Cloud Accounting

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.