Cloud computing and big data to drive changes in accounting industry

Home > Blog > Cloud computing and big data to drive changes in accounting industry
21 October, 2015

The technologies responsible for data analytics and cloud computing are to impact tomorrow’s accountancy landscape, along with the careers of the next wave of CFOs.

With the big accounting companies, including Deloitte, EY, KPMG, and PwC, facing increasing challenges from such tech firms as SAP and Google, their employees will need to increase their skills in the latest digital platforms.

KPMG partner Nick Frost said:

“To deal with this real threat we must become the best at accountancy-based or financial process data analytics.”

Auditors capable of finding their way through vast big data volumes utilising advanced analytics are high in demand. Warwick Business School assistant dean Alex Stremme said:

“Big data is starting to take hold on the industry, with the Big Four leading the way.”

In addition to data security, cloud computing is also an area that accountants are expected to focus on, with more clients looking to prepare and file accounts, as well as administer payrolls, over the World Wide Web.

ACCA head of business insights Faye Chue said that the cloud, as well as social media and mobile technologies, will impact how accountants work. She commented:

“Their role will no longer be primarily reactive and backward-looking but proactive, continuous, forward-looking and engaged.”

At Ten Ten Systems, we provide a cloud computing service and disaster recovery to not just the accounting industry, but also any organisation looking to streamline their business operations and take advantage of the latest changes in technology.

For more information about our service

Get in touch