Cloud Based Accounting

The effect of money laundering in frustrating legitimate business, and in corrupting the financial and socio political system should not be taken for granted. It is against this backdrop that this study seeks to examine the economic implication of money laundering in Nigeria. The accidental sampling method was used in the selection of 635 persons out of which 624 representing 98.27% of the sampled persons completely filled and returned the questionnaires administered to them. Data collected were analyzed using the simple percentages method, the first hypothesis was tested using the chi-square test and it was found that money laundering do have significant effect on Nigeria's economy with f-ratio of 476.163> f-critical of 12.592 at 0.05 level of significance with 6 degree of freedom, thus, the null hypothesis was rejected and the alternative was accepted. The ANOVA test on the second hypothesis confirms that Anti Money Laundering policies in Nigeria has not significantly reduce money laundering in Nigeria with f-ratio of 2.685 < f-critical of 5.987 at 0.05 level of significance with 1 to 6 degree of freedom, thus, the null hypothesis was accepted. The study recommends more effective coordination of all institutions on the fight against money laundering by the EFCC, and a full, effective and efficient investigation of corruption reports by the ICPC.

This paper discusses the theoretical concepts behind cloud accounting and its adoption in a developing country like Bangladesh. The field of accounting has improved significantly with the introduction of cloud computing. In cloud accounting, a client outsources the accounting services of the entity using the service of a third party vendor. There are three models of cloud accounting namely IaaS (Infrastructure as-a-Service), PaaS (Platform as-a-Service) and SaaS (Software as-a-Service). Cloud accounting is more cost effective, secure and flexible and, provides larger storage compared to traditional accounting. Although the number of clients using cloud accounting is increasing rapidly in the world, the developed countries are far ahead from developing countries in terms of using cloud services. Bangladesh, one of the N-11 countries, need to adopt the cloud accounting system for encouraging startups, generating employment and protecting the environment. This study provides a framework that can be used for the adoption of cloud accounting in the business sector of Bangladesh. In order to build a digital Bangladesh, the government should take possible steps to popularize cloud accounting system in Bangladesh.

In an organization, Accounting information systems play a significant role in providing the financial information for decision making. The systems are simultaneously providing information for a variety of other decision makers in production, human resources, finance, management, marketing, and supply chain logistics. Unfortunately, accounting systems often do not support business properly. The causes may be: systems mostly are too large and complex to comprehend them in entirety and traditional information technologies are not efficient. There is a need to adopt the newest technologies for business community. In the present era, the Internet represents the most common tool for real time sharing of knowledge and information which has led to the emergence of digital economy. One of the most innovative models based on the Internet in the field of accounting is Cloud Computing. Cloud computing is a completely internet dependent technology where client data is stored and maintained in the data center of a cloud provider like Google, Amazon, Salesforce.som and Microsoft etc. It allows companies to effectively and economically use IT applications and infrastructures through the model "use as you need and pay as you go". Though, before deploying the data and applications in the virtual environment, organizations must take into account the implications of such a decision on the financial reporting process. In this regard, the paper objective is to examine the impact of cloud accounting technology on the key operational modules used for obtaining accounting data for financial reporting and also to analyze the various security issues in cloud accounting/computing.