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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

Cloud-based Accounting Technologies: Preparing


Future- Ready Professional Accountants
Ehioghiren, Efe Efosa, PhD
Department of Accountancy Shaka Polytechnic, Edo State, Nigeria
&
Dr. Ojeaga, Joseph Oseikhuemhen
Department of accounting, Faculty of Management Sciences
University of Benin, Benin City, Nigeria

Abstract:- This study examines cloud-based accounting For some years now, financial accounting has been
technologies, preparing future- ready professional well-thought-out as a well-known source of data in the
accountants. Two objectives and null hypotheses were establishments (Chua 2013). Hence, it is referred to as the
formulated to guide the study. A survey research design dialectal of businesses and their owners as it provides fiscal
approach was adopted for the study, 112 auditing firms in knowledge which help executives and investors in decision
Edo State and 73 students in accounting department for making process, in which the documents on financial
University of Benin was the population of the study. 7- position, profit statement, changes in equity and cash flows
point Likert scale was used to answer the two set of are circulated. In an ever challenging business era as of today,
designed questionnaire A and B. The Statistical Package accountants should always take advantage of the fast growing
for Social Sciences (SPSS) version 20.0 software packages technological resources to get their jobs done more
was used to analyses the data. The findings reveal that the proficiently as well as correctly. Ovidiu & Otniel (2013)
two hypotheses were significant to the dependent stated that the cloud technology is new application software
variables, therefore, the study recommended that firms that is synonymous with the association of accountants today,
should that more strategies on adapting cloud because of the modern ages and the increasing use of the web
technologies accounting and ensure training and and online trade.
retraining of professional accountants on the uses of cloud
technologies accounting as this will enhance the Ozdemir & Elitas (2015) aver that the advancement of
knowledge in all their activities for effective and efficient cloud accounting is varying consumer anticipations and
performance in financial information by making them accountants are reconsidering the ways and methods of their
reachable to owners and employees everywhere with an function and operation to meet the current reality, often
Internet devices. It is further recommended that since demanded on them. Individuals are ready now ever than
cloud accounting is been taught in the university more before not to be paying attention to the manual handwritten
effort should be made by educators to domicile cloud paper work in their business; rather wants to concentrate on
accounting in accounting curriculum in our higher the things they are zealous in finding how to enhanced work
institution as this will enhance the students’ performance and life incorporation. With cloud computing, accountant up
in their place of works as the business world and to the hour and even minute can fully access and manage
environment is now a computer village. financial information on businesses.

Keywords:- Cloud-Based, Accounting, Technologies, The cloud is a podium to make data and software
Innovation, Professional Accountants. reachable online anytime, anywhere, from almost any device
having an internet connection (Shareef, Kumar, Kumar &
I. INTRODUCTION Hasin 2009). In cloud computing, users easily and effortlessly
get access to application software tenuously through the
Accounting as a discipline in this era cannot be internet or other network via a cloud application vendor.
imagined deprived of the sustenance provided by accounting Equally, in cloud accounting, data is stored in “the cloud”,
technology. It is a sector that is experiencing abundant where it undergoes modernization and is resent to the users.
revolution, fundamentally glimmered by enormous All operations are performed offline, and because of this the
improvements in modern know-how (Tahmina 2017). The business does not have to install and maintain software on
advanced cloud computing phenomenon has demonstrated its individual desktop computers (Shkurti & Muza 2014).
worth not just in the information technology industry, also in
the accounting profession (Osintsev 2013). Where a firm is Cloud based technology, is a present-day technology
be able to get its economic records assessed from the internet, that has introduced extraordinary inventive method to
with the assistance of a network. Assuming that records are connect specialists of account all over the world. Cloud
not kept locally, its means that record keepers, the accounting has been realized as a way of carrying out
commercial owners and other interested partners can work activities easily (Dimitriu & Matei 2014). It has also reduce
together in a digital environment and easily distribute the use of un-modernized in-house technology infrastructure
financial data irrespective of their locations (Otilia & Marian thereby dropping preliminary and maintenance charge of
2015). administrations (Ebenezer, Omane, Antwi & Kyei 2014)

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Dimitriu & Matei (2015) affirms that with the use of the Nigeria (ii) access the importance of learning cloud
cloud software, accounting individuals can get data’s where accounting among accounting students in University of
ever they are in the world as long as there is an internet Benin. Against this backdrop the study attempts to examine
connection. The advent of cloud accounting has insipid cloud-based accounting technologies: preparing future- read
weakness and effects of manual storage and processing of professional accountants.
