ANALYSIS OF THE DEVELOPMENT OF CLOUD TECHNOLOGIES IN ACCOUNTING

The object of research is cloud technologies in accounting. The research is devoted to the study of modern achievements in the field of cloud technologies and the justification of the need for their use in the field of accounting for deeper analysis, modeling and forecasting based on timely and complete information about business processes. The article provides statistical data that indicate how cloud technologies are positively changing the course of accounting development. In the context of such positive changes, the authors highlight the differences between traditional accounting and cloud accounting, and highlight the advantages of its implementation at enterprises. The cloud accounting software is analyzed and its main characteristics are highlighted. It is concluded that at the present stage of development of information technologies, the use of cloud computing is gaining popularity. This, in turn, in the field of accounting, can provide significant cost savings and unprecedented flexibility in how enterprises can use information technology. That is why the use of cloud computing in accounting has never been more important. The main theoretical provisions of the article can be used in the practical activities of enterprises and help to choose the optimal cloud technology for accounting in accordance with the needs of the business entity. The results obtained will be useful for managers of enterprises of all forms of ownership, as they provide an answer to the need to implement cloud technologies in their activities. This, in turn, is an ideal solution to the problems that arise, which will allow the business entity to continue its work and reach a new level, develop a successful business and be able to keep it in the market.


Introduction
Nearly 45 years ago, technology vendors released the first accounting software and forever changed how accountants do their jobs.Systems that ran on computers replaced paper ledgers and the basic tools that helped bookkeepers crunch numbers.
As accounting software matured, it took another major leap forward with the invention and advancement of cloudbased accounting systems.Much like other cloud software, these solutions gave businesses game-changing flexibility while reducing capital expenditures and maximizing human resources.
Cloud accounting offers clear advantages over previous approaches to this critical business function, which explains why it has gained widespread adoption [1].
Cloud-based accounting software is creating a buzz in the industry these days as they help accountants, CPAs, and business owners streamline their accounting process as well as increase the efficiency and productivity of the business.
As per a recent report published in GoRemotely, 94 % of accountants have adopted cloud accounting [2].
Cloud accounting software is similar to traditional, on-premises, or self-install accounting software, only the accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model.Data is sent into «the cloud», where it is processed and returned to the user [3].
There are 3 types of cloud computing (Fig. 1) [4].The benefits of cloud computing are considerable, and recent accounting changes have made cloud solutions even more attractive to many businesses.On August 29, 2018, the FASB issued new guidance on a customer's accounting for implementation, set-up and other upfront costs incurred in a cloud computing arrangement (CCA) hosted by the vendor -that is, a service contract.Under the new guidance, a customer will apply the same criteria for capitalizing implementation costs of a CCA as it would for an on-premises software license [5].TECHNOLOGY AUDIT AND PRODUCTION RESERVES -№ 5/4(73), 2023 ISSN

2664-9969
The aim of the article is to study the trends in the development of accounting software in the context of cloud technologies, to identify the advantages and disadvantages of using cloud technologies in solving accounting tasks in automated systems.
In turn, this will make it possible to offer business entities effective approaches to solving accounting and taxation tasks.

Materials and Methods
The object of research is the cloud technologies of accounting, the peculiarities of their usage at enterprises.Theoretical methods were used in the research: analysis, synthesis, induction and deduction.Scientists works were analysed according to that very issue.

Results and Discussion
3.1.Results.The evolution of cloud computing technology has revolutionized the way organizations function and handle their businesses.Adapting cloud computing in accounting for reaping the overall benefits of accounting is something many are currently choosing.
Cloud computing accounting involves hosting and carrying out accounting tasks such as auditing, storing data, bookkeeping, data entry, and data processing on the internet, a feature born out of an innovative marriage between technology and business [6].
With cloud accounting software, it's also easier to get real-time reporting and visibility throughout your organization, with greater mobile capabilities and collaboration.Subscription-based models are popular among cloud accounting providers, and in most cases these subscriptions are usage-based.Companies that pay a cloud accounting subscription received updates to the software as soon as they arrive, with no additional software purchases required [3].
Another words, cloud accounting is a system that allows multi-user access and safe online or remote server storage.Your users send all your data to cloud providers where the same data is processed and safely stored, and returned.Cloud technology allows business processes to be streamlined and tailored to company growth [7].
Here are some statistics showing how cloud computing is changing the course of accounting: -92 % of US accountants say that new technology is delivering value to their business; -42 % of Australian businesses are using paid cloud computing to run their business processes; -38 % of European businesses use cloud-based financial software [8]; -66 % of accountants feel their firms need to increase the pace of technology adoption to stay competitive; -the use of cloud computing in the EU increased particularly in the retail trade in 2022, compared to 2021; -81 % of all enterprises have reported that they have a multi-cloud strategy already laid out or in the works; -at the end of 2022, 67 % of all enterprise infrastructure was cloud-based; -it is reported that 82 % of the workload will reside on the cloud; -Amazon web services have the largest cloud computing market share at 32 %; -Platform-as-a-Service (PaaS) is expected to grow in adoption to 56 % by 2021 [6].
New research shows that 67 percent of accountants prefer cloud accounting over locally installed software options and cloud software reduces labor costs by up to 50 percent.And, the market is growing.The market size is projected to reach 4.25 billion USD by 2023, from its current 2.62 billion USD [9].
There are a several key distinctions between cloud accounting and traditional, on-site accounting.For one, cloud accounting is more flexible.Accounting data can be accessed from anywhere on any device with an Internet connection, rather than on a few select on-premises computers.Secondly, unlike traditional accounting software, cloud accounting software updates financial information automatically and provides financial reporting in real-time.This means account balances are always accurate and fewer errors take place due to manual data entry.They are also better able to handle multi-currency and multi-company transactions more efficiently.
In the on-premises world, every time a firm grows, they encounter greater software license and maintenance costs as well as new licenses and fees for database, systems management and other software.The firm might also

