What is cloud accounting?
Cloud accounting is a hot topic in the accountancy world at
present. Traditionally, a business would purchase accounting
software as a 'product' and install this onto their
computer systems.
With cloud accounting, you are purchasing the use of accounting
software via an online service provider, therefore purchasing
Software As A Service (SAAS). The accounting information is
therefore accessed via the internet.
What are the benefits?
- No initial capital expenditure as paid by monthly fee.
- Accessed online and therefore the software is Mac or PC
compatible.
- Unlimited data storage as the accounting information is not
held on your internal network (i.e. you are not constrained to the
storage memory on your computer as data is held in the cloud).
