Chartered accountants are professionals that carry out different critical functions of accounting for their clients, such as taxation, audit, general management, and preparation of financial documents. They may work with government bodies or private sector clients. Traditionally, most companies used to hire professional chartered accountants for taking care of their accounting needs. These professionals used to manually maintain each and every accounting detail and spend long hours in drawing the documentations and details associated with a business organization. They also used to carry out staff meetings and discussions with their clients on how to best manage their finances and instructed the staff on managing its operations effectively so as to enhance its prospects for the future.
Since all of these works were mostly done manually, managing hundreds and thousands of minute details took a lot of tedious work from the CA professionals. They often handled assignments that took weeks and months to complete. Over the years, this became more and more difficult for the CA professionals as the number of documents and records that they needed to handle increased tremendously. This naturally demanded the need for the introduction of more effective ways to manage all of the work in less time without losing on the efficiency and accuracy of the process. This led to the introduction of cloud computing in the field of accounting.
Ever since cloud computing was introduced within the realm of accounting, it has completely transformed the way CA professionals operate around the world. While at one point in time, it became necessary for companies to hire and use more numbers of professionals to manage the accounts of a single accounting client, now the large bulk of accounting tasks are handled by a few CA professionals who manage all of the accounting data over the cloud systems. With cloud computing, it is now possible to make use of scalable and flexible IT services that can be used over a secured network.
A cloud computing system can be managed completely online or over the network. It is not dependent on any platform or a single computer and can be accessed from multiple devices at the same time as long as they are all connected to the same network. This naturally saves a lot of time and money while working with the same files and documents. Moreover, it also increases operational efficiency among the professional CAs and makes it possible to communicate easily with one another. The latest cloud computing systems are robust facilities that can be perfectly scaled according to the needs of the users. The programs can also be easily installed and maintained which makes them perfect for accounting business.