By now we've mostly heard of 'the cloud' and how technology is increasingly in the cloud.Our online banking is in the cloud, our emails are in the cloud and our purchases are in the cloud. But I hear you say "Back up the bus. What does it all mean?"
Simply put, the cloud is a storage device. Modern life generates enormous amounts of data it becomes more cost effective to store this data outside of the four walls of a business or a household. If the storage provider is reputable then the data (information, photos etc) is secure. The cloud can also eliminate the need for backups, a critical service but overlooked and underestimated by many.
Many business owners are rightly concerned about the security of their information if they are using cloud based accounting. In my experience, the providers make it a high priority. They are acutely aware of the need for a secure and reliable service.Sometimes the same cannot be said for the business owner who stores information on their own devices. it could be found by employees, hacked or the whole computer stolen.
Another aspect of cloud accounting is ease of access to information. As long as there is an internet connection it can be literally anywhere, anytime any device.
This cloud accounting revolution is just the start. It can lead to serious business development. With the advent of real time and accurate information, your accountant can become your business partner and get the power of numbers working for you.