The much-hyped market for cloud services has been building exponentially since "cloud computing" became a buzzword. According to research firm Forrester, investment in the cloud topped $18.6 billion last year, and Bank of America Merrill Lynch estimates that corporate spending on cloud services will reach $117 billion per year over the next three-to-five years.

The explosive growth of cloud computing is generally seen as a welcome extension to existing accounting processes."We've been building solutions in the cloud for the last decade," said CCH North America president and chief executive Mike Sabbatis. "and they're working well for CPA firms supporting mobility, streamlined work processes, and a paperless, work-anywhere environment. It's a critical intersection of professional productivity, data security, and accessibility for the accounting industry."

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