Cloud accounting, also known as “online accounting “involves access to accounting software and data through an internet browser. It provides accounting capabilities to businesses without installing and running applications over a desktop computer. In the cloud environment, data is sent into “the cloud,” where it is processed and returned to the user.
Cloud based accounting software offers a number of benefits for businesses including:
- With a monthly subscription, you save the upfront cost of traditional software.
- The cloud alleviates the need for businesses to store and manage data and maintain expensive computer hardware/server.
- The information can be updated and accessed any time and from anywhere in the world.
- The accountant can have real time advice without having to send the file and data
- Automatic bank feeds into the cloud account each night saves time and makes the process efficient.
- The software is kept up-to date by the software provider meaning that you don’t need to download updates like tax table.
Lotus Smart Accountants have partnered with a number of clouds accounting providers including Quick books, Xero and MYOB. Your needs thus could be customised and tailored as per your individual situation.