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What's In Store For Cloud Accounting In 2015

Opportunities and concerns for cloud accounting

As with every facet of doing business, accounting too has been moving to the cloud over the past few years. With the advent of services like QuickBooks and Wave, more and more accountants find it easier to log into such services over traditional accounting platforms. According to a report on Statista, the cloud accounting industry has grown to a 1.7 billion dollar industry in 2014. By 2016, this is expected to multiply to 2.16 billion dollars.

 

What is driving this growth of cloud accounting? A survey of decision makers by YouGov showed that one of the biggest influencing factors is the need to buy less infrastructure. Other factors that contribute to the adoption of cloud services include savings on initial capital, fewer configuration requirements and a lower cost of ownership.

 

However, security and reliability are some important considerations that business owners look into before taking the plunge into cloud accounting. Financial information is extremely confidential for businesses and its security is of paramount importance. Given the recent attacks on cloud infrastructure, it is only natural for businesses to hesitate moving this part of their business to the cloud.

 

That hesitation may however be unnecessary. There has been a lot of investment made in the cloud security market, especially with respect to identity and access management services which include tokenization, encryption, firewalling and security information & event management (SIEM). The cloud based security services industry is expected to reach $3.1 billion by next year. This will be a vital step towards greater cloud adoption over the next few years.

 

It is important for businesses to feel confident about data security in the cloud. Besides plain accounting, there are other financial tools and services like cash management services and tax credits management by companies like ADP that are likely to find greater adoption once the consumer confidence in cloud computing increases.

 

A report on Forrester published earlier this month points out that the days of fighting the cloud are probably over. 2015 is the make-or-break year for cloud computing, and in turn cloud accounting as well. This is the year where cloud security services companies that have invested millions in enhancing security of the cloud will test their armor against hackers who will undoubtedly come for them. The failure of the hackers will go a long way in ensuring the unbridled growth of cloud accounting.

 

What are your throughts for cloud accounting in 2015? Share your thoughts in the comments below.

More Stories By Harry Trott

Harry Trott is an IT consultant from Perth, WA. He is currently working on a long term project in Bangalore, India. Harry has over 7 years of work experience on cloud and networking based projects. He is also working on a SaaS based startup which is currently in stealth mode.