Cloud Accounting among SMEs in Nigeria: Benefits and Challenges

Abstract

Cloud storage is one of the innovations of 21st century that promotes privacy, security and easy access to information. It entails the use of accounting system in the internet. Cloud computing in accounting is an important tool of modern-day accounting and it has been practiced in countries more adapted to the rapidly changing technology. Small and Medium Scale Enterprises (SMEs) are a very important entity in any economy; they play a vital role in the development of a country’s economy. The benefits of Cloud accounting to SMEs creates opportunity for information access anywhere and anytime as well creates opportunity for them to easily acquire loan and business subsidies for their business.