only assessment task 01 to be done.

Definition of Cloud Accounting –
After the deployment of cloud computing in different types of businesses, at a certain point, it has also reached the accounting field. A company’s accounting should not be apart from the business itself, but it should rather be an integrant component, with an essential role in the business’s dynamics. In order to achieve this objective, the accounting model should be ‘co-developed’, thus adding value both for the financial aspects and for the business itself. The basic premises on which the cloud computing is built on, which used in the tandem with the accounting softwares that the firms use will develop the idea of the Cloud Accounting.
Fundamentals of the cloud computing and information sources-
Key cloud characteristics1,2 –
Resource Pooling –
Using the cloud computing, asset sharing takes place, where multiple firms can use the same servers and data centres to locate their data and asset utilisation increase. Not individual firm will have to set up their own data centres to store their data
On demand Self services –
These cloud computing services can be availed by users at any time without much of any hassle of going through the mediators or moderators any administrators. Paying a subscription fee, you can use the services provided by the cloud computing for the given amount of time.
Broad Network Access –
As far as the accessibility is concerned, the cloud computing required basic internet connection to download and upload and store the data on the servers which we are not managing. Hence, it becomes really easy and convenient for the user due to the ease of access that the cloud computing provides.
Rapid Elasticity –
As far as the flexibility to cater to the increasing consumer demands, it is very easy for the cloud vendors to increase the services by adding more data centres or servers to the existing frameworks. Firms are investing more and more into developing such infrastructures at a rapid place, along with this, cooling mechanisms are also increased so that the datacentre does not go off due to access heat generated by the servers.
Measured Service –
Cloud services will have the ability to measure the usage by each user and it should be billed according. We can use some sort of metric like space used, time spent for the billing purpose. Since this will be on the basis of a given metric, this will ensure that there will not be any wastage as far as the resources are concerned.
Overview of the technologies available for the accounting field-
Artificial intelligence –
Artificial intelligence will be able to take care of the repetitive tasks that need to be performed and reports that needed to be generated with an extreme accuracy. However, the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) states in their report, Digital Darwinism: thriving in the face of technology change: Although an agent intelligent enough to replicate the human brain is not yet a reality, there are many examples that can demonstrate limited ‘intelligence’, depending on how this is defined. Intelligent behaviour can include: learning from experience, determining what is important, handling complex situations, understanding visual images, being creative or imaginative, and other...