Traditionally, most businesses either use spreadsheets or desktop software to manage their finances, both of which have their limitations. Cloud accounting software is different, it can be accessed using the internet meaning that accounting data is securely stored in the cloud. This data can then be accessed from anywhere, at any time, on any device providing there is an internet connection.

Founded in 2006, Xero is a New Zealand based software company that develops this kind of software and with over a million subscribers they are the market leader in online accounting software.