Traditionally, accounting and bookkeeping were executed using on premises software. Cloud accounting, on the other hand, is accounting that is executed using software that is hosted remotely on the cloud i.e Online.
The cloud has transformed many industries over the past several years allowing businesses to operate more efficiently, cut costs and amplify results within a secured environment.
There are several key distinctions between cloud based accounting and traditional on premises accounting. For one, cloud based accounting is more flexible as data can be accessed from anywhere.
In the on-premises world, every time an industry grows, they encounter greater software license and maintenance cost. With cloud solutions, businesses don’t get stuck with permanent expensive equipment and licenses when your business contracts or when it expands.
Cloud enabled accounting solutions provide an equally secure (sometimes even more secure) method of storing financial information then traditional accounting solution.
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