information and brought about solutions to socialization
issues, swift innovation in technology, increase of huge II. LITERATURE REVIEW AND HYPOTHESES
statistics, and widespread use of applications from the DEVELOPMENT
internet and the world at large. Professionals of accounting
should be willing to welcome the advancement that are  What is accounting in the cloud?
occurring in modern environment profoundly as it is vital to Accounting occupation has largely demonstrated to be
advance in accord with the realism we are fronting today. interested in IT revolution and there is no uncertainty that the
cloud computing sensation has the prospective to alter the
As a result of the challenges faced by accounting accounting software marketplace (Hatherly 2013). With the
professionals, the accountants should empirically assess the supposed believed that the cloud computing espousal
result of these growths with deference to international tendency is incessantly expanding, numerous corporations
standard of accounting, key fiscal reportage and organization round the universe have already accepted cloud-based
systems. Understandings all this will be of great advantage to accounting software. (Strauss, Kristandl & Quinn 2015),
restructuring the establishment they work with (Venkatesh & added that performing accounting through the accounting
Davis 2000). Strauss, Kristandl & Quinn (2015) added that clouds assures same function as the outdated accounting
the specialist has to the advantages and disadvantages posit application that is manually mounted on the operators laptop.
by this emerging data using their logical and problem The peculiarity and uniqueness of the cloud computing
resolving skills. This application is believed to reduce tests system exist in the way that the application is accessed: with
faced by professional accounting such as cumulative intricacy a grid browser, by the means of an internet provider.
of the trading atmosphere, enrich rivalry at the international
sector, decrease of the business sequences and incessant need This is essentially why cloud technology is believed to
for universal standard practice of accounting. convey “as a service”, instead of a merchandise, similar to
utilities (e.g. electrical energy, communications).
The consistent drive at broading the frontiers of Subsequently, one of the most noteworthy characteristic of
excellence in contemporary auditing practice cloud the accounting cloud application software is the likelihood to
computing, digital technologies and accounting should be the acquire concurrent access to commercial statistics,
focus of both the organizations and auditing firms.( irrespective of the handler physical whereabouts as long as
Venkatesh & Bala 2008) These will be achieve through the there is an internet connection. It is unnecessary to buy,
continuous learning and maximize innovative digital connect and manage exclusive substructure or application
technologies and to leverage innovative knowledge and skills software. Cloud technology aids business swiftness reasons
in achieving audit objectives which will help in auditing for being that the company can access computing resources on
improved competence, relevance and quality service delivery demand or as and when require on their detailed wants in a
to the society. particular period. “Cloud accounting”, also refers to as
“online accounting”, “web-based accounting”, “real-time
Zhang & Gu (2013) assert that the proactive and viable accounting” or “cloud financials”, and is progressively
solutions to society are to meet their professional supplanting independent accounting application software.
expectations in technical, audit and analytics needs through
optimal harnessing of technological capacities as the business Today, executives focus on cost reduction and are
environment become complex and energetic. dearly in quest of modern accounting answers that, besides
executing automated tasks and delivering detailed statements,
Chua (2013) reaffirmed that will cloud accounting they also desire a flexible system in order to adjust to different
digital technologies replacing the human factor involved in business needs or market conditions (Shkurti & Muza 2014).
the manual accounting process, there will be great dangers Suitable and appreciated accounting application software
confronting accountants who do not adjust and acclimate to should not only be able to imbibe financial data, but also
the new technology. (Venkatesh et al 2008) added that the allow managers to decide conveniently and timely.
burning issues are the risks related with cloud accounting, the Addressing these concerns and providing an easier job for the
view on cloud accounting by stakeholders, the alertness and accountant, accounting in the cloud has been developed and
reception of cloud accounting amidst professional improved upon, and as time goes by, more establishments are
accountants, contribution to the prevailing information on accepting and recognizing its usefulness as an effective
this novel example, the rewards and weaknesses linked to the means for saving time, energy and money (Vaquero, Rodero-
accounting cloud, likely reasons for not acclimating this data Merino, Caceres & Lindner 2009).
and likely issues impacting the target to use cloud accounting
as it is viewed by professional accountants are the questions  Why Cloud Accounting?
