Cloud accounting is a new business model as it is provided as a service and not as a product (not your hardware and software – Abraham S. Megidish). By accessing the accounting data via the internet, companies are purchasing the use of accounting software from a specialized service provider. Cloud accounting solutions are transforming the way that accounting applications are used and they are modernizing the entire business environment.
The cloud represents a great opportunity to avoid significant expenses. For businesses of all sizes, the cloud can focus on innovation and development. IDC, the international research company, nominated cloud computing as the basis for the IT industry’s next 20 years of expansion. AICPA – American Institute of Certified Public Accountants – have responded to the increased level of attention given to cloud technology.
KPMG global consulting advises that analysis of cloud related applications can help to set proper expectations on cloud use. Cloud software is getting more popular as time goes by, as proved by the growing number of qualitative surveys and technical studies that has been published over the past two years. Recent international surveys show that businesses are increasingly becoming aware of the potential benefits of the cloud.
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