Authors: Priti Kailas Katav, Dr. Sandip Salunkhe
Abstract: Cloud computing has become one of the most significant technological innovations in the modern business world. It has transformed business operations, communication systems, information storage, and financial management practices across industries. The project titled “A Study of Cloud Computing and Accounting” focuses on understanding how cloud computing technologies influence accounting systems, financial reporting, operational efficiency, automation, and business productivity. Traditional accounting systems mainly depended on manual bookkeeping methods, desktop-based accounting software, physical storage systems, and paper records. These traditional systems created several operational difficulties including delayed financial reporting, higher maintenance costs, manual accounting errors, limited accessibility, and inefficient collaboration between departments. With rapid digital transformation and increased dependence on online business systems, organizations have started adopting cloud accounting technologies for improving efficiency and financial management. Cloud accounting refers to the use of internet-based accounting software and cloud platforms for maintaining financial records, payroll processing, invoicing, auditing, taxation, inventory management, and financial reporting. Cloud accounting systems store financial information on secure remote servers that can be accessed from anywhere through internet-enabled devices. The study concludes that cloud accounting systems improve accessibility, flexibility, collaboration, automation, and operational efficiency. However, organizations must also address challenges such as cybersecurity risks, internet dependency, privacy concerns, and lack of technical knowledge for successful implementation of cloud accounting systems.
DOI: https://doi.org/10.5281/zenodo.20443794