Private Cloud
The most optimised and secured cloud computing model, as the platform server will be accessed by one business, moreover hosted in the house or by a remote agency.However, this type is suitable for a large company but is considered an expensive practice

Hybrid Cloud Public Cloud
The ubiquitous and mixed type among public and private clouds with benefits of these platforms, including security levels, costeffectiveness, and flexibility.But the exchange between these clouds could create server processing abstract sometimes A type of cloud computing that is suitable for small-size businesses as it is less expensive, scalable, and managed by the service provider.However, the public cloud is a shared space; thus, it has low-security levels, and providers can make general changes when needed ISSN 2664-9969 have to make expensive capital purchases of new hardware, such as servers.With cloud solutions, businesses don't get stuck with permanent, expensive equipment and licenses when your business contracts are up and, likewise, there are no big spikes in costs when it expands a little.Also, cloud accounting requires far less maintenance than its traditional counterpart.The cloud provider completes the backups, updates occur automatically and nothing needs to be downloaded or installed on a company computer (Table 1) [10,11].

Types of cloud computing
Moving data, applications and platforms to the cloud may create substantial business benefits because companies may be able to reduce capital expense outlays while maintaining a more flexible IT environment.However, companies should consider the financial reporting implications as well as broader tax and IT considerations as a result of the new accounting guidance [5].
With Cloud Based Accounting, accountants can access the financial data from anywhere at anytime virtually and stay up to date with the financial status.Also, with the feature of mobility and multiple user access, data is easily input by the sales department, logistics department, and of course, by accountants as well.
Moreover, all of this leads to accountants being pulled out of the archaic book-keeping pit and out in the new stance where they are of integral importance in financial advising and more into actual finance management.
In order to explore more, let's have a look at the top benefits of Cloud computing for accounting industry and accountants so one can shift to this modern technology wisely [12,13] (Fig. 2).
Risks with cloud accounting may include privacy breaches, security threats, and technical issues that can force system downtime.There are limited risks with cloud software, but they do exist.However, many say the benefits outweigh the risks and cloud accounting makes life easier for all involved [7].
The security of cloud-based accounting is rather subjective.First of all, considering how sensitive the data associated with cloud accounting applications is (e.g., financial data and banking), security is a very vital issue in the cloud accounting sphere.
However, when we also consider traditional computer accounting software, which poses the threat of serious problem if a business desktop is damaged, lost or stolen, then cloud accounting is relatively very secure.
Generally, most cloud accounting solutions utilize innovative approaches like encryption and multi-factor authentication, which guarantees the security of sensitive data.In addition, cloud providers typi-cally position backup servers in two or more sites.This means you would still have access to your data even if one server network malfunctions.ISSN 2664-9969 Hence data in cloud accounting is relatively very secure unlike information kept just on-premises, which could be damaged or destroyed in a fire, flood, accident or any natural disaster, and may never be recovered.
The cloud accounting market is growing tremendously with a vast scope of various cloud service providers to choose from.The cloud accounting software that's the right one must perfectly fit all the business goals as well as the accounting demands and the app ecosystem.A few of the cloud providers to choose it is possible to find in Table 2 [8,14].
There are some real benefits to making the switch to cloud computing.It will make your life easier by saving time and money.Plus, it is possible to meet clients' needs more efficiently since the cloud is accessible from any computer anywhere with internet and no downloads are necessary.Fast, cost-efficient, secure -when it comes to listing the benefits of cloud computing, there's no limit.Cloud allows real-time overview and easy accessibility.This gives quick and detailed information about an organization's current financial position.These real-time insights are essential when seeking a cash position, planning future expenses and when taking critical financial and strategic decisions as a management team

