Cloud based Accounting Services

Abstract

In the current era of technological development, cloud services are considered as the most prominent and leading technologies in the field of business. It is because of the reason that, cloud technology offers a wide range of scalability and convenience for the organizations. Cloud technology has revolutionized the work operations of all businesses including IT distributing organizations of UAE. The government of UAE has introduced and implemented appropriate and effective policies for the successful implementation of cloud services in all organizations. These policies may greatly help the organizations, especially IT distributors, in ensuring the availability, confidentiality and integrity of their business processes. In UAE, almost all businesses and organizations are trying to implement cloud technology in their business environment. It is because of the reason that, cloud technology may allow the organizations in reducing the operating cost of their business while enhancing and improving the integrity of their business operations. Cloud technology has also brought various innovations and advancements in the field of finance and accounting. Cloud based accounting software may greatly help the IT distributors of UAE, in enhancing the speed and scalability of their operations while minimizing the operational cost. This software may also help the organizations of UAE in reducing various risks and vulnerabilities regarding the security of organizational information.

Abstractii

Introduction1

Discussion3

Cloud based Accounting Software4

Policies of UAE Regarding the Implementation of Cloud Based Accounting Software5

Cloud Services in United Arab Emirates6

Tough Market8

Currently Available Cloud Based Accounting Software10

FreshBooks11

Xero12

Kashoo12

Outright12

FreeAgent13

Intacct13

Wave Accounting13

QuickFile Accounting14

Benefits of Cloud Service14

Reduced Cost and Flexibility15

Speed and Scalability15

Innovation and Convenience16

Optimal Utilization of Resources17

Enhanced and Improved Security of Information17

Traditional Approach Vs Cloud Services17

IT Distributors are considering Cloud Service for Accounting Software19

Cloud Accounting Software in Business20

Reduction in Cost20

Ease of Access20

Advanced Features21

Low TCO21

Improvement in Business Performance21

Technology to be employed on Cloud Service22

Server Virtualization23

Service Oriented Architecture23

Open Source Software23

Web Development23

Mashups24

Training Required for the Software25

Accounting Software for IT26

Accounting Software27

Selling Goods and Services28

Sales Order28

Customers Billing30

Receiving Money32

Creating Deposit Slips33

Purchasing Goods and Services34

Entering a Purchase Order35

Entering a Bill (Purchase Invoice)36

Making a Payment37

Managing Inventory38

Paying Employees39

Using Reports to Make Decisions40

Implementation Duration41

Real Time Examples from Local Markets Of UAE, to Prove That Cloud Based Services Are Beneficial As Compared To The Traditional Accounting Software41

Conclusion42

Cloud Based Accounting Services

Introduction

Cloud technology is considered as the colloquial technique which is used to demonstrate various different categories of computer concepts. It may involve an idea in which a wide range of computer systems are interlinked with each other by using real time communication network like the internet. The technology of cloud computing is considered as the next stage in the evolution of internet technology. It is because of the reason that this technology allows its users to communicate and update their information in a more convenient, efficient and cost effective way. The technology of cloud computing can also be understood as the collection of various storage services, networks, hardware, software and interfaces that collectively provides different aspects of computing as a service (Roussiere &Murdoch, n.d). The technique of cloud services incorporates the delivery of various services including storage, infrastructure and software over the internet (either ...