What does it mean….?
We live in a dynamic and fast changing technological environment, where cloud technology and apps are changing the way we do business; who would have thought a taxi firm, without any taxis [Uber] and a B&B business that doesn’t have it’s own real estate [Air B&B] could both be highly successful. These firms have capitalised on IT technology, mobile apps and the internet to run their businesses. The accounting industry is embarking on this same journey; the introduction of MTD (making tax digital) is the start of the process with HMRC and accounting software providers such as Quickbooks & Xero are pioneering the journey into “cloud accounting”.
So what is “cloud Computing” and what does it mean?
The term “cloud computing” is everywhere, but what is it, where is it and are we in it now - questions you’ve probably heard or even asked yourself. In its simplest terms, cloud computing means storing and accessing data programmes over the internet instead of your computer’s hard drive. The cloud is just a metaphor for the internet.
Accounting has traditionally been executed using applications and software hosted locally on a desktop computer’s hard drive; cloud accounting is executed using software that is hosted remotely on the cloud i.e. online.