While technology has disrupted most of the industries with its easy and effortless processing, accounting and financing industry is still reluctant to adopt futuristic innovations. Though with the advent of advanced technology happening around, we can foresee some real paradigm shifts that will revolutionize the face of accounting in the near future.  

Cloud Accounting 

As Cloud accounting is already in effect in the past few years, a significant amount of users have been conveniently adopting it. It has proved its efficiency and easy accessibility with time. Though most of the accounting platforms offer traditional on-premise services that possess confidential data storage systems, the flexilibity and real-time work flows of cloud systems is a godsend to accountants. With this they are able to save a great amount of time and effort.  

According to a study of Flexi, ‘Companies using cloud accounting has 5 times more clients than companies without it’. The great efficiency of cloud computing translates into higher business performance.  

Blockchain Technology enabled Accounting 

Blockchain has evolved into a disruptive technology leaving other record-keeping technologies in the dust. Initially designed for the mining of digital currency, blockchain technology was later applied to several other potential domains like banking, investment, voting, and more. And now, it’s bringing a paradigm shift in the face of accounting with its reliable features.    

According to Blythe Masters, “The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates”. 

Simply put, blockchain and accounting is a perfect mix to bring effective financial operations. Now being in the incubation period, unleashing the full potential of blockchain can revamp the accounting management in the upcoming years. 

Kubernetes vs Docker is now popular among the IT domain, specifically in cloud computing. But do you know what it is really? It is important to learn about it before getting into cloud computing as a professional or for your business.  

Want to know the benefits of cloud computing? Click on Cloud Accounting Benefits to learn more about cloud computing and businesses suitable to choose it.  

The term Kubernetes vs Docker itself is deceitful as it gives off a sense of rivalry between two competitors. Rather, one of them was adapted from the other to work symbiotically for the proper management of your application.  

We cannot go further on Kubernetes and Docker without shedding some light upon containers. 

Containers are software that allows applications to work reliably when moved from one computing environment to another. This allows the software programs to be deployed consistently and infallibly during displacement from the development stage to production. The shift could be anything from the host environment to the test environment, from desktop to a cloud service, etc.   

Container orchestration is the management of individual containers that aids in automated deployment, scaling, and networking of the same to run in multiple environments.  

Docker

Docker is the most popular container engine, open-sourced for developers and administrators to manage, shift, and run applications. It allows the developed application to run the same in any environment without any distortion even when decoupled.   

Docker provided a standard way for packaging and shipping. But there came a need for the coordination, health checking, and authentication of the application. The auto-scaling and replication of the components were required. Also, a solution was demanded when there is an error and a way to restart it. This is when orchestrating containers came to rescue, and Kubernetes is an alternative for it.  

Features of Docker:  

• Quick application deployment.  
• Consistency in every stage of the environment.  
• Constant development and integration  
• Effective resource utilization  

Kubernetes

While Docker is a containerization technology, Kubernetes or K8s is open-source container orchestration. It was initially developed by Google but now open-sourced for further developments. Kubernetes is the ideal container system to work applications in the cloud. Kubernetes can run and schedule applications. Basically, Kubernetes starts the work where Docker stops.   

However, Docker.Inc has developed its own container orchestration platform Docker SWARM, equivalent to Kubernetes. Though, the establishment of Kubernetes has allowed it to be widely used rather than the Docker SWARM.  

Features of Kubernetes:  

• Auto-scaling of applications  
• Instant updates  
• Monitoring and health checking  
• Authentication of software  
• Provides completely container-centric development environment   

In toto, Docker and Kubernetes have been a godsend to developers for the integrated working of systems.   

Cloud is the new sunshine, believe it or not! The advent of cloud accounting has been a paradigm shift in the world of business. It has been a blessing to many small businesses to work competently and flourish among their competitors.

From a large-scale company to solo entrepreneurship, effective accounting is necessary for a profitable business. The trends in accounting are being changed day by day, it is essential to follow them to keep up the pace with the competition.

Here’s how cloud/ online accounting benefits your business.

Cost Efficiency

Going the traditional accounting way by installing a program and setting up a server can cost you a fortune. Rather, online accounting is more economical and can be your go-to bookkeeping for the business.

Better Team Collaboration

Another humongous advantage of cloud accounting is that it allows users to manage the account simultaneously. No need of scheduling a meeting and reviewing it, instead the authorized users can log in and get insights about the business quickly.

The Omnipresence

The ‘anytime-anywhere’ aspect of cloud accounting gives it a trump card over traditional accounting. Even if you are on a holiday or travel, you can absolutely take your business along with the cloud feature. Just make sure you have an internet connection or a mobile application, you have your business status 24/7.

Always in Update

Cloud accounting keeps the application updated constantly. It avoids all costly and prolonged updates every single time, instead, it automatically gets updated through the software team.

Savior during digital mishaps

Data loss can be a huge concern for every person who handles accounting. Here is when cloud accounting comes to the rescue. The users can be completely worriless while using cloud software as it stores and makes the data available at your need. No natural disasters or PC crashes can affect your data.

Everything is moving online, everything is moving with the cloud, it is vital that your accounting is at the forefront of technology

– Steven Tuckwell. Director, 1st Cloud Accountants

There is a myriad of advantages of online accounting over traditional accounting. Though some big companies prefer to have their data on-premise over security concerns. However, startups and small business have found their feet in cloud accounting.

Check below if yours fall into those businesses which need cloud accounting for successful running.

Small budget business

If you have initiated your business with a small budget but looking forward for a higher profit, cloud is the one for you. Accounting is an inevitable part of the business, choosing the right accounting method is what your business is depended upon. Cost effective online accounting helps small budget business to work both economically and progressively.

Remotely working employees

Cloud accounting is ideal for a company whose employees are working remotely. Here, the permitted employees can manage their financing concurrently from anywhere. This helps the business to run without any hassles.

Business with inadequate security

Most of the startups may not be equipped with highly secured on-premise firewalls. It is high likely that any employee could sneak into the data or even a virus threat could distort it. Cloud accounting also benefits colossally during a PC crash or a gadget mishap. It gives the possibility of better security and efficacy in managing accountings.

Switch to Cloud Accounting and take control of your business.