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Cloud-based accounting: The way forward for accounting students

With the advent of Cloud-based accounting at present, accountants are completing huge functional tasks more quickly and accurately

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DQINDIA Online
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When technology has transformed every industry then how could the financial industry be left behind? As the accounting and financial industry is leaving no stone unturned to move forward, it’s imperative that our students stay abreast of the latest technological developments and practices in the industry. Accounting students have been taking up cloud-based accounting courses during the era of the coronavirus pandemic when everything has become a virtual collaboration between a company and its clients.

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According to the latest reports, 62 percent of all accounting firms are currently implementing cloud-based technology. Accountants of 2021 are using this opportunity to flourish their enterprises. So, it signifies that the time has come to get started with cloud-based accounting services, which were earlier ignored by the Indian accounting industry. The evolution of cloud computing implicates a drastic change in the working culture and mindset. There is a permanent shift in the way accounting professionals are working, becoming productive, and introducing cost-cutting.

Why do Accounting Firms choose to Use Cloud?

Through clouds, one can have a broad network access, have the facility of allowing multiple clients to use the same resources regardless of location, and enabling quick changes and measured service. By using all these characteristics, accounting firms are reaping major benefits

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When an auditor is working with clients, he/she needs access to many different applications on-demand including audit workflow, the audit program, client billing, accounting pronouncements, or tax laws, among others, that also in the course of a single day. Further, the auditor may need this access at the firm’s office, the client’s locations, their hotel, or their personal space. All these details can be shared within a matter of few clicks through cloud accounting. So, with the help of the cloud, you can surely improve the client’s experiences and can provide a new high to your business. Through cloud one can evolve the way the accounting firm operates.

Types of Accounts courses

There have been various divisions of accounting and none of them are similar to each other. Each addressing a separate purpose for the course of the accounts. These areas specifically give a clear idea of various accounting systems which help in gathering and maintaining the records in a proper manner so that those data can be used in multiple reports.

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  • Managerial Accounting
  • Tax accounting
  • Cost management accounting

With these kinds of courses, students want to become industry-ready and an expert in accepting the new normal. Before COVID-19, enterprises used to hire accounts for managing their financial data records and they used to process these data manually. The process was time-taking and involved the high risks of human errors. Today, with the advent of automation in accounting, accountants are completing huge functional tasks more quickly and accurately, as well as interpret and report data more efficiently.

Future of Accounting Post Covid 19

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The current pandemic situation has already paved the way for accounting professionals to go virtual even when the pandemic subsides. The need of the hour is to be an expert at accepting this new normal and adapting to the digital ways of efficient working.

The COVID pandemic introduced modern ways for accounting enthusiasts.  Some of those perks include:

  • building a reliant virtual team
  • executing new technologies
  • creative client onboarding
  • virtual client engagement
  • improve service offerings
  • introduce the relevant skillset
Ankit Shyamsukha

The article has been written by Ankit Shyamsukha, CEO, ICA Edu Skills

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