Cloud Computing Recording and Storing †Free Samples to Students

Question: Discuss about the Cloud Computing Recording and Storing. Answer: Introduction: In the present era, most organization are making an effort to automate their accounting system because of ease of recording and storing accounting transaction, and very few startups are using traditional approach of accounting. Both the accounting approach is appropriate in their own way, but it is necessary to adopt a better accounting which suits the organization best. Goodie Gumdrop is a startup, so it is essential for them to work with a limited budget (Christauskas Miseviciene, 2012). Thus, potential advantages of cloud accounting software for them is that it is cost effective and more secure because of its sustainability as compare to traditional accounting approach. However, accessibility to software is affected if the business has to poor internet connection and employees may not be well versed with updated software. Despite lots of benefits of cloud accounting various businesses prefer traditional approach of accounting because owners who want to control their data securely and do not require to access data anywhere other than office can go for traditional approach of accounting (Dimitriu Matei, 2014). Further, cloud accounting companies require an agreement of usage of their software which is not possible for the business who has uncertain future. However, disadvantages of the traditional accounting system are that chances of manual error are high. On the basis of the present, I will recommend to Goodie Gumdrop who is a startup wholesaler to go for cloud based accounting system rather than implementing a traditional accounting system. Cloud based accounting system is capable of doing complex things in an easy manner (Daru, 2016). It has the ability to generate all the important details of the firm whether related to the ratio or PL account or position statement in seconds. References Christauskas, C., Miseviciene, R. (2012). Cloudcomputing based accounting for small to medium sized business.Engineering Economics,23(1), 14-21. Dimitriu, O., Matei, M. (2014). A new paradigm for accounting through cloud computing.Procedia Economics and Finance,15, 840-846. Daru, M. U. (2016). Role of accounting software in today scenario.International Journal of Research in Finance and Marketing,6(6), 25-34.