Cloud accounting software allows you to perform all the functions of traditional accounting but with the convenience of instant access on multiple devices. This can be either on premise software or self-installed accounting packages. However, instead of being on site, the software itself is hosted on a remote server and users access software applications remotely through the Internet or other networks (mobile data) via a certified cloud application.
Data is sent into "the cloud," where it is processed, encrypted and returned to the user securely.
Using cloud accounting software alleviates the business from the pain of having to install and maintain software on individual desktop computers. It also allows employees in other departments, or branch offices wherever they may be, to access the same data and the same version of the software, and more importantly work on the move.