Cloud Accounting. Presentation by: Ronald N. Bwosi Managing Partner, Ronald's & Associates, Friday, 11 th May 2018

Transcription

1 Cloud Accounting Presentation by: Ronald N. Bwosi Managing Partner, Ronald's & Associates, Friday, 11 th May 2018

2 What is Cloud Accounting Traditional Accounting Cloud Accounting Internet Explorer, Firefox, Chrome, Safari Internet SaaS such as Xero, Sage and Quickbooks

3 What is Cloud Accounting YOU Client

4 Why Cloud Accounting Anywhere, anytime accessibility Advanced security technology Business as usual Real-time facts and figures Online solutions

5 Online Solutions Use of smart phone to issue invoice Financial benefits as you subscribe to what you use only Integration with other software Transactions can be recorded in multicurrency automatically Compliant with tax laws Data backups and updates are freely provided by the service provider

6 Examples of Cloud Accounting Software

7 Trending Discussions

8 Technology Trends 1. Block Chain Allows untrusted parties to co-create a permanent unchangeable and transparent record of exchange and processing without relying on a third party Distributed ledgers are created and everyone can become a node to the network with different privileges from view and write access. Even if you are not a member to the network, you can see all the transactions that has ever been made on block chain like Bitcoin Contains timestamps which makes it resistant to modification It relies heavily on its heavy encryption, but also distributed across a chain of computers rendering it even harder and expensive to hack

9 Block Chain

10 Why Block Chain Data is unchangeable. This will eliminate the need for auditors from reconciling data from different sources In combination with AI, block chain will help auditors to audit 100%of data Prevent Cyber fraud risks by maintaining a secure database Streamline invoices as accountants can issue electronic invoices, which makes it easier to manage and track them

11 2. Cloud ERP Does your current accounting technology provide the important information and analysis needed to formulate a better business plan? Cloud ERP helps to manage your professional services team, customers, projects, and financials with one powerful app. With this kind of integration, you get the visibility to make better decisions, drive revenue growth, improve margins, and free the field to exceed customer expectations.

12 3. Artificial Intelligence Cloud accounting continues to harness AI to give machines the ability to compute massive data instantly and streamline processes Cloud technology will also leverage machine learning so that computing systems can understand data and make better judgment While AI crunch data, look for anomalies and compile reports, human accountants will analyze data and provide informed recommendations Executives see technology in harnessing data analytics and business intelligence to support reporting and decision making

13 Top Cloud Service Providers Microsoft Commercial Cloud $21.2 billion Amazon Web Services $20.4 billion IBM $10.3 billion Oracle $6.08 billion Google Cloud Platform/Gsuite $4 billion Alibaba $2.2 billion

14 The Future of Accounting More Compliance needs Machines will not take over compliance related tasks Internal specialist changes to meet compliance complexity in cloud accounting True Measure of Success Evolving business needs calls for accountants to be creative and leverage relevant metrics Business will deliver true value and remain competitive Impact of Technology Change Firms are transitioning to virtual workforce Business have to embrace cloud accounting to stay connected and retain top talent

15 Recommended Software

16 Why Xero?

17 Xero Features

18 Machine Learning in Xero Hey Xero Chatbot for Messenger

19 Hey Xero Chatbot

20 Conclusion Cloud Is: Inevitable Here to stay Embrace Cloud Accounting ahead of your competitors

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