that are left unanswered. The specific objectives are to; (i) Tahmina (2017) stated that online accounting is of
study the present level of cognizance and reception of the advantageous to professional accountants and the business
cloud accounting amongst professional accountants firms in itself. The most important benefit of cloud technology is easy

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
access to resources remotely and as requested, thereby applications (Mohammadi & Mohammadi 2014). Handlers in
enhancing business nimbleness and influencing the entire most times require limited and specific levels of access given
economic. As a result of this the definite location of financial to the cloud solution hence the establishment’s economic
data will permits users to operate their data at any time and data, held in the cloud, is frequently backed up and
from any location. Economically, the desiring enterprises meticulously guided through encryption and compound
have the possibility to obtain high-end technology for a safety conventions. Cloud accounting can positively be an
reduced price; what is expected of them is to pay periodic expedient tool for any preemptive business. Though, experts
subscription fee, as required against alternative investing in have advised a laborious pre-adoption appraisal (Osintsev
expensive hardware and applications. This reason of 2013).
substantial cost savings in IT gargets make cloud technology
of great benefits, which is not so in the outmoded accounting The present cloud accounting market is many and is
type, where organizations have to invest significant resources extremely populous with genius as well as fake products;
in capital investment such as: building, infrastructure, consequently companies have to ensure their uninterrupted
installing applications on existing computer and upgrading attention before engaging with a particular data provider or
them. solution. (Livera 2019). In choosing a virtual accounting
application it has to fix all the specific necessities and goals
This at times is difficult undertaking, particularly for of the business. Organizations ought to have in their though
newly established companies, but this can be easily resolved that an effective accounting software choice procedure relies
by an online accounting solution. Cloud-based applications greatly on introductory evaluation of the company’s,
are conveyed as a service; hence users pay only a sporadic fee individuals need and the probable resolution’s features.
for using the accounting software. In the case of big
enterprises, implementing cloud-based accounting software Johnson, Berres, Salvar, Betson, Young & Ha (2013)
can continue by solely desisting from spending money on recognizes four types of placement of cloud technology
licenses, IT staff and other unnecessary devices.  Private Cloud: This infrastructure is used, managed and
Nevertheless, the individuals benefiting the most as a result operated for one organization, so that a consistent level of
of amplified efficiency and condensed maintenance costs are control is attained over security, privacy, and governance.
small and medium-sized companies; comparing with the It may also be managed by a third party and may exist on
conventional accounting model, these firms are left with no premise or off premise. It is also identified as Internal
choice but to invest in costly software and resources; for Cloud or on-premises Cloud.
many of them, such investments are not cheap.  Public Cloud: The cloud substructure is available to the
general public or a large industry group and is owned by
(Tarmidia, Rasidb, Alrazia & Ronic (2014) maintains an organization. It is also known as external cloud or
that these days enterprises no longer see cloud technology as multitenant cloud.
a way out of reducing IT costs; some organizations are still  Community Cloud: Is referred to as special purpose cloud
conscious of extra significant utilities of cloud technology computing environments managed and shared by a
such as resistance, scalability and its ability in-service nature. number of similar organizations participating in a
(Computerworld 2014) added that using modern cloud common domain or vertical market. It may be managed
devices, businesses quickly adjust to the economic changes by the organizations or a third party and may exist on
and instantly familiarize with the ever increasingly likely premise or off premise.
challenging. With this circumstance the devices is transported  Hybrid Cloud: Is a composition of two or more separate
as a service, with the option to use the application with regard cloud infrastructure either (private, community or public)
to the essential stage of bulk job. In addition, users can but are join together by standardized technology that
mechanically perform on and on jobs as well as time assist data and application portability, it also provides
consuming tasks, thereby improving the business objectives. benefits of multiple deployment to the organization.
More to the significant features of cloud accounting are the
ready and ease use of the intuitive design which benefits  Motives for Making Use of Cloud Services
accountants, auditors, business owners and business partners. There are numerous motives that account for the use of
Oliveria, Thomas & Espandana (2014) stated that again cloud services by a company.
companies’ has the opportunity to use a test version which  Upholding Attention on the Trade: many businesses are
enable them ascertain the suitability of the model before aware that operating an IT department is not by their sole
making a long-term investment. capability; and as such has resulted in purchasing cloud
services, which can be in the method of a solitary
The cloud technology allows for teamwork and application or their whole data center which is frequently
interacting with users at the same time to access correctly more cost effective, more dependable and saving partial
real-time information, regardless of their locality. For instant incomes to increasing the business.
