What is Cloud Accounting?

Cloud accounting software is software that is hosted online. It means there’s no need to install it on your computer and you can access it online in an internet browser.

Back in the olden days, you had to install software on your computer, then you had to back it up and update it especially, when tax rates change.

With cloud software, you don’t need to do that. You’ll still have to do backups but you don’t have to download updates as the software will update. Cloud also allows you to work with others remotely, for example, you could get a bookkeeper to do your work who lives in Vietnam and get your accounting in Sydney to check it out.

Next: What is Interest and How do I calculate it?

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