Cloud Accounting System in Bush Accounting Firm Information 2022

Student name:
Course name:
Course Id:
Cloud Accounting
System in Bush
Accounting Firm

Introduction
 Single Touch Payroll System is referred to as a new
regulation which changes the way through which
business report payroll activity to the Australian Tax
Office (ATO).
 In order to manage large numbers of clients with high
accountability, manageability and reliability as well as
security it is mandatory for the small firms associates to
apply advanced data server.

Introduction (contd.)
 In most cases at the end of the financial years there
are many small businesses that use a finalize payroll
records.
 The single touch payroll system can also be defined as
a ATO compliance level regulation that requires to
collect information related to the employee’s salary,
wages PAYG etc from the employers.

History of Single Touch Payroll start
 In the year of 2019, The Australian Government has
officially passed this regulation or legislation which expands
the concept of single touch payroll system for all the
employers.
 This approach has become mandatory for the businesses on
1st July, 2019. the ATO has also announced specific rules and
regulations for the STP micro employers.

Why to migrate in cloud
accounting system
 In order to manage the overall business finance structure and
keep the company competitive in the market, most of the
businesses theses days are using the concept of cloud accounting
system.
 Bush accounting as identified that, many of their working
employees are still using the traditional payroll functions instead
of accounting system.
 The leading partner of Bush accounting, Sam has informed to
change their current status to cloud based accounting system.

Why to migrate in cloud accounting
system
• There are many benefits associated to
cloud accounting system and these are
as follows:
• It can save time with proper system
automation
• Users can work from with this system
regardless of their location and time
• It helps to generate and provide up to
data information
• It helps to keep all information secured
from external users and attackers

Why to migrate in cloud accounting
system
 This system is intuitive and also
easy to use
 It gives access to multiple users at
a time and set permission as well.
 The software can be kept
consistent, improved and updated
as well without any external
activities.
 It helps to make collaboration
easier with the accountants

Benefits for clients to make this move
The system not only gives benefits to the business owners and
employees but also it is beneficial for the clients as well. The
benefits that clients may achieve from a cloud accounting
system are as follows:
 Cloud accounting system gives flexibility, convenience
as well as efficiency
 This approach saves the overall process time
 It gives high level of safety and security to the users
 It helps to make better business level decisions
 It helps the users to meet the clients expectation much
easily

Risks to cloud accounting system
 Data security has also been a concern
for any business.
 However, the cloud accounting system
not only provides benefits to the
business owners and users but also
causes disadvantages as well.
 If the identified risks are successfully
resolved then the Bush accounting
would be able to meet the expectation
of the business owners and clients as
well.


Process

 The risks associated to cloud accounting system are as
follows:
 Security risks: During retrieving or storing data it may
possible that data gets hijacked from the server then it
would cause major data security risk
 Costlier: This advanced system and its application are
costlier than other application and approaches
 Bandwidth: It is possible that, cloud accounting software
have bandwidth threshold and allowances as well. If the
company fails to meet limitations or expand the
allowances then major risks may occur.
Risks to cloud accounting system

How Bush will convert their system
into a cloud based application
 Bush accounts assist clients can migrate the traditional
system to a cloud based system after considering a
specific cloud architecture.
 Most of the business management software available in
the market can use this application successfully
 Some examples of this applicable software are:
 Netsuite
 Zoho books
 Oracle JD
 SAP ERP

References
 Huang, N. (2016, August). Discussion on the Application of Cloud Accounting in Enterprise Accounting
Informatization. In 2016 International Conference on Economics, Social Science, Arts, Education and Management
Engineering. Atlantis Press.
 Aman, A., & Mohamed, N. (2018). The Implementation of Cloud Accounting in Public Sector. Asian Journal of
Accounting and Governance, 8, 1-6.
 Li, Y. (2018). Research on Management Accounting Teaching Based on Cloud Accounting System under Big Data
Background.
 Marshall, T. E., & Lambert, S. L. (2018). Cloud-based intelligent accounting applications: accounting task
automation using IBM watson cognitive computing. Journal of Emerging Technologies in Accounting, 15(1), 199-
215.
 Hao, Q., & Shihong, Z. (2015). Accounting Informationization Hierarchical Data Safety and Prevention Based on
Cloud Computing Environment.
 Zuo, X. (2017, December). Research on Enterprise's Comprehensive Budget Management System in the View of Big
Data and Cloud Accounting. In 4th International Conference on Education, Management, Arts, Economics and
Social Science (ICEMAESS 2017). Atlantis Press.
 Di Salvo, A. L., Agostinho, F., Almeida, C. M., & Giannetti, B. F. (2017). Can cloud computing be labeled as
“green”? Insights under an environmental accounting perspective. Renewable and Sustainable Energy Reviews, 69,
514-526.
 Al-Zoubi, A. M. (2017). The Effect of Cloud Computing on Elements of Accounting Information System. Global
Journal of Management And Business Research.