accounting system can be described
considering the advantages it provides. It can be used from anywhere just by using the user
identification number and the password. It can be used by the multiple users and the access level
and authority can be defined for each of the users. It helps in advanced level analysis of the
financial transactions and information. As the cloud based accounting system is used through the
internet it helps in making direct payment for the suppliers and for the expenses payments. There
is no risk of data corruption as all the data are stored in the cloud, which can be retrieved from
the host organization who is providing the cloud based accounting system (Cleary and Quinn
2016).

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References:
Belfo, F. and Trigo, A., 2013. Accounting information systems: Tradition and future
directions. Procedia Technology, 9, pp.536-546.
Cleary, P. and Quinn, M., 2016. Intellectual capital and business performance: An exploratory
study of the impact of cloud-based accounting and finance infrastructure. Journal of Intellectual
Capital, 17(2), pp.255-278.