Accounting has evolved consistently over the past decades, with each new addition and innovation making it even better and challenging while providing satisfaction and convenience to the users. Modern accounting has reached the present stage after undergoing gradual changes over the years; by keeping pace with the fast evolving technological advancements. There has been consistent modification and development from manual methods to technological alternatives which has made accounting easier and convenient for users. The recent shift in accounting towards faster technologies has immensely increased its capacity to serve users. The recent trend in accounting; Cloud Accounting is expected to make accounting easily accessible, less expensive and time saving. Cloud Accounting involves use of cloud-based software through any device having internet connection.
Need For Study: The emerging trends in accounting not only help in increasing the efficiency of the firms but also provide additional cost benefit. In such a case, there is a need to study whether the perceived benefits are actually enjoyed by the firms which are incorporating these trends into business, and also how this can possibly change the future of the mushrooming start-ups.
Primary data has been collected from Accounting professionals of various organisations. Secondary data has been collected from sources such as professionals, books, journals, websites, etc. The data collected has been helpful in understanding of concepts and the impact.
Comparative Study Of The Services Provided By 5 Cloud Accounting Companies Across The World
Cloud Accounting is provided by many companies across the world. These are Top 5 companies providing cloud accounting services on the global platform are:
Fresh Books is a cloud-based accounting software service designed for small enterprises. It basically sends invoices and receives payment for their services. It was founded by Mike McDerment and Joe Sawadain 2003.
Xero is a software company that develops cloud based accounting software for small and medium enterprises. It was founded by Rod Drury and his personal accountant when they felt that traditional desktop accounting software had become outdated and decided to create a modern cloud-based product.
Zoho is a cloud software and system developer for business management. The company was founded in 1996 by Sridhar Vembu and Tony Thomas in Pleasanton, California and has development offices in India.
Quick books are accounting software which is marketed and developed by Intuit. It is basically used by small and medium enterprises for accounting functions and cloud based services, which deals with payments, payrolls etc. Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA.