What are the benefits of cloud accounting software? Cloud accounting can relieve the pressures of running an in-house system. The cloud provider maintains your application for you. With online accounting, you do not have to purchase the infrastructure and licenses costs upfront. You simply pay for what you use, just like in a utility or mobile phone subscription. This is called an operational expense as you pay for your subscription from month-to-month. Cloud accounting is ideal for small businesses who do not have huge capital of money lying around. The thing businesses consider most about cloud systems is speed and where the data centre will be based – is it important for your business to have your data stored locally or are you okay to have important information residing overseas? With Financials for Office 365, your data is hosted locally. This gives you the added advantage of being able to send and receive your data faster as the data does not have to be sent or received from offshore data centres.