cloud based accounting

Question 1

Define cloud based accounting

Answer 1

Accounting software hosted on remote servers. It provides accounting capabilities to businesses in a fashion 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.

Question 2

Pros of cloud based accounting

Answer 2

flexibility, easy sharing, lower maintenance, managed back ups

Question 3

Cons of cloud based accounting

Answer 3

Data security, internet availability, cloud server reliability, vendor credibility