Business Plus Advisors (BPA) are a well established accounting firm located in Melbourne, Victoria. The Managing Partner, Brady, has read a number of professional articles talking about cloud accounting and its impact on accounting firms and their clients. At present, all of the firmâs clients use more traditional accounting systems where their accounting software is located on computers within their offices. When it is time for Business Plus Advisors to review the accounting files and prepare financial advice and / or tax returns, their clients backup their accounting data and email the file to the firm. Brady would like you to undertake some research into Cloud Accounting and its impact. He is very limited in time and has asked you to prepare a document to the executive committee covering the following: 1. What is Cloud Accounting? (1 mark) 2. What are the benefits and limitations of using cloud accounting when compared to their traditional accounting systems from the perspective of: Business Plus Advisors? (3 marks) the clients of Business Plus Advisors? (3 marks) 3. Should Business Plus Advisors encourage their clients to transition to a cloud accounting system when compared to their current system? Justify your recommendation, which should be consistent with the benefits and limitations you have identified above. (1 mark)
Business Plus Advisors (BPA) are a well established accounting firm located in Melbourne, Victoria. The Managing Partner, Brady, has read a number of professional articles talking about cloud accounting and its impact on accounting firms and their clients. At present, all of the firmâs clients use more traditional accounting systems where their accounting software is located on computers within their offices. When it is time for Business Plus Advisors to review the accounting files and prepare financial advice and / or tax returns, their clients backup their accounting data and email the file to the firm. Brady would like you to undertake some research into Cloud Accounting and its impact. He is very limited in time and has asked you to prepare a document to the executive committee covering the following: 1. What is Cloud Accounting? (1 mark) 2. What are the benefits and limitations of using cloud accounting when compared to their traditional accounting systems from the perspective of: Business Plus Advisors? (3 marks) the clients of Business Plus Advisors? (3 marks) 3. Should Business Plus Advisors encourage their clients to transition to a cloud accounting system when compared to their current system? Justify your recommendation, which should be consistent with the benefits and limitations you have identified above. (1 mark)
