Accountancy’s Digital revaluation means that your firm’s toughest competition might no longer across the road, it could be a switched-on firm on the other side of the continent.

Predicting the future is a risky exercise-even the future of your own profession. In 2007, CPA Australia took the bold step of launching The Firm Future Report, which examined and extrapolated factors that would produce future opportunities and challenges for public practices. The 2007 report rightly identified technology as a key driver of change and more specifically highlighted the growing importance of the internet, knowledge management and the automation of financial data handling.

What is Cloud Accounting:

Cloud Accounting is similar to traditional. on-premises or self-install accounting software, only the accounting software are hosted on remote servers, similar to the SaaS (Software As A Service) business model. Data is sent to “the cloud”, where it is processed and return to the users.

Some Benefits Of Cloud Accounting:

  • The ability to automate much manual accounting and bookkeeping process.
  • The ability for data to be accessed regardless of location or devices.
  • The ability for data to be updated in real time.
  • The ability to easily scale to meet growing business need.
  • The ability to facilitate a paperless environment.
  • The ability to provide automatic updates.
  • The ability to reduce cost.
  • The ability to integrate with other cloud stations.

Is The Cloud Accounting Is Secure??

Given the sensitivity of the data associated with cloud accounting applications (banking and financing data), security is the top concern in the Cloud Accounting World. 

Cloud Accounting technologies have the potential to enable the accountant to become the external CFO of the client. __ David Smith, Smithink

Note: If you have the read the article Revolution: Accounting Through Digital World do let us know your reviews in the comment section below. And also give us your suggestions regarding the further topic we should write about…

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