Accounting in the Cloud
Otilia Dimitriu, Marian Matei · RePEc: Research Papers in Economics · 2015
Accounting in the 21st century cannot be imagined without the support provided by information technology. The innovative cloud computing phenomenon has proven its value not only in the IT industry, but also in the accounting field. Thus, a new concept has emerged: cloud accounting is the next big thing that is promising to reshape the accounting function. By using this service-based model, a company will be able to access its financial data over the internet, through a web browser. Given the fact that data is not stored locally, the accountant, the business owner or other business partners can collaborate in a paperless environment and share financial data regardless of their physical location. The purpose of this qualitative paper is to review the most significant features of the cloud accounting model, as a convenient means to improve performance for both the accounting profession and the business itself.