To many, the term "cloud" may feel overused and a little worn out at this point. In reality, the cloud has never been more relevant for SMBs, particularly in the area of accounting. In simple terms, "the cloud" or "cloud computing" refers to the delivery of computing services via the internet. That may be storage services, data analysis tools, or - in the case of this article - accounting services.
Cloud accounting software can revolutionize the efficiency of your bookkeeping, streamline your financial administration and provide a real-time view of your key numbers.
Recording the income and expenditure of your small business to keep track of your historical financial performance is nothing new. Double-entry bookkeeping has been around for centuries, and accounting software has existed for decades, giving finance teams the ability to record and track the money coming into and out of the company.
So, how does cloud accounting improve on this? Let’s take a look at the key differences:
Traditional accounting software
Before the cloud, most accounting software was desktop-based. In other words, the actual application was installed and run from the hard drive of your office desktop computer. This has several drawbacks, including limited access to your data, the need for constant software updates and the ongoing cost of backing up all this financial information.
Cloud accounting software
Cloud accounting (or online accounting) has the same functionality as desktop accounting but moves the whole process to the cloud and expands upon it. There’s no desktop application – you log in to an always-up-to-date online solution, and all data is safely stored on a cloud server. Most cloud platforms will also have an open API, which basically means third party software can connect with your system to provide even further value to you as a business owner.
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