"There is a growing trend from the traditional approach of monthly accounting closing process and financial statement reporting toward issuing financial statements on a real-time, updated basis. This is also made possible with advances in technology such as cloud computing. Management is also pressing their accounting departments for more timely and responsive financial information and ad-hoc analysis."

Analyse the statement above and answer the following:

(a) Compare and contrast real-time accounting with periodic accounting in relation to the use of Accounting Information Systems (AIS)

(b) Discuss how a shift toward real-time financial statements will make the financial information more useful and relevant to businesses.