What is online accounting?

Today Vicky from Plus Accounting explains how the cloud and online accounting work. At the Chamber, we use Xero - accounting software that is quickly growing in popularity.

Recent studies have shown that 7/10 companies now use some form of cloud computing and this is expected to increase over the next few years.

This increase in the adoption of cloud computing has given rise to a new type of accounts software that is based around online accounting.

What is online accounting?

The basic principle of online accounting is that your accounts data and software are stored on the internet rather than on your PC or network.

This allows you to access that data from any location provided you have a connection to the internet.

What are the benefits of cloud accounting?

One of the main benefits of cloud accounting is that it allows you to access your financial information at anytime, from anywhere including on your smart phone or tablet (provided it is connected to the internet).

Having your accounting software in the cloud means that multiple users can access the data at the same time. This means your accountant can also access your data and provide assistance in real-time.

Most cloud accounting software is subscription based which means you don't have to pay a big fee upfront to switch and update, support and maintenance costs are all built into the monthly subscription fee so there are no additional costs.

Having your accounting data in the cloud also means you don't have to worry about natural disaster such as fire or theft of a laptop containing your accounts data. You can see a short video on Xero here.

If you are interested in learning more about online accounting software please contact us for advice or a free demo on andrewb@plusaccounting.co.uk or 01273 701200

If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk