The input and management of accounts and other financial information not done on a local computer. Calculations are stored somewhere on the internet - "the cloud".
Cloud Accounting or Cloud Computing is a relatively new term for the way many traditional business practises have moved.
There is a substantial number of Cloud Accounting packages advertised online with over 7 million results when searched early 2015.
There are pros and cons in selecting and using such a package. For example, will you be able to provide information easily to your accountant? Will the data always be readily accessible when needed?
Remember also that you will generally pay a monthly fee for the service so it may not be suitable for businesses with a small number of transactions each month.
Before signing up it's probably best to speak to your accountant to see if they can recommend the best package for your needs.
Cloud Accounting Advice? Give us a call on 01296 613355