the online payment by clients’ is done with easy and  Quickness: Businesses with significant technology funds
painlessly. There by helping to move from hard paper copy may find themselves unable to take advantage of market
accounting reports to soft copy and timely financial dash shifts or respond to competition pressures because the
boards which guarantee superior foresight into profitability of resources, people, or time required to react are
the business. One more significant area that is well-thought- unavailable. Cloud based service eliminate these barriers,
out by organizations is the wild coverage of security by cloud

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
allowing business to alter and channel their technology come with owning a business, whether it's finding better
needs to their business on a regular basis while avoiding ways to stay in touch with clients or trying to keep the
the costs associated with an onsite data center. business more safe. Many business tools, for example,
 Abridged Investment Expenses: for many companies must be paid in full. However, one of the most appealing
huge capital funds can be diminished or eradicated overall aspects of cloud accounting is the ability to pay as you go.
in favor of minor scheduled payments in form of It is also possible to set up a monthly plan, which is a
subscriptions. Huge capital can be protected by keeping terrific approach to compensate for someone on a
to the lowest minimum capital and operational restricted budget.
expenditures to a very sensible amount for trifling and  Involuntary Data Backup and Recovery; when it comes to
average businesses alike. automatic data backup, retrieval, and restoration, cloud
 All Day/Night Access to Accounting Information: In accounting once again outperforms traditional
conventional accounting, even when an accounting accounting. Previously, facts stored had to be scheduled
professional was available, access to the business's and into the workweek plan on a daily, weekly, or monthly
thorough financial information was limited. There were basis, and someone had to physically backup the most
many tasks involved, such as getting to the office to current accounting records. (Gao, Krogstie & Siau 2011).
review paper-based records or even the desktop computer Cloud accounting allows data to be automatically stored,
where the information was kept. In this aspect, cloud doing away with the possibility of not remembering to do
computing outperforms traditional methods. Accounting so, and minimizing human errors. In its place,
records are as close as a mobile device as long as one has information’s of accounting are stored mechanically and
internet connectivity (Ionescu, Ionescu, Bendovschi & saved to an offsite location. This act helps to safeguard the
Tudoran 2013). For instance, owner of businesses who are data’s in case there is an unforeseen disaster that could
always on the road need not worry about staying in touch result to the damage or loss of delicate and vital
with his or her company but yet can still maintain and information. And take for example this unforeseen
keep track of financial records with the aid of a mobile disaster does happen, the cloud-based facility provider
device. can help to replace the data, getting the business back up
 Financial Information Security: Financial information is and running swiftly to diminish the effect and
kept secure with cloud accounting. Although one could inconvenience to the clienteles (Ekufu 2012).
believe that saving data on a single desktop will keep it  Scale: Businesses that have peak seasons or different
safe, this is no longer the case, especially given the risks seasonal staffing demands can benefit from cloud services
associated with the manual approach, both in the short and by letting them temporarily dial up more capacity for the
long term. Not only is there a possibility of someone in seasonal business peaks, without purchasing the hardware
the office attempting to steal financial material, but the or software that would otherwise go unused during the
private PC could also develop infection caused by a virus, slower times of the year.
with no method of recovering it. However, if all financial  Access from Anywhere: Authorized users can access the
records are saved online, there is no risk of data loss, even programs and data from anywhere they have Internet
if desktop and hard drive files are damaged or erased. access. One of the key advantages of cloud services is the
After all, they can still be accessed over the cloud (IFAC ability to conduct business across borders (Doherty,
2016). Carcary & Conway 2015).
 Team-Wide Availability: Cloud accounting benefits the  Staffing Efficiency: Cloud services can assist in
entire business teams because the data is available to all maintaining an efficient technology team by allowing
authorized users always and at the same times. It is businesses to outsource essential technical specializations
effortlessly when being use and adding a new user is or technology workers as needed.
simple just by setting up an authorized profile and
password. Better still, it makes collaboration easier.  Drawbacks of cloud technology
There is no more need to gather in one office or come The following are the key drawbacks of cloud
from different locations or places and take turns to computing:
reviewing important documents. This can be done by  Cloud computing necessitates a consistent internet
users with access to the internet simultaneously, from linking, which is not always guaranteed. It slows down the
wherever they may be (Hatherly 2013). paste of work at little speed.
 Immediate Fixes: With earlier paper-based systems, if  Security is a big apprehension while using the cloud, as
there were any issues with the application, users had to certain secret information may get viral as a result of
either wait for the next update to address the flaws or call service interruptions, making them vulnerable to hackers
a technician to come out and correct the faults or problem. and fraudsters.
