What is Cloud accounting?
Cloud computing accounting software is hosted on the provider's remote servers with users accessing the software remotely through the Internet. This contrasts with traditional software which is installed directly on to a user’s desktop.
All application functions (updates, processing, backups) are performed by the provider on their servers.
Advantages of Cloud Accounting
- You have a clear overview of your current financial position, in real time.
- Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
- Allows employees in remote or branch offices to access the same data and the same version of the software.
- Improves collaboration with your team and your accountant.
- Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service providers.