Cloud Accounting System and Single Touch Payroll

Slide 1
Good Morning everyone! My topic for today’s presentation is mainly talks
about the Cloud Accounting System.
Slide 2
As my topic is cloud accounting system, hence lets have some brief about the
cloud accounting. Traditionally, the accounting was executed in the software which was
hosted locally on the desktop’s hard disk but the Cloud Accounting is the accounting system
which is performed by using a software as a platform which can be hosted remotely on the
cloud.
In simple words, the cloud accounting is a accounting system which store and access
the data over the internet in place of the computer’s hard disk.
Slide 3
Accounting information system is another term which we need to understand
to go further. The Accounting Information System is generally a system which collect, store
and analyse the financial data of any company for the stakeholders of the firm. it is nothing
but the computerise method of tracking the accounting activities of the firm.
Slide 4
Now take a look into the benefits of the accounting information system.
Firstly, as discussed in the previous slide this increase the efficiency of the firm in accounting
performance. This does not require too much fund in the installation process. Thirdly, this
helps the firm in handling the taxes means this automatically calculates the different tax
obligation of the firm. Lastly, this save the time of preparing the accounting entries and
report.

Slide 5
Now, if we talks about the disadvantages of accounting information system.
This mainly includes the three issues those are Learning of the system, Information loss,
Need to re – evaluate. Firstly, the accountant need to learn the process of this system which is
a tough process. Secondly, as it is a computerize system hence the chances of the data loss is
very high in this system. Lastly, in today’s changing world every business often change their
way of doing the business and to align with that this system also need a re-evaluation every
time which is difficult to perform every time.
Slide 6
Before going to the main topic, we also need to understand the Single Touch
Payroll as the topic is totally based on it. Hence, STP is a new regulation of the ATO which
changes the time and procedure of reporting the payroll activity of the small business to the
ATO.
Slide 7
Though the STP, ATO made the several changes in the payroll reporting
system. Before the firms need to report one in a year but now they need to report after each
pay day. The deadlines are also revised and made the 30 September every for the firm with
less than 20 employee and 1st July for business having more than 20 employees. While the
other changes are: no more employee payment summaries and payment summary annual
reports is required.
Slide 8
Now coming to the point why it is important to transit the business to a cloud
accounting. hence, the some major reasons for this are the followings:-