THE INFLUCENCE OF CLOUD TECHOLOGY IN TRANSFORMING ACCOUNTING PRACTICES

Abstract

Cloud has been one of the most important developments in information technology in the past decade, having a significant impact on financial reporting for both businesses and individuals. It is considered to be an indispensable tool for accountants in the near future and will improve the accuracy of financial information and the business strategy. The most recent developments tend to confirm that cloud computing or cloud technology in accountancy has been transformative as to how accountants work on a daily basis with their clients and how they communicate the fiscal information to the tax authorities. The aim of this paper is to present some particular aspects of cloud technology in accounting, and to show how cloud accounting platform could provide an accurate and comprehensive dataset in financial reporting.