Cloud accounting is one of the most significant changes to the accounting profession in years. As many business owners realize the cost savings of outsourcing functions not directly related to the generation of income, cloud accounting is becoming increasingly important to the function of successful businesses.
What exactly is cloud accounting?
Simply put, cloud accounting refers to accounting transactions performed over the Internet. The practice does not require you to install software in your computer or own a server. In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider. Cloud 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.