A study of the impact of cloud based accounting on maintenance of Accounting Records in the Business

Accounting is the language of business, serving every trade since its inception. The emergence of accounting software using cloud technology has improved and significantly changed accounting practices, one of the tremendous IT innovations of the last decade. Today the business world is changing and becoming more competitive and sophisticated due to the advancement of cloud based technologies. Like other areas of business, accounting has also adopted cloud computing solutions to provide relevant and specific information as well as a real-time overview of the business for all stakeholders. Although cloud-based accounting is becoming more and more common, many business owners and professionals are not entirely sure what it is, what its benefits are, or how it will shape the future of accounting. This paper has been prepared in an attempt to include a theoretical overview of cloud based accounting with its concept, benefits, comparison with traditional accounting and some other important aspects that will shape the accounting profession in the coming years. In this paper primary data has been collected and analyzed to obtain information about the use and benefits of cloud based accounting software.