What is Cloud Accounting?
Today, many applications are developed for use from different platforms — such as Apple's iOS, Google's Android, and major Web browsers. To ensure seamless user transition between these platforms, developers store data on the Internet, in a secure "cloud," rather than on the user’s physical machine. This allows users to access the same data from any location, on almost any device with an Internet connection.
Cloud accounting takes advantage of this flexibility, allowing business owners to access and update their financial and accounting data securely from anywhere. Cloud accounting also allows small-business owners to avoid the high costs typically found with traditional accounting software — including the initial purchase, installation, upgrades, routine backups, and disaster recovery plans — as well as the risks associated with loss of data or system malfunctions.
- See more at: http://www.paychex.com/articles/finance/cloud-accounting-2015#sthash.yrYo7TwO.dpuf