Cloud accounting glossary
Plain-language definitions of accounting and software terms. UK and US contexts covered.
A bank feed is an automatic connection between your cloud accounting software and your business bank account that imports transactions in real time or daily without manual CSV exports.
Bank Reconciliation Core AccountingBank reconciliation is the process of matching transactions in your accounting software against your actual bank statement to confirm they agree.
Cloud Accounting Cloud and SaaSCloud accounting is accounting software that runs on remote servers and is accessed via a web browser or mobile app, rather than installed locally on a computer.
MTD ITSA UK Tax and ComplianceMaking Tax Digital for Income Tax Self-Assessment (MTD ITSA) is HMRC's requirement for self-employed individuals and landlords to submit quarterly digital updates using approved software, starting April 2026.
TCO (Total Cost of Ownership) Pricing and CostTotal Cost of Ownership (TCO) for cloud accounting software is the full 3-year cost including rack-rate subscription, payroll add-ons, bookkeeper hours, and migration costs — not the promotional monthly price.