Cloud accounting software has a very broad meaning and includes things like an application service provider (ASP), IaaS, SaaS, IaaS, hosted services, platform, and platform-independent software. A user can choose any of these options and operate the program following their computing needs. Since it is cloud-based, one need not have install anything on their computer or wait for updates from the host servers.
This type of accounting involves taking advantage of the benefits provided by the cloud environment without installing any additional software. It is very cost-effective and convenient. The user can log on to his account from any part of the world and can make changes as per his requirements. Cloud-based software reduces the overall infrastructure costs by a significant margin. Cloud-based software does not require high-end computers and bandwidth, as they require minimum resources and can be run on a basic machine.