Cloud Accounting System for Businesses: A Comprehensive Presentation

This presentation explores cloud accounting systems, contrasting them with traditional accounting methods. It defines accounting information systems and highlights their benefits, such as increased efficiency and tax handling, while also addressing disadvantages like the learning curve and data loss risks. The presentation then delves into Single Touch Payroll (STP), a key regulation impacting businesses. It emphasizes the importance of transitioning to cloud accounting, citing its technological advancements and global adoption. The benefits of cloud accounting, including real-time information and time savings, are detailed, along with potential limitations such as internet dependency and data security concerns. The role of Bush Accounting in assisting clients with this transition is also discussed, offering training and support to overcome challenges.

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:-

Firstly, The cloud accounting is most flamboyant technological innovation of 21st
century. Secondly, this reported the fastest adaptation across the world hence, the firm need
to adopt it to be updated and competitive. Thirdly, this provide the access of the software in
the server basis and not required to be installed. Lastly, by adopting this the firm can
designed as well as test the program without having the server. There are several other
importance of adopting this in the accounting process of firm which will be discussed in the
next slide consisting the benefits of cloud accounting.
Slide 9
The followings are the some major benefits of moving the accounting system
of the firm from traditional accounting system to cloud accounting system: -
1st, this provide us the real time accounting information anytime.
2nd, this helps to increase the efficiency of firm in preparing the accounting reports.
3rd, this simply compliance the various tax obligation of the firm including the
toughest one that is GST.
4th, this save time in preparing the accounting report of the firm.
Apart from that this benefits the firm in various other ways.
Slide 10
Anything which have benefits also come up with some disadvantages. The
major risk and limitation for the firm in moving from the traditional accounting to cloud
accounting system: -
The most common and major issue with this system is that the system is fully based
on the internet and require internet connection in every move. If the internet is down then the

entire system became down. Again the system is based on the internet hence the privacy and
security of the data always be concern related to it along with the threats of the cyber-attacks.
The system is flexible although it offers very limited flexibility.
Slide 11
The Bush Accounting assist in various way to their client to adopt the cloud
accounting system in the business. The Bush accounting helps the firm to overcome the
issues related to the operation of the cloud accounting by providing training and education to
the employees of the firm about the cloud accounting.
The Bush accounting always try to understand the main issues or problem faced by
the firm in the transition of the business into the cloud accounting system way working
closely with the clients. This also offers suggestions to the clients to overcome from the
issues related to the cloud accounting.
Slide 12
Bibliography
Slide 13
Thank You!! Any questions??