Cloud Accounting is simply accessing your online accounting software using your web browser over the internet. It runs on a remote server and you can access your business financials from anywhere in the world, using any device connected to the internet. It is a secure and efficient way for accountants to manage books. Cloud accounting has revolutionized the industry and is changing the way we do business every day.
While Cloud Accounting Software is similar to traditional self-install accounting software, only the accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent into “the cloud,” where it is processed and returned to the user.
What are the benefits of using the cloud?
There are a number of reasons why cloud computing is so widely used among businesses today.
You will see a reduction in cost which, unlike on-site hosting, the price deploying application in the cloud can be less due to lower hardware costs from a more effective use of physical resources.
Aside from that, instead of purchasing and installing expensive upgrades, with cloud you can now scale up or scale down your operations and storage which allows you to become more flexible. The purpose of the cloud is to free up your time so that you can run your business more efficiently.
When it comes to business continuity, cloud computing protects your data from power failure, natural disaster, and other unexpected circumstances by having your data stored in the cloud and ensures back up protection in a secure and safe location.
This allows you to minimize downtime and loss of productivity by being able to access your data again.
For you to be able to access your data off-site, you may connect to your virtual office quickly and easily. It provides regular offer updates to give users the most up-to-date technology.
Just recently, Oracle unveiled a dozen new products and services on the second day of Oracle Openworld 2017, beefing up some of its cloud application services with new features based on introducing a cloud-based blockchain service. That includes updates on its enterprise resource planning and HR cloud software services with new features like improved recruiting software and streamlined accounting software.
Sage One is coming out with new updates that will help make accounting more efficient.
According to the article Sage Updates Cloud Accounting Software With Inventory Management Tools, Sage has completed a universal update enabling clients to its cloud accounting software Sage One.
This update enables client users to manage physical stock and associate stock with costs. This was in response to the request of small business customers to help them increase business profitability.
The Sage One Simple Inventory includes some features which could help customers in managing inflows and outflows of stock based on sales and purchase invoices, plan indicators, and caution workflows. It also helps integrate sales processes with accounting.
It is said to be another step towards moving the customers closer to a professional environment for entrepreneurs where admin is invisible by 2020.
Other than that, according to A Tech Investor’s Guide to the Red-Hot New Zealand Tech Stocks, Xero remains the market leader in cloud accounting software in Australia and New Zealand with almost 700,000 subscribers. Customers love that Xero works hard to add value and empower customers. As of March 2017, its subscription revenue grew 44% and continues to grow closer towards financial break-even.
In addition to that, Xero has just launched its newest platform for accountants and bookkeepers, the XERO HQ. XERO HQ is the next evolution of their My Xero Partner Edition. It is designed to be the new hub for practices and their staff delivering the information they need when they need it.