Cloud transformation is changing the way that data is handled today, but what does that mean from an accounting standpoint? To help understand the impact, cost, and many benefits of cloud transformation, host Anne-Marie Henson, BDO Partner, and co-host Armand Capisciolto, BDO's National Accounting Standards Partner and leader of accounting advisory services, are joined by Feng Liu, BDO Lixar's Head of Cloud Engineering. Lixar is BDO's technology division and helps clients with a variety of needs, including digital transformation support, big data analysis, AI tools to help profitability, business applications, and cyber security. Together they discuss tactics for executing a successful cloud transformation that doesn't include any surprises.

What You'll Hear In This Episode:

[2:02] Defining cloud transformation in the most basic sense.

[6:20] Overcoming key challenges will result in a successful transformation.

[13:10] The benefits of effective cloud transformation.

[20:15] Accounting issues regarding cloud transformation strategy costs.

[24:10] Arrangements for handling various digital assets.

[29:30] Highlighting the accounting impact during the implementation process.

Mentioned:

BDO

Feng Liu

Anne-Marie Henson

Armand Capisciolto

Quotes:

"Cloud transformation, by its definition, is changing something significantly to be better."

"When you have cloud computing power at your fingertips, the cost of trying new ideas and response to market trends is going to be a lot faster. The innovation barriers are a lot lower."

"The cost is a benefit for organizations when transforming their business over to the cloud."

"When it comes to accounting, no one likes surprises."