One of the most essential advantages of cloud accounting  As people get more accustomed with cloud storage, the
is the ability to quickly resolve software difficulties information they store becomes increasingly insecure and
(Giannakouris & Smihily 2014). targetable. When someone entrusts their data to the cloud,
 Allows for greater workplace cost efficiency: There is they are entrusting it to a group of people they will never
always space for improvement in any firm, no matter how meet. Some large businesses with a lot of sensitive data,
effective or efficient it is (Gartner 2014). Cloud such as banks and healthcare organizations, would profit
accounting can help with some of the drawbacks that

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
from storing their data locally rather than on the cloud.  Changes in Accounting Profession
(Dimitriu and Matei (2015). In the digitalized world, technology has amplified the
 By allowing working remotely while travelling, may pose rate and ways of doing business triggering new tendencies to
a risk as unsecured Wi-Fi connections may allow fashion trades more speedily than ever. Cloud automation is
unwanted people to access the data. If someone owns a pushing the business in new and exciting directions. Many
small company, a larger online service may actually be accountants and bookkeepers have acknowledged this
able to provide with more security than he/she can modification and are working hard to restructure and
manage by self (Abubakar & Ahmad 2013) prepared future- ready professional accountants to meet the
 Many finance users dread going from an on-premises challenge of the business (Cloud Standards Customer Council
commercial scheme to something unacquainted like 2015). Some of the changing trends from the accounting
showing worries over the judgment and procedure of industries:
software updates, and getting used to a new system. Most  Advisors on the value chain: these set of persons
of the incomprehensibility about the Cloud is interpreted accepting the cloud can manage and control their time,
by legacy software suppliers who are in lack of solutions they handled the task most accountants fear. This is so
with true multi-tenant producers. Many of the reasons for because they see it as a substitute for time saved in dealing
fears by legacy vendors are baseless (Mohammadi et al with physical work, such as data entry of bills, pickup
2014). collection services, and hiring software services to do the
work.
 Effect of Accountants in Cloud Accounting Technology  Contract out accounting is growing rapidly: this is a
Cloud accounting gives the financial information of the common thing for businesses to buy from an outsider its
clientele to the accountant and this can be accessed through accounting networks. The strategy is that businesses
the assistance of a mobile phone and a good network. It is across the globe can sublet their cloud to firms centrally
totally altering the mode in which accountant carry out their around the world (Aleem & Sprott 2012). No need to send
jobs, to this end the accounting occupation is being a client’s business premises and work in the office. Stages
differentiated in deference of cloud technology (Coopers, involve as to stuffed filing cabinets, piling up of paper,
Mell & Grance 2011), which classify the accountants as one days spent going through a lots of receipts are now in the
in the three groups: past.
Group 1: the once that are frightened by cloud and security  Relationship with client is at center stage: There is
anxieties and as such want to circumvent it. They play the synergy in relationship between the advisor and the client
‘Ostrich style’ of burying their head in the sand, while the rest based on a significant percentage of the contact of what
of it body is seen which is not wise. papers are still wanted. What happen is that the consultant
Group 2: These ones believe and consent to cloud technology customer affiliations are moving to value-driven
what they are interested in its impact on productivity. These interactions. This is meaningful for clients as it will
accountants see accounts as a product enabling some clients definitely change the perception of accountants and
to do the work themselves resultant in less work and lower bookkeepers (Alshamaila, Papagiannidis & Li 2013).
profits.  Value-based pricing is now a norm: Accounting and
Group 3: These groups are enthusiastic and the opportunities bookkeeping businesses are changing from hourly pricing
it affords the accountant. They see cloud as dramatically to to fixed, rather than value-based pricing. Charging based
improve their efficiency and profitability. on hour made sense when hours of time-consuming data
entry need to the attended to (Alshamaileh 2013).
 Appropriateness of Cloud Technology Accounting Software develop can replace job nowadays. Therefore,
Cloud and old-style technology software benefits should one does not have to dedicate such time anymore, as
be considered before purchased. Cloud accounting is suitable hourly pricing is not giving accountants the projected
to users according to (Cong & Du 2010) revenue.
