Technology is definitely the driving force in our world today. All it takes is a glance around a room to see someone on a tablet or smartphone, but what impact does technology have on business and what trends are there in the IT field? Currently, cloud computing is one of the most talked about trends in the IT field and for good reason. The cloud offers unprecedented insight into how a business is run, from accounting systems to process control. What is even greater is the impact it has on the global economy. The world is being revolutionized by cloud computing. “Google and “Amazon” were the first companies to provide cloud computing services. “Google and “Amazon” analysts have stated that cloud computing is “on-demand access to virtual information technology resources” (Budriene, Zalieckaite, 2012, p.119). The cloud is simple: it allows companies to access IT resources over the Internet. Budriene and Zalieckaite (2012), state that "cloud computing is a new conceptual paradigm for business that combines in a single environment not only applications, architecture and business models, but a variety of professionals for performing common business tasks in the middle of the Internet." (page 120). According to the global technology research and consultancy firm "Gartner", in 2013 cloud computing services would have an estimated value of 150.1 billion dollars. This figure has tripled since 2009, when cloud computing services totaled $56.3 billion. The $56.3 billion reported for 2009 represents 21.3% more than that recorded in 2008. This data shows that cloud computing services are becoming an increasingly profitable and growing industry. According to a survey conducted by “Gartner”, 81% of business leaders see differently… the middle of the paper… in a way levels the playing field for small and medium-sized businesses around the world with the ability to acquire information technologies equal to those of large companies. The effect of cloud computing has also been felt in the field of accounting where internal managers and external shareholders can view financial reports with real-time numbers, allowing for surprising flexibility. ReferencesBudrienė, D., & Zalieckaitė, L. (2012) . APPLICATION OF CLOUD COMPUTING IN SMALL AND MEDIUM BUSINESSES. Business and Law Matters, 4199-130. doi:10.520/ibl.2012.11Christauskas, C., & Miseviciene, R. (2012). Cloud: IT-based accounting for small and medium-sized businesses. Engineering Economics, 23(1), 14-21. Heenetigala, K., & Armstrong, A. (2010). The use of Internet reporting for small businesses. Journal of Business Systems, Governance and Ethics, 4(4), 41-52.