Cloud Accounting: A Theoretical Overview

Abstract

Accounting, being the language of business, has been serving every trade ever since its beginning. The practice of accounting has been improved significantly by the emergence of accounting software using the cloud technology, which is one of the tremendous IT innovations over the last decade. Today the ever-changing business world is becoming more and more competitive and sophisticated with the advancement of cloud technology. Like other sectors of business, accounting has also embraced cloud computing solutions in order to provide relevant and particular information as well as a real time overview of business for all stakeholders. Although cloud accounting is becoming more and more common day-by-day, many business owners and professionals are not quite sure about what it is, what its benefits are or how it will shape the future accounting. This paper has been made in an attempt to provide a theoretical overview of cloud accounting covering its concept, benefits, shortcomings, comparison with the traditional one and some other important aspects that may shape the accounting profession in the coming years. In this paper the information has been collected and prepared depending on the most recent studies and researches conducted by accounting professionals and expert opinions.