Accountants Need To Be Prepared For The Big Question: Should I Move To The Cloud?

Abstract

Cloud computing is transforming the accounting profession and gaining worldwide attention. According to Jeff Drew, senior editor covering technology for the Journal of Accountancy, cloud computing was one of the most talked about topics during a recent AICPA Practitioners Symposium and TECH+ Conference. Gartner Inc., a world leader in information technology and analysis, projects worldwide cloud service revenues to reach $148.8 billion in 2014. Notwithstanding its rave reviews, many continue to resist the cloud. Whether from ignorance of its workings and advantages or uncertainty due to its newness and challenges, questions and concerns weigh heavily among those contemplating its adoption. Accountants who stay abreast of new developments within the field of cloud computing, becoming not only educated but experienced, will be able to provide assistance and advice in an organizations assessment process of this new cloud-based delivery platform. This article defines cloud computing and highlights some of the associated advantages and challenges faced by organizations considering cloud services.