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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Communication

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.

Go to NetSuite Inc.’s website at www.netsuite.com. Read about the product and prepare a memo to management defining cloud-based accounting. Also outline the advantages and disadvantages of using cloud-based accounting compared to running software on a company’s internal computer network.

To determine

To Write: A memo for the senior management.

Explanation

MEMO

From: XYZ

To: The Senior Management

Dt: 29th January, 2018

Sub: Defining Cloud-based accounting software.

Cloud based accounting software is a new approach not only to automate the accounting requirements but also to preserve it. It uses a cloud computing provider who administers all the applications of the software and holds the data. This software is rented unlike other accounting software those are purchased and loaded to the own computers.

There are various advantages for this accounting software. Some of them are:

(1) For cloud based accounting software, it is not required to purchase it or administer the various applications related to the software, as it can be rented and all the administering functions are done by the service provider. Only a computer and browser is required to use this software. So compared to other accounting software this reduces the cost.

(2) The data of the company are available in the internet. So, the company personnel are not required to rely on the computer network of the company to work. If they have internet accessibility they can work at any time and from any place of the globe by entering the transaction details...

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