Cloud Computing emerged as the source of transformation in the field of accounting as many firms and individuals are driving towards the technology for recording and interpretation rather than relying on conservative methods of accounting. It is assisting in increasing the pace of work as well as providing the flexibility to record, modify or delete the information. This paper attempts to influence of cloud computing on accounting in current scenario. It also outlines the benefits and challenges faced by it and scope for its future growth. For the purpose of the study, secondary data has been intensively studied and personal knowledge and reasoning is applied for deriving conclusions. It is observed that cloud computing is prevailing over the time due to its cost effectiveness and flexibility while second thought on its adaptation is given because of its security issues and lack of support from stakeholders. It is concluded that human intervention is integral part of cloud computing as working on cloud is done by them, hence individuals who are doing accounting using conventional methods usually resist the growth of cloud computing due to their lack of interest in accepting this change and they are not supportive enough to learn new technology.

KEYWORDS: Cloud Computing, Cloud accounting, Software-as-a-Service (SaaS), Platform-as- a-Service (PaaS), Infrastructure-as-a-Service (IaaS)