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What is cloud accounting? 

Software as a Service (SaaS) is the most common and mature form of cloud computing for accounting solutions for all types of businesses. Under SaaS, the hardware and software are provided by the cloud service provider, and users are granted access to the software

• On-demand self-service computing resources are allocated automatically based on load,
• A broad network resource is accessible via the internet, irrespective of the client’s platform,
• Resource pooling (all computing resources are generated and pooled together before allocating them to users),
• Rapid elasticity (ability to increase or shrink computing resources to meet fluctuations in users’ resource patterns) and
• Measured service (users’ resource use can be monitored and controlled).

Cloud accounting software is like desktop computers or self-installed accounting software; only the accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) model. The data is sent into “the cloud,” where it is stored and accessed by the user.

Cloud-based accounting software works essentially the same way as all other cloud-based Software. Because the information is stored in secured data centres in such a way that it is always accessible, you can log into a service like any other application and perform accounting practices on any computer on the planet with an Internet connection