Accounting for Procedia Economics and Finance -myassignmenthelp

Question: Discuss about theAccounting for Procedia Economics and Finance. Answer: By considering above described aspects, cloud based accounting approach is best suited for Goodie Gumdrops because it is easy, scalable, customizable and collaborative. Also, it is updated with the current legal regulation of the country. Accounting is a significant part of every business. Thus it needs to be accomplished in an effective manner. With the improvisation in technology, Cloud based accounting provides a convenient option to business entities to record financial transactions in an accurate manner. To cope up with the market, industries and business firms want to switch their old fashioned traditional approach of accounting and get them updated in terms of technology. With every passing day, startups are enrolled to cloud based accounting because it provides benefit like data can be accessed anytime and anyplace by Goodie Gumdrops. Further, there will be less possibility of loss of data because as it stored on the cloud and backed up is there (Carmona, Ezzamel, Gutirrez, 2016). This accounting method is comparably cheaper than traditional accounting approach, and multi user like accountant and colleagues can use cloud accounting at no extra cost. However, cloud accounting approach is not for those businesses which are extremely worried about the privacy of their data. On the other hand, traditional accounting is the evergreen approach. Accounting transaction is much safer in traditional accounting because data is not shared with the third party. Only restricted persons were allowed to see books of accounts of the firm (Dimitriu Matei, 2014). There are other benefits also for Goodie Gumdrops like data cannot be damaged by cyber-attack, and people are doing traditional accounting for years, so it is easy for them to understand and use traditional system. However, it is relatively expensive than cloud accounting and needs to change according to the need and demand of the present environment. Refrences Dimitriu, O., Matei, M. (2014). A new paradigm for accounting through cloud computing.Procedia Economics and Finance,15, 840-846. Carmona, S., Ezzamel, M., Gutirrez, F. (2016). Accounting history research: traditional and new accounting history perspectives.De Computis-Revista Espaola de Historia de la Contabilidad,1(1), 24-53.