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Home » News & Insights » Terrific Tuesday Tax Tip – Accounting Software

Terrific Tuesday Tax Tip – Accounting Software

Posted on 1st October 2018

 

This month we are focusing on:  Accounting Software

And this week are looking at: Cloud Based vs Desktop

To assist with important decision making within a business you need to have up to date and accessible software to record your financial transactions.   There are still two main types of accounting software available:- desktop and cloud based.

The ‘cloud’ simply refers to software and services that you access using the internet with the data being stored on someone else’s computer, rather than your own.

Cloud Based Software offers a number of advantages such as:

  • the convenience of being able to use the software from anywhere you have internet access,
    • not having to install software (and updates) on your own computer,
    • easy data sharing (and collaboration), and
    • not needing to do backups.

However, there are also some down sides such as: 

  • potential security issues,
    • lack of access if there is no internet connection

Desktop accounting software is installed and runs on your computer where the data is also usually stored.

The advantages of desktop software are:

  • data is stored on your own PC,
  • doesn’t require internet access.
  • Often just a one off fee

The disadvantages of desktop software include:

  • you need your own desktop or laptop computer,
    • you need to install the software (and any updates)
    • you need to backup your data,
    • data sharing is not as  easy.

Both have a cost implication – desktop often is a bigger outlay at the beginning – but if you don’t pay for upgrades is a one off cost.  Whereas cloud based is easier on the initial cashflow as it tends to be a small amount per month – but over time could end up more expensive.

Call MJB Avanti on 08000 388799 to see how our modern services with traditional values can help move you and your business forward. 

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Filed Under: Tax tips Tagged With: Business Tips, cloud software, desktop software, SME, SME Business Tips, Software

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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