Competition for cloud-based accounting software intensifying

Cloud computing is impacting many fields as more businesses adopt the technology for its cost-efficiency. The Globe and Mail recently reported that the competition for cloud-based accounting software is heating up as more service providers enter the fold.

Alex de Bold, cofounder of product review website ChickAdvisor, has been using such technology for several years for its invoicing and accounting, the news source reported. The cloud is especially beneficial for de Bold because he is constantly traveling.

“It’s extremely convenient to have access in different places because now you’re not stuck with one person having a copy of your accounting software on your computer back in Toronto,” de Bold said, The Globe and Mail reported.

The cloud may still be a maturing technology, but its impact has been felt in many areas, helping companies do business more effectively. The solution allows firms of all sizes to lower IT spending because they don’t have to purchase expensive on-site hardware or software. Also, the cloud boosts employee productivity because they can access corporate information anywhere with an internet connection.