IT experts have been talking about the concept of ‘cloud computing’ for a few years now and finally its time has come. Peterboroughbusiness.co.uk has been taking a close look at one of the latest services to find a home in the cloud – accounting software – and how it can make the numbers game easier for Peterborough businesses

EARLIEST examples of cloud computing include web-based email such as Hotmail, where messages are stored on a remote server and users can log-in to their accounts from anywhere in the world, as long as the machine they use has internet access.

Many other applications have since moved off desktop machines and into ‘the cloud’, which is how the network of remote servers hosting the services and data is described. The benefits of using cloud-based services is the ease of access from virtually any computer and a range of portable devices, to the protection of data from hazards such as theft, disc failure, fires and natural disasters. All data is stored off-site and backed-up on secure servers.

Applications in the cloud are also updated automatically, so users can always enjoy the very latest versions. Accounting software installed on a desktop machine or company network can be difficult and time-consuming to update, which is another way of saying ‘expensive’. Cloud-based computing offers huge benefits to companies of all sizes, from sole traders and SMEs through to multi-national corporations.

Accounting software is a great example. Companies such as E-conomic.co.uk have created entire accounting and book-keeping services online. The E-conomic.co.uk system also issues invoices and helps you to prepare budgets. It issues every kind of report, based on your company accounts and the criteria you set, and you can give your accountant access to prepare your annual and quarterly returns. You can even work with your accountant simultaneously, accessing data and reports at the same time.

E-conomic services start at £12.99 a month, which seems good value for the convenience and peace of mind on offer.

Unwieldy spreadsheets with their incompatibility problems and the risks of having different versions, often with the same name, disappear with systems like E-conomic. Everything is simple, quick and user-friendly (and remember this is accounting we’re talking about!).

Jacob Wandt, chartered accountant and founder of E-conomic, explains how his idea came about: “I realised at an early stage of my career that nearly all the work passing through my hands had already been ‘done’ by somebody else. This simply didn’t make sense, so the idea of a co-operation platform was born.”

Now the establishment of cloud computing has taken that co-operation to new levels and combines all the advantages outlined earlier: convenience, efficiency, security and cost-effectiveness. E-conomic is so confident of its ability to make life easier for all businesses, it offers a free ‘no obligation’ download of its system so interested companies can give it a try, risk-free.

For more information about E-conomic and cloud computing [click here].

EEDA is offering between £20,000 and £250,000 in grant funding to businesses developing ‘greener’ technologies in 2011. The grants are being made available thanks to funding from the European Regional Development Fund (ERDF), and local companies are being urged to apply now to secure their grant before the new financial year.

Paul May, executive director of innovation at EEDA, said, “EEDA’s grant funding can give businesses developing new technologies that early-stage funding boost they need to get their projects off the ground. They also have a track record of giving up-and-coming businesses the stamp of approval they need to go on and attract further investment.

“EEDA has £2 million of grant funding available to support low carbon research and development up to the end of this financial year. But it’s first come, first served and applications need to be in and approved by the 31 March.”

For more information, see: www.eeda.org.uk

Local businesses have until 5pm on Friday 10 September to apply for a grant and this funding can be used to carry-out in-depth market research, helping the business to identify the demand for new products and allowing them to hone their ideas to conquer those markets. Projects must be completed by March 2011.

Since EEDA introduced Proof of Market (formerly Proof of Concept) funding back in 2006, 250 projects have shared a total of nearly £5 million. Everything from waterproof socks, next generation wind turbine technology and superconducting magnets have received funding to take them to the next stage of development.

Paul May, executive director of innovation at EEDA, said: “As the economy continues to recover, businesses are looking to stay that one step ahead of their competitors by bringing new products to market. EEDA’s grants are designed to give local businesses a head-start, by helping them to identify and target lucrative gaps in the market.”

Businesses looking to apply for a Proof of Market grant can visit – http://www.bizmapeast.co.uk/finance/grants/proof_of_concept.aspx for more information and to download the application form.