 Small budget company benefit more since it is cheaper  The idealistic generation is on the prospect: vendors have
with time to finance cloud accounting software than old- been working with a generation that did not grow up with
fashioned accounting software. technology. Therefore in this present generation, cloud
 Staffs who work remotely prefer opportuneness, user- technology is an essential part of their daily life. A
friendliness cloud solution for their tasks. research by Association of Chartered Certified
 Minor companies, who do not have the capacity to Accountants, explored some important changes which are
provide themselves with security, can chose cloud expected to be encountered by the year 2025 which is
computing to keep their information safer from security preparing future ready professional accountants concept
threats. (Cleary & Quinn 2016).
 Businesses want to dodge any possible physical
misfortunes and damages or destroy to hard drives and  Applied Involvement
data choose to utilize traditional accounting software. Cloud accounting solution is seeing as a non-
compulsory for accounting and financial reporting needs of
today, however, it affords the opportunity to different
platforms of reporting with electronic data bases. This
technology has increase the correctness, efficacy and

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
consistency of the accounting procedures and processes from the role of accounting employees, through to the content
(Shkurti et al 2014). Also, it aids the participants and interest of financial reporting and the reformation of tomorrow’s
holders in making better informed decisions as it repeatedly ready accountant.
assured real time financial reports which is not so in many
companies. Because of it user nature friendliness, it makes  Empirical Review
the accounting technology language easier to understand and Livera (2019) study Cloud Accounting: The perspective
used (Dimitru et al 2014). Since the accountant play a major of accounting professionals of Sri Lanka. Four specific
key role in making available the right information and objectives guided the study; the research design use was
ensuring that the information gets to the target persons at the based on positivistic paradigm. The Population and Sample
right time (Strauss et al 2015). Cloud based accounting is use size of the study is founded on Sri Lanka accountants in
to affect accounting exercise in several ways, this vital role business numbering 100 to 150 respondents. The sample was
help to give insights by policy makers, regulatory bodies, selected on a random basis. A sample of accounting
educators, auditors and accountants. As it help to give a professionals was selected from the population making it 75
greater understanding of how cloud accounting could to 100 respondents. Data were analyzed with descriptive
influence the revenue recognition, fixed assets, tax statistics tool. Findings are nearly half of the respondents
management and performance management of companies agreed that presently they do not use cloud system (48.9%).
(Johnson et al, 2013). 24.8% stick to the fact they use several times a day cloud
accounting and 10.9% claimed that they use it several times
Cisco (2014) advice that the use of this contemporary a week (mean value of 2.86). This suggested that entire
technology will inevitably alter a company’s operating outcomes show that the consciousness about cloud
environment and thus makes the auditors appraise the risks accounting among the accounting professionals of Sri Lanka
going with the changes easily and timeliness. was somehow poor. The study concluded that more efforts
should be made by stakeholders to create more awareness on
Christauskas & Miseviciene (2012) stated that the the cloud accounting.
availability of evidence that the accounting department of
every organization is a valuable advisor, why serving the The research of Commerce Clearing House (2013)
public interest, it worthwhile as the technology assist and discovered that just about two third (64%) of SMEs would
develop the profession and the entire business landscape choose to replace specific roles accountants presently under
(Dimitriu et al 2014). There is no doubt that IT infrastructure take with a cloud accounting system. Over half (52%) of
plays a significant role in business for daily business accountants study were troubled about losing work due to
information. Therefore, it is imperative for accounting replacement of their services with that of cloud based
professionals to understand the importance of cloud on services, with merely 3% extremely not concerned. Also, the
business dealings (Buyya, Yeo & Venugopal 2008). Since all rest half of SME owners or managers were in the view of
the financial operations are performed virtually in cloud looking for a new accountant if their existing accountant was
based accounting, it has eradicated the necessity to hire an unwilling to embrace and investigate cloud based accounting
accountant or a bookkeeper (Dimitriu et al 2014). software.

Brandas, Megan & Didraga (2015) reaffirmed that Shkurti et al (2014) conducted a research of specialists
accountants requires being receptive and understanding of in the discipline of accounting in Albania. Data gather point
contemporary and upcoming digital technologies, in other to out that 74.2% of the respondents are up-to-date about cloud
harness their potential benefits. Where a drastically, eventful, technology, out of which 57.6% acquired this facts from the
and experience progress is to be made in accounting, university based on courses taught,7.5% of respondents say
accountants must reason beyond the traditional method and that they became aware of cloud accounting through
give technology a chance (Dimitriu et al 2014). Chua (2013), professional trainings in organizations where they are
Shkurti et al (2014) has further admitted that cloud computing employed. While, 34.9%, agree that they received theirs from
is gaining ground in accounting since it introduction as a other sources. Only 25.8% of respondents have answered that
voluntary solution for accounting and financial reporting they have no information about this technology.
needs.
