Traditional accounting system is usually a single stand-alone system. The current accounting system is integrated with other systems to improve efficiency and boost revenue. Rather than relying on a huge data center, Accounting system is moving to the cloud computing to serve more clients with less spending on hardware infrastructures.
First, system on cloud can help CPAs to better serve their clients. CPAs take note that “the customization options cloud computing offers bring more efficiency, strategic insight and automation”. CPAs can work on higher-margin roles such as consulting and analysis rather than dealing with backend manual workflows. Cloud-based accounting systems can also create an audit trails as part of general ledger, which makes auditors’ job simple.
Cloud-based accounting system is also secure. The advance encryption technology and safeguards minimize the worry of moving data to the cloud. Since multiple copies are kept in data centers at different location, the likelihood of lost data is also reduced.
Reference:
http://www.cpapracticeadvisor.com/news/12294496/how-small-accounting-firms-find-big-advantages-in-the-cloud