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Doing business in cloud

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by

Thivaharan Thuraiappah

on 16 October 2013

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Transcript of Doing business in cloud

How to choose a cloud solution?
Cloud Accounting
Evolution of accounting systems
Why accounting systems are important?
Why
Useful information about your business depends on complete, accurate, and timely recordkeeping practices. Your financial records will allow you to:
On premise
Card machines
Paper ledgers
Mainframe computers
Evolution of accounting systems
What is cloud computing/accounting?
Why use cloud accounting system?
Systems available for small businesses
Desktop
Cloud........
In simple terms "Cloud computing" lets you use files and applications over the Internet.
Software as a service - SaaS
Infrastructure as a service - IaaS
Platform as a service - PaaS
Utility services
Managed services
Web-bases cloud computing
Why accounting systems are important?
What is cloud computing?
Service commerce
Cloud accounting?
Cloud accounting, also referred to as “online accounting”, serves the same function as accounting software that you would install on your computer, except it runs on our servers and you access it using your web browser, over the Internet.
identify your income and expenses to create a profit and loss statement;
identify your business assets and liabilities to create a balance sheet;
identify the timing of income and expenses to create a cash flow forecast;
compare your business operations with industry benchmarks
and prepare accurate business activity statements and
tax returns so you don't over or underpay your taxes.
Benifits
Flexibility: Any time, any where, any divice
Cost advantages: reduced operational and captial costs
Cloud
Avoid change
Embrace change
Lagging innovation
Leading innovation
IT Project
Functional review only
Long upgrade cycle
Short/no upgrade cycle
Lack of commonality
Lots of commonality
Forces agility
Dissolves time space and geography
Systems aviable for small business
And many more....
Finance
Three key areas of business
Operations
Sales and marketing
It is important to get these three work together!
How to choose a cloud solution
Security
Support
User friendly environment
Scalability
Business continuity
Reliability
Availability
Trust
References
Role of accountants
Requirement analysis
Implementation and move to the cloud
Team up on the go
Business analysis and performace measurement
Tax advise and planning
On call availability (Virtual CFO)
Time savings - automated data feeds and less data entry
Identify your income and expenses to create profit and losss account
Identify your assets and liabilities to create a balance sheet
Identify timing of income and expenses to create a cash flow forecast
Compare your business performance with industry benchmarks
Prepare accurate BAS, GST and tax retunrs and tax planning
T Thivaharan (Thiva) CPA
Principal
http://www.lali.com.au
0415-664-154
thiva@lali.com.au
au.linkedin.com/in/thivaharan/
Case study
Issues
Desk-top accounitng system
Lots of manual work
Information missing
Marketing, Finance and Operation systems are not working together
BAS, Tax returns are not submitted on time
Time
Location
The business couldn't plan for Tax, operations, finance business growth
Communicating financial information
Solution
Cloud based accounting system
Issues with IT systems
Reduce manual data entry through bank feeds
Solved all IT issues
Improved communication
Real time information to plan for business
Case study
Q & A

The slides in this presentation were prepared as talking points. Information in this presentation, should not be considered as advice or a recommendation to business in relation to making business decision and does not take into account your particular buisness objectives, financial situation or needs.

Before acting on any information you should consider the appropriateness of the information having regard to these matters, and you should seek independent professional advice.
Liability Disclaimer: No Professional advise
Doing business in cloud...
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