Adoption of cloud accounting and its impact on financial performance: a study on the banking industry of Bangladesh

Abstract

The purpose of the paper is to provide insight into the impact of cloud accounting adoption on bank financial performance while also considering the problems and constraints experienced during the application process. In a cross-sectional study, 357 primary sources of data were collected from respondents via a questionnaire. The data was obtained from several Bangladeshi banks, both government and private commercial, where officers, managers, and executives provided their independent opinions and insights about cloud accounting usage and factors to consider while utilizing it. SmartPLS v4 is used as a statistical tool to analyze the model and estimate its parameters. The SEM results show that there is a clear positive relationship between utilizing cloud accounting in banking activities and achieving targeted financial results. However, they encounter other hurdles along the way, such as security and integrity concerns, as well as the complexity to efficiently maintain compliance. There are additional issues and concerns regarding the applicability of cloud services that negatively impact banks' efforts to achieve financial results. By highlighting both the benefits and adoption and application challenges, the study equips banks, policymakers, and researchers with the necessary knowledge to develop effective implementation strategies. This understanding is essential for addressing operational complexities and regulatory constraints, paving the way for informed decision-making that promotes financial growth and innovation within the sector. Moreover, it supports the creation of targeted solutions to overcome adoption barriers and fully leverage the advantages of cloud accounting technology.

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