The main difference between online accounting software and traditional accounting software system consists of where financial data is stored.
"Online," "web" and "cloud" are terms used to data that are stored on remote, external servers connected to the Internet. Whenever users interact with their financial data in accounting software online, their data is processed and, then immediately stored on the extern server(s).
You can find on the Internet many articles and posts, including on our website, about the advantages of web-based accounting software. However, to decide if accounting software online is the right solution for your company, you should be informed of the disadvantages of cloud accounting software too.
It is the right of every business owner to decide if it is comfortable for him/her to have the company's financial data on the Internet. Before you jump into cloud accounting and start to account online for the results of your business running, consider how the disadvantages of web-based accounting software could affect your business.