Question

In: Accounting

Internet-based accounting software is a recent trend in business computing. Major software firms such as Oracle,...

Internet-based accounting software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuite are running their core products on the internet using cloud computing. NetSuite is one of the most popular small- business internet-based accounting systems.

1. Identify 3 advantages and 3 disadvantages of using cloud-based, not just computerized accounting systems, accounting compared to running software on a company's internal computer network.

Solutions

Expert Solution

Advantage of Cloud-based computerized accounting system

  1. When using Cloud-based computerized accounting system users can access data from anywhere with internet connection. This gives more flexibility to end users to access accounting system from anywhere in the world
  2. Since Cloud-based computerized are developed by global companies they have utmost security protocols which are world class. Latest security features will be implemented for remotely stored data.
  3. Cost investment will be lower as there will be no initial capital investment but regular cost in terms of usage agreed with the service provider

Disadvantages of Cloud-based computerized accounting system

  1. If there are issues in Internet connection Cloud based Accounting system cannot be accessed and may lead to complete stoppage of accounting. There may be other technical issues also for example login issues, server maintenance, etc
  2. There may be online attacks on data stored in server. This will be compromise on integrity of data. For example , hacking is common now a days for remotely stored data
  3. Cloud-based software may not have customized feature required for each business. They are standard software and customization is ignored.

Related Solutions

Search the Internet to find out about the availability and price of activity-based accounting software. What...
Search the Internet to find out about the availability and price of activity-based accounting software. What accounting software did you find most efficient and affordable? Explain your findings and insight.
What are some of the advantages of the cloud-computing feature of integrated accounting software? What are...
What are some of the advantages of the cloud-computing feature of integrated accounting software? What are some of the disadvantages of a hosted solution?
We discussed in class about the recent trend of the valuation of major currencies including U.S....
We discussed in class about the recent trend of the valuation of major currencies including U.S. dollar. Especially the article from The Economist, “The fate of the dollar will shape financial markets in 2019” presented some ideas on the causes of the recent dollar appreciation and also on some scenarios of possible trend of major currency values in near future. a) (5 points) Explain the possible economic reasons why U.S. dollar appreciated against other major currencies including pound sterling, Euro...
home / study / business / accounting / accounting questions and answers / Use The Internet...
home / study / business / accounting / accounting questions and answers / Use The Internet And/or Strayer Learning Resource Center To Research A U.S.-based Company That ... Your question has been answered Let us know if you got a helpful answer. Rate this answer Question: Use the Internet and/or Strayer Learning Resource Center to research a U.S.-based company that ma... Use the Internet and/or Strayer Learning Resource Center to research a U.S.-based company that manufactures technology products. Recommend one...
Subject : Professional ethics in computing Based on the given scenario answer the following question Software...
Subject : Professional ethics in computing Based on the given scenario answer the following question Software Engineer Christopher is hired by software company, ABC Software, and involved in the design of specialized software for Gladstone City Council (GCC) in connection with the operations of facilities that impact on public health and safety, such as those that control air and water quality. Testing the software system is part of the design process. Christopher conducts extensive testing and finds that the software...
BookWeb, Inc., sells books and software over the Internet. A recent article in a trade journal...
BookWeb, Inc., sells books and software over the Internet. A recent article in a trade journal has caught the attention of management because the company has experienced soaring inventory handling costs. The article notes that similar firms have purchasing, warehousing, and distribution costs that average 13 percent of sales. Thirteen percent is attractive to BookWeb management when compared to its results for the past year, shown in the following table. Activity (cost) Cost Driver Cost Driver Quantity % of Cost...
Based on the discussion of hardware, Internet, and software technology trends in Chapter 7 "Defining the...
Based on the discussion of hardware, Internet, and software technology trends in Chapter 7 "Defining the System Architecture”, it should be clear to you that the Real-Time Glucose Monitoring (RTGM) system is an interesting combination of older and newer technology. Except for the interface to software and data on mobile phones, the server-side portions of the system are a relatively traditional business-oriented application that can be implemented by using old-fashioned technology. What makes the RTGM system “new” are its client-side...
Many firms are relying on cloud computing, also known as “the cloud,” to perform key business...
Many firms are relying on cloud computing, also known as “the cloud,” to perform key business functions. By moving transactional processing to the cloud, firms are exposing themselves to additional attacks as well as to tighter scrutiny from regulators and stakeholders. From the e-Activity, assume that you are the CFO of Amazon.com. Create an argument indicating how your firm will be able to balance the needs of security with the desire of being a dominant player in the global market....
Computing hardware has long served as the critical backbone of business operations. Today, the Internet economy...
Computing hardware has long served as the critical backbone of business operations. Today, the Internet economy is powered by an infrastructure that has become virtual, and is controlled by a small handful of tech giants. These companies are delivering online search, messaging, advertising, applications, computing and storage on demand -- which has positioned them not only to empower business but to extract extraordinary value as it grows. The latest evidence comes in the form of record earnings and towering stock-market...
Ethics in Accounting and Business Question Believe it or not, some accounting and financial service Firms...
Ethics in Accounting and Business Question Believe it or not, some accounting and financial service Firms perform a multitude of screening tests during recruitment, including drugs testing and lie detector tests. Some Firms go further and screen work emails and phone calls. Where do you think companies/firms cross a line, if they do at all? Why? Is monitoring of Employees good corporate governance practice?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT