Access To Real Time Data By Multiple Stake Holders

Question 1

One of the key features of cloud data

Answer 1

• access data and information from anywhere in world, in real time.

Question 2

Another key benefit of global access to data

Answer 2

• organisations can take advantage the global workforce
• offshoring (organisations employ people based overseas
• off sourcing (where other organisations employ other organisations to undertake whole functions of there business I.e accounts of an AAT member

Question 3

This is because

Answer 3

Organisations realise they can reduce there cost base by recruiting skilled employees who are located in markets and regions where they are cheaper to employ

Question 4

Benefits

Answer 4

• accountant (Identify issues in a timely manner I.e transactions posted correctly, profitability has risen, tax planning is required.)
• clients given access to workflows
• improves communication

Question 5

Limitations

Answer 5

Few limitations if strong process around security

• ensuring access immediately terminated if employees leaves
• Ensuring policies for which individuals can input and process data, and which individuals can generate outputs

Restrict access data beyond working hours in there contracts, real time data always on mindset severe implications on person’s wellbeing