In the study of Ebenezer, et al (2014) where to ascertain
Asiaei & Rahim (2016) stated that many accounting the possibility of applying cloud computing for accounting
packages providers have already accepted cloud computing purposes taking Ghanaian accountants as a case study. They
technology in their different line of products delivery. To found out that 64% knows cloud computing and it
sustain this accounting professional, facilitator, software usefulness.100% of the accountants believed that cloud
developers, should keep trainings and retaining on the newest computing can be used for accounting purposes. They
technology. The profession firstly, should achieve the insight expressed that caution should be the watch words since
regarding these forces that has redesigned the direction of the financial data are confidential. Fifty-two percent of
organizations. accountants in Ghana familiar with cloud computing have
confidence that cloud accounting would be different from the
Secondly, accountants are to evaluate the effects of manual accounting. Forty-eight percent (48%) did not find
changes in relation to the entire accounting procedure. Thus, any different saying that accounting principles will not
the impact of future change includes all accounting aspects, change but the practice would. Finally, 36% are not aware of

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
the cloud technology this is due to inability to distinguish to pick (28) twenty eight firms from Benin City and 73
between the natures of cloud accounting and computerized students in accounting department. The total number of
accounting. officers selected was 140 from the auditing firms; the
researcher used the questionnaire to obtain primary data. The
In Malaysia, Tarmidi et al. (2014), indicates that one questionnaire was designed in a structured form and were
third of 329 respondents agreed that they are conversant with randomly distributed made up of general questions of two
cloud computing. Also, are of the view that cloud computing research questions groups as follows; section (A) ten
is learned in higher level in school than PhD and masters questions and section (B) seven questions to be measured via
holders. The respondents not acquainted with the technology a 7-point Likert scale giving to the two hypotheses and was
claimed ignorance of its benefits, reasons for non-adoption. restricted that the responses be 1= Strongly Disagree 2= Quite
20% less of the respondents who are used to cloud computing Disagree 3= Slightly Disagree 4=Neutral 5= Slightly Agree
identified its abilities. Over half of the respondents agreed 6= Quite Agree 7= Strongly Agree. From the 140 copies of
that it causes a radical shift in information advancement and (A) questionnaires distributed, 115 questionnaires were
this new concept will be advanced quickly in the future. usable, representing 82.14% overall response rate. While, 73
copies of (B) questionnaires distributed, 65 questionnaires
The survey conducted by Strauss, et al (2015) in United were good to be used, representing 89.04% overall response
Kingdom reveals that 25% of the respondents use cloud rate respectively. The 115 (A) questionnaires and 65 (B)
technology for business systems and because of this proves questionnaires were processed, and the hypotheses
that cloud technology has speared and assisted finance and formulated for the study were tested with F-test statistics
management accounting operation. Their survey shown a using the (SPSS) version 20.0 software package. The SPSS,
pattern with non-finance systems being the frequently use of 5% is considered a normal significant level. F- test statistic
cloud technology with the breakdown of 31% from CRM, was adopted to test the hypotheses formulated. The decision
19% of financial accounting and 59% of other business was that if F-value is equal or greater than the significant
processes. Just under half or 49 percent of respondents said value, there is a significant interaction effect or significant
they are “still on the fence” or have no intention, to adopt the difference, ie. F-value > significant value we reject Null and
technology. accept the alternative hypothesis.

