What is Cloud Accounting?
Traditional accounting software is physically installed on a computer on your premise.
Cloud accounting, also called online accounting, serves the same function as traditional accounting software. Differently, you may or may not need to install the software on your computer. It runs on the cloud accounting software supplier’s servers. Your data is securely stored in the servers and you can access it using your web browser over the Internet anytime, anywhere, and maybe from any device.
QuickBook Online, Xero & MYOB Essentials are fully online. You don’t need to install the software to your computers. They can function on Window, Mac or other environments as long as you have internet access.
To use MYOB AccountRight, you need to install the software to your PC. This allows you to use this software offline. If you subscript for Live services, you can access your data in the cloud as well.
Benefits of Cloud Accounting:
1. As you can access the data anytime, anywhere, you have an up-to-dated overview of your current financial position in real time.
2. Cloud Accounting allows multi-user access. This enables you to interact with your accountant in real time efficiently. As a result, you will save fee on accounting services.
3. Fully online accounting software is automatically kept up-to-date by the provider. You don’t need to worry about version upgrades, maintenance or server failures. These will all be managed by the cloud accounting software provider.