Marketing Essentials 2012Chapter 36:
Financing the BusinesseMarketing FeatureInternet-Based Accounting
Internet-based accounting or e-accounting is virtual recordkeeping and backup of financial data. It is a form of Cloud Computing. E-accounting service providers have multiple servers, software, and backup capabilities. A general ledger may be the first step in setting up an e-accounting platform for a business where all transactions are recorded by transmitting the data to the off-site firm. Invoicing and bill paying can be handled along with financial reporting and analysis. Benefits of having financial records maintained off-site include cost, safety, and ease of operation. A company does not have to employ an IT person and does not have to invest in expensive computer equipment. It simply must pay the e-accounting firm for its services. The off-site firm has many technical experts to monitor Internet viruses and has many ways of backing up data so they are not lost. To input and retrieve data, employees will log into the secure off-site account with their passwords. Innovate and Create
Have students conduct research online banking services. How are those services similar to e-accounting? Discuss why banks should consider entering the e-accounting business by targeting business customers.  | 
