Once an industry buzzword and now a way of life, cloud computing has really taken off in the technology industry over recent years, with statistics claiming up to three-quarters of UK businesses and organisations would be using at least one cloud service by the end of December 2013.

If you’re still a little confused by online accounting software and the intricacies of the Cloud in general, then this myth-busting overview should help you get your head around it.

Myth: storm clouds will threaten my business

Shockingly, more than half (51%) of those interviewed in the Citrix Cloud Survey believed stormy weather would affect the performance of any cloud-based software they were using.

Although the name given to this vein of technology is a little misleading, you can rest assured that your cloud accounting will not be impacted by inclement weather. Cloud computing is simply a term which refers to the process of using remote servers hosted on the internet to access, store and manage data (rather than using a local server or personal computer).

Myth: there is no place for cloud computing in my business

Think you’re not on the Cloud? Think again! Another finding of the Citrix Cloud Survey was that a whopping 95% of people who thought they weren’t on the Cloud actually were!

The remote access of emails (through a smartphone or portable device) and online office solutions such as Google Drive and Google Docs are both examples of common cloud computing which you’re probably already using. Most businesses are hardwired into the Cloud and moving processes, such as your accounting, into this sphere will generate numerous benefits.

Myth: everyone will have access to my finances

Security is one of the biggest concerns reported for cloud computing, with 82% of those questioned by Cloud Industry Forum naming it their biggest worry. Where finance and money is concerned, it’s only natural that you’ll be cautious about exposing yourself to potential risk but the Cloud is actually very secure.

Access to your accounting data will be restricted to authorised personnel only and there are numerous safety devices in place to protect you from hackers.
Physical risks are also reduced as, with your data being stored remotely, any damage to your work premises would not result in the destruction of your records or data.

This article was produced by Liquid Accounts – leading online accountancy software provider for SMEs, Accountancy and Bookkeeping practices in the UK. More information and a free trial of Liquid Accounts is available at