Accounting “In the Cloud”: A New Paradigm of Accounting.

Abstract

Accounting, the dialect and technique of assessment of business accomplishment is constantly conforming to the fiscal framework. The automation of accounting information was first started in the year 1950, and what succeeds subsequently was a non-reversible process. Cloud accounting is somewhat a modern concept. Accounting is a quite conservative area and a particular subject related to modern information technology. Due to globalization and innovation in market competition, in recent years, the availability of the latest financial and accounting data which can accessed from anywhere of the globe and at any time becomes essential for the business. The cloud computing is an allusion or metaphor for the internet as till date there is no unified definition of cloud based computing is available. As long as the users use a terminal to connect the internet, they can enjoy limitless resources and computing capability as in cloud based computing every data or the resources are put together in the cloud storage center. The main objective of this paper is to explore the concept, background, benefits and challenges in adoption of Cloud Based Accounting in any organization. This study is descriptive and conceptual in nature. This article is conducted on the basis of secondary data. This paper is aimed at searching the existing literatures related to Cloud Accounting and cloud technology. Finally, we can conclude that the cloud based accounting technology helps and assist accountants to do their activity and can, in fact, the cloud based accounting makes accountant job a lot easier.