Cloud accounting is what you get when you marry accounting with the new technologies available today. It has the same capability as traditional accounting software, except in runs through your provider’s server which you can access with the use of devices that can access the internet. The data is then stored in the servers that you can access anytime, anywhere. Modern cloud accounting software like these have been gaining buzz around companies because of the great benefits that comes with it. This 2015, recent accounting news from the corporate industry presents a list of what you can expect from this accounting tool. Here are some of them:
More Software Capability
According to the annual study conducted by the Cloud Accounting Institute (CAI) among U.S finance and accounting professionals, almost half of the companies found that their cloud accounting software performed only average in several key capabilities in 2014. These include but are not limited to; timely financial information, effective internal control structure and process, reducing fraudulent transactions, and managing performance in the context of business risk. This simply implies the need for much more software capability, in addition to the recent development in terms of add-ons and app integration.
More Secure Cloud Accounting
A more secure cloud is not just a demand in cloud accounting but a demand on cloud technology as a whole. There have been numerous cloud breaches this past 2014 examples of which are the controversial iCloud hack among celebrity accounts, the numerous government website de-facement and the last quarter Sony website attack. These attacks placed a question if storing data in cloud servers is safe, but as far as cloud providers are concerned, there is an unprecedented resources and brainpower to be utilised to make cloud more secure than ever.
Increase in the need of the right cloud accounting partner
Going back to the study conducted by the Cloud Accounting Institute, finding the right cloud accounting partner is the most important factor in implementation success. This means that there is a great need of looking for a cloud accounting partner that can add proper value in cloud accounting and assist in the implementation of cloud accounting solutions.
These are just some of the things that you can expect from cloud accounting this 2015. If you are on the lookout for the right cloud accounting partners, get in touch with our Xero Certified experts at D&V Philippines.