Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub. The benefits are:
You always have a clear overview of your current financial position, in real-time.
Multi-user access makes it easy to collaborate online with your team & your bookkeeper/accountant.
Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.
No file corruptions or compatibility issues with different versions of the same software.