The survey conducted by Strauss, Kristandl et al. IV. ESTIMATION RESULTS AND DISCUSSION
(2015), found that cloud technology is used by managers at OF FINDINGS
all levels, although operational managers (71%) were more
likely to use it than senior managers (29%).  Data Analysis and results
The data collected were analyses as reflected in the
The study of Shkurti and Muza (2014), supported other tables below
researcher that 57.6 percent of participants of the survey have
obtained information about cloud technology from university Table 1: Awareness and acceptance of cloud accounting
learning in that regards and 7.5 percent from professional 1= Strongly Disagree 1 2 3 4 5 6 7
training and the rest from many other sources. 2= Quite Disagree 3=
Slightly Disagree
 Hypotheses 4=Neutral 5= Slightly
The subsequent null hypotheses were formulated; Agree 6= Quite Agree
H01: there is no significant relationship on the current level 7= Strongly Agree
of awareness and acceptance of cloud accounting among Improvement of my 2 6 10 0 14 38 45
accounting professionals firms in Nigeria job performance rest
H02: there is no significant relationship on the importance of on cloud accounting
learning cloud accounting among accounting students in Productivity in my 0 4 14 1 11 25 60
University of Benin job is a direct
reflection of using
III. METHODOLOGY cloud accounting
my effectiveness in 2 3 9 1 15 65 40
This study used a survey research design approach to my job depends on
examine the current level of awareness and acceptance of cloud accounting
cloud accounting among accounting professionals firms as Relevance of cloud 66 39 2 1 1 2 4
well as the importance of learning cloud accounting among accounting do not
accounting students in University of Benin. The population have any bearing on
for the study consists of 112 auditing firms in Edo State made my job
up of managing partners, audit managers, tax managers, Persons using cloud 1 3 8 0 16 41 46
practitioner assistances, practitioner in-training, financial accounting are more
accountants, management accountants, and internal auditors prestigious compel to
and 146 final year students from department of accounting other that do not use
university of Benin. In determining the sample size for the it
study, the researchers used the judgmental sample techniques

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
People in my 2 3 5 1 15 69 40  Validity and Reliability Tests
organization who use Cronbach's alpha test for the validity and reliability of
cloud accounting data and in this study was 0 .70 signifying that the data is
have a high profile valid, consistent and accepted for the study.
The cloud accounting 1 8 10 0 11 30 55
system is a symbol of  Test of hypotheses
status in my firm Hypothesis one (null) This hypothesis is verified with
Accounting 0 4 14 1 17 25 53 the data in table 1 using F- test statistics
technology as a
system protects the Model Summaryb
privacy of its users Mode R R Adjusted Std. Error Durbin-
self-reliant is a 4 3 5 0 12 45 46 l Square R Square of the Watson
benefit when using Estimate
cloud accounting 1 .968a .961 .714 1.535 2.900
because users have a. Dependent Variable: AACAAP
the system under
control Coefficientsa
confident is built as 6 4 10 1 14 61 39
data returned by
cloud accounting
system is reliable Model Unstandardiz Standardiz T Sig 95.0%
ed ed . Confiden
Table 2: learning cloud accounting in university Coefficients Coefficient ce
1= Strongly Disagree 1 2 3 4 5 6 7 s Interval
2= Quite Disagree 3= for B
Slightly Disagree B Std. Beta Lower
4=Neutral 5= Slightly Error Bound
Agree 6= Quite Agree (Constan 122.66 1.234 99.36 .00 113.641
7= Strongly Agree t) 9 8 0
Teaching cloud 1 2 2 0 6 21 33 1
.430 .100 .928 4.303 .02 .117
accounting has help in U
3
my understanding of the Source: Field survey 2022 (Using SPSS)
course?
Reading text books, 3 2 3 2 4 20 31 An independent sample t-test was run with SPSS to
materials on cloud determine if there were significant differences between the
accounting are available variables. The P-P plot and homogeneity was slightly
for sales. significant @ 2.900. Meaning that the responses was
The course cloud 27 22 6 1 1 3 5 significant for U with t =4.303. While the R- square @ 0.961
accounting is very is approximately 96% variance of AACAAP as accounted for
difficult compared with by the model. On the other hand the F- value is statistically
others courses significant, indicating that there is significant relationship on
The lecturers teaching 30 19 8 0 1 3 14 the current level of awareness and acceptance of cloud
cloud accounting are accounting among accounting professionals firms in Nigeria.
not competent
The knowledge from 2 3 2 1 5 22 29 Hypothesis two (null) The
cloud accounting help data in table 2 was relied on
me in other accounting and applying F- test statistics.
courses Model Summaryb
Cloud accounting is an 1 2 1 1 4 21 35 Model R R Adjusted Std. Error of Durbin-
advanced information Square R Square the Estimate Watson
technology innovation
1 .968a .653 .759 9.941 3.132
The introduction of 2 3 2 0 3 24 30
cloud technology is an ANOVAa
alternative answers for Model Sum of Df Mean F Sig.
accounting and financial Squares Square
reporting wants. Regression 3588.267 1 3588.267 21.612 .002b
1 Residual 492.590 5 98.518
Total 4080.857 6
Source: Field survey 2022
a. Dependent Variable: LCAASUB

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Volume 7, Issue 2, February – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
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