Bush Accounting: Cloud Accounting System Transition for Clients Report

This report provides an overview of cloud accounting systems, focusing on their functionality and advantages. It explains the concept of cloud accounting, which involves storing and accessing accounting data over the internet rather than on a local hard drive. The report also delves into Accounting Information Systems, highlighting their role in collecting, storing, and analyzing financial data for stakeholders. It discusses the benefits of cloud accounting, such as efficiency, cost-effectiveness, and compliance, while also acknowledging potential disadvantages like learning curves and information loss. Furthermore, the report addresses the Single Touch Payroll (STP) regulation introduced by the Australian Tax Office (ATO) and its impact on small businesses. It emphasizes the importance of transitioning to cloud accounting to stay competitive and leverage technological advancements. The report outlines the benefits of moving from traditional to cloud systems, including real-time data access and compliance simplification. Finally, it mentions the limitations of this transition and how Bush Accounting can assist clients in adopting cloud accounting solutions.

Cloud Accounting
System
Presented by: -

Cloud Accounting
 Cloud Accounting is the accounting system which is performed by
using a software as a platform which can be hosted remotely on the
cloud.
 It is a accounting system which store and access the data over the
internet in place of the computer’s hard disk.

Accounting Information System
 The Accounting Information System is the system which collect, store
and analyse the information related to the accounting for the several
stakeholders of the firm like investors, Government, creditors and
likes.
 The Accounting Information System is a computer based method of
tracking the accounting activities of the firm.

Advantages of Accounting
Information System
 Efficiency
 Cost effectiveness
 Handling Taxes
 Save time

Disadvantages of Accounting
Information System
 Learning of the system
 Information loss
 Need to re – evaluate

Single Touch Payroll
 It is the new regulation of the Australian Tax Office (ATO).
 This is specially design for the small business and their accounting
reporting.
 This changes the timing and procedure of reporting the payroll
activity of the Australian small business.

Changes made through STP
Mainly, STP changes that when and how the small business report their
payroll activities to ATO. The followings are the other changes: -
 Frequency of reporting
 Deadline of reporting
 No more employee payment summaries
 No more payment summary annual reports

Importance of transitioning business
to a Cloud Accounting
 In order to collaborate with the most flamboyant technological
innovation of 21st century.
 To being up to dated and competitive.
 To run the software programs without installing into the computers.
 To develop as well as test programs without having servers.

Benefits to moving from tradition to
cloud accounting system
The Cloud Accounting System helps to view all the process related to the
accounting of any firm and benefits the business in the followings ways:
-
 Stream real time data
 Increase accuracy
 Simple compliance of GST
 Time saver

Limitations for moving from
tradition to cloud accounting system
 Downtime
 Privacy & Security
 Risk of cyber attack
 Limited flexibility

Assistance of Bush Accounting to
their clients
The Bush Accounting assist their client in following ways: -
 By providing education and training
 By working closely with the firm to understand their issues
 By suggesting the ways to overcome the challenges

Bibliography
 Pulier, E., Martinez, F., & Hill, D. C. (2018). U.S. Patent Application No.
15/627,073.
 Schaltegger, S., & Burritt, R. (2017). Contemporary environmental
accounting: issues, concepts and practice. Routledge.
 Sobhan, R. (2019). The Concept of Cloud Accounting and its Adoption
in Bangladesh.
 Stannard, J. (2016). Single touch payroll reforms and ASIC guidance
on disclosure and robo-advice. Superfunds Magazine, (417), 10.
 Trigo, A., Belfo, F., & Estébanez, R. P. (2016). Accounting Information
Systems: evolving towards a business process oriented
accounting. Procedia Computer Science, 100, 987-994.

Thank You