Impact of Cloud Accounting

Many Accounting Information System software vendors are now providing their products on Cloud based platforms.

Explain what Cloud based systems are, and how they differ from non-Cloud based / traditional systems.
Explain the risks and benefits that the implementation of a Cloud based Accounting Information System provides for public practice accounting firms and their clients.
Use a recent announcement by an organisation (either an accounting practice or accounting software vendor) to illustrate your answer.

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