Data sharing with high-level security and safety
Cloud accounting, one can get the security of the cloud, no downtime, multi-level access, and the latest software versions.As the data is stored in cloud servers they don't demand the protection of hardware.With cloud accounting software, one can easily give access permissions to the accounts while working with the accountant, bank, or other advisers.The financial advisers have real-time, secure, and safe access to all of the financial information.This is quicker, safer, and offers the advisers the data they require to help and advise in the future

Working with the latest version of the software
The cloud accounting platform will always have the most recent and updated version of the program.An individual just needs to sign in to the accounting platform and start working.There is no need for applying security updates because the software provider will take care of it automatically

Very-efficient and highlyscalable
The cloud accounting platform will always have the most recent and updated version of the program.An individual just needs to sign in to the accounting platform and start working.There is no need for applying security updates because the software provider will take care of it automatically

Improves accuracy
Since cloud computing allows for the automation of most accounting functions, human error is reduced.Using journal templates, repetitive invoices, and auto reserved accrual journal ensures the accuracy and efficiency of financial records.Accountants also get comfort in that every transaction processed through a bank account is displayed and reconciled in the cloud accounting file, ensuring that they don't miss any financial events [1] Flexible and scalable operation Cloud computing allows accountants to scale their resources up or down whenever necessary to ensure they only pay for what they need.With cloud computing, accountants can meet the requirements and demands of a growing business.This is because the scalability feature of cloud computing allows them to transition to a more comprehensive accounting solution as the business grows.It also allows you to integrate add-ons and software options to customize your accounting solution TECHNOLOGY AUDIT AND PRODUCTION RESERVES -№ 5/4(73), 2023 ISSN 2664-9969  [15,16].So, the best accounting software from a cloud provider offers the following security measures: -secure premises; -security staff; -an off-site automatic backup server; -regular security audits; -high-level digital security software with inbound and outbound encryption; -multiple segregated networks; -multiple built-in user authentication methods; -dedicated anti-malware staff; -customer service and technical support; -automatic updates [7].

Discussion
Practical significance.The results obtained in the course of the study will help business entities to assess the effectiveness of the use of cloud technologies in accounting, to choose the optimal cloud accounting software in accordance with the specifics of their activities.
Limitations of the study.The main obstacles to the widespread use of cloud technologies in solving accounting problems in Ukraine are the still rather low trust in cloud services in terms of information security and the classic inertia, i. e., the rejection of new technologies.
The impact of martial law.The full-scale invasion of the territory of Ukraine has had a negative impact on the development and implementation of cloud technologies in accounting, as a large amount of material resources from enterprises are used to support the army, rather than to purchase and implement these technologies.It should be noted that the unstable situation in the country poses a threat of service binding to a particular provider due to the possibility of its bankruptcy or acquisition.
Prospects for further research.Given the conditions dictated by modern business, the development of cloud technologies in accounting is becoming increasingly relevant, which is why further research will be aimed at studying this issue in the context of assessing the level of security of using cloud technologies in accounting and management.

Conclusions
Based on the results of the study, it can be concluded that the cloud technology market is characterized by a stage of gradual spread in Ukraine, and the popularity of cloud services is growing every year both in Ukraine and globally.That is why, given the continuous development of each country and the economy as a whole, their spread will definitely increase, and the degree of cloud services will improve.
In turn, the development of cloud technologies in general will allow accounting to reach a new level and carry out significant modernization in the work of accounting.First of all, the introduction of cloud services will lead to a change in the approaches to organizing accounting at enterprises, facilitate accounting tasks and allow for faster data summarization.Employees will be able to access information remotely and work outside the company, i. e., from a remote workplace.In turn, this will lead to TECHNOLOGY AUDIT AND PRODUCTION RESERVES -№ 5/4(73), 2023 ISSN 2664-9969 the need to revise labor standards, change the number of accounting employees to reduce the company's costs and increase the efficiency of the work performed.Due to the above changes, it is inevitable that the documentation process will be modernized, based on the prompt receipt of reports in the appropriate time and in the required format, and the organization of electronic data archiving with unlimited access to relevant documents and a quick search mode throughout the database.
The results obtained will be useful for managers of enterprises of all forms of ownership, as they provide an answer to the need to implement cloud technologies in their activities.This, in turn, is an ideal solution to the problems that arise, which will allow the business entity to continue its work and reach a new level, develop a successful business and be able to keep it in the market.

Fig. 2 .
Fig. 2. The main benefits of cloud computing in accounting

Table 1
Difference between cloud accounting and traditional accounting It does not use up any resources that are harmful to the environment.So, ethically this is the better option for your business Traditional accounting compromises the environment as it relies mainly on paper trails, printouts, and hardware support TECHNOLOGY AUDIT AND PRODUCTION RESERVES -№ 5/4(73), 2023

Table 2
Cloud accounting software