Cloud computing accounting software is accounting software that is hosted on remote servers. It provides accounting capabilities to businesses in a fashion similar to the SaaS (Software as a Service) business model. Data is sent into "the cloud," where it is processed and returned to the user. All application functions are performed off-site, not on the user's desktop.
In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider. Using cloud computing accounting software frees the business from having to install and maintain software on individual desktop computers. It also allows employees in remote or branch offices to access the same data and the same version of the software.
Cloud accounting, also referred to as “online accounting”, serves the same function as accounting software that you would install on your computer, except it runs on our servers and you access it using your web browser, over the Internet. Your data is securely stored and processed on our servers—or “in the cloud”. This means you are able to access your business financials from anywhere and using any device, as long as you are connected to the internet.
There are many benefits to using cloud accounting. In addition to the flexibility of accessing your data from anywhere, you never need to install software on any device and updates are automatic. Our servers are actively monitored and maintained, and we believe have a much higher level of security than many small business networks and staff laptops.
Most application providers typically charge based on usage – compared to site license fees associated with traditional accounting software deployments. Accounting data backup and disaster recovery is often a part of your cloud computing accounting software account.