Online Accounting

March, 2015

Although there is no standard definition to what it really is, online accounting is simply the use of Internet technologies to the traditional accounting function. It is similar to email as opposed to traditional mail. Thus, traceable accounting processes used in electronic accounting are similar to paper-based and manual accounting except that they are electronically enabled. Most online accounting services are offered as a cloud service for easy sharing and collaboration. It basically includes accounting research and training using different types of computer and internet-based accounting tools or software, digital tool kits, and international materials. Online accounting also uses internet-based company databases and electronic financial spreadsheets for more efficient and timely decision making process. By using various web applications, online accounting allows businesses to focus more on core activities and stay away from hidden costs often connected to traditional accounting software like backup and disaster recovery, data files exchange, and installation.