Accounting software’s have proven their worth. In a fast-paced, competitive business environment, having such a handy companion spells the difference between success and failure. Forging ahead, or getting left behind.

But times have changed. The Internet has revolutionized the way people work, study, socialize. All aspects of our lives are affected by the things that happen to our circles. Mobility is of prime importance. Gone are the days when you have to be physically in your office to do some real work. These days, one can do work at any time of day — or night — and anywhere, even from the comfort of their homes or up in the air.

These changes have spurred the development of cloud-based accounting software. It basically delivers all the benefits of a standard accounting software — with significant value-added features. More importantly, it comes at a fraction of the cost of traditional on-premise software.

This is because cloud-based accounting software is not a product to be purchased but a service to be subscribed to. All the capabilities provided by an accounting software are available, but instead of paying for the product, businesses pay for the right to use the service for a particular period. Acquiring a cloud computing accounting software no longer means shelling out large capital and investing in technological infrastructure and training, and then awaiting the returns that would come after many years.

Accounting software cloud instead comes as a monthly expense that is paid out to the provider.

Because everything is cloud-based, acquiring a cloud accounting software would no longer require regular hardware and infrastructure upgrades, not to mention the periodic software upgrades that have to be made. In an on-premise software, not making these upgrades would result in malfunction and inability to maximize the benefits of the accounting software.

But in a cloud accounting software, the upgrades are automatic.

The best cloud accounting software brands are able to guarantee privacy and security of data, even though it is stored “up there” in the cloud. Users — technical people, finance people, managers, executives, and owners — would be able to access this data at any time and from any device so long as they have the right access codes. They would be more productive and would be able to appreciate the information for both operational and strategic purposes. Their decisions would be better informed. They could focus not on the tedious, day-to-day maintenance details but on actually growing the business.

The best cloud accounting software brands always power the best-managed and best-run companies.