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Unit 9 Accounting Softwar Regent College

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INTRODUCTION

With the advancement of technology and its effective incorporation in almost all the business operations will lay a very significant and crucial impact on the operational capacity of a business organisation. An accounting software is used to manage all the financial statements of the company that will help in the better growth and development of a business organisation. Majorly it is a real time based and give out the details and information on the basis of information or data that is been fed into it (Dhar, 2018). It is utilized by SME's to save cost of establishing the other department for it. For this report, Bunnings Warehouse (BW) is been taken as the organisation of context. It is an Australian firm that works in household hardware manufacturing and storing firm. The report will lay emphasis on the organisational structures and their problems in a very effective way. The acquisition method and system flow chart is been presented. The problem control methods are been presented and the factors affecting adoption of accounting software in regard with market size is been discussed in respect to competitive advantage. Also, the current technological gaps are been taken in consideration with recommendations and suggestions (Otley, 2016).

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PART 1

The current organisation structure of Bunnings warehouse is as follows :-

At the top CEO, MD are there. Below them General managers of all departments exits. Then, regional managers or head of each area exits in middle level. After that supervisor is there. At last employee and labour are there.

Bunnings warehouse is medium level organisation which is having many departments in it. These are as follows :-

Top level management – It consists of CEO, COO, managing director that are responsible for formulating goals and objectives. They decide Bunnings warehouse mission and vision. Besides this, they monitor organisation performance by analysing financial reports. They also play an important part in communicating with stakeholders to identify business performance (Wickramasinghe, Cooray and Dissanayake, 2017).

Middle level- It contains managers of all departments that are responsible for developing strategies on how goals will be achieved. Their role is also to evaluate employee performance. Besides this, they act as mediator between top and lower level management. They have major task to assign roles and responsibility to supervisor.

Supervisor- They are responsible for managing and controlling daily operations. They are in direct contact with employee so they decide what task will be done by whom and when. Supervisors role is to achieve short term goals and objectives set by managers.

Lower level – They lie at last in the organisational structure. They perform activities and task to achieve business goals and objectives. Their role is to do what supervisors have told them. They collect data and information from the market regrading change in taste and preference of customers.

Three types of system acquisition method

Commercial software- These softwares are generally used by small and medium size businesses. It is because it is designed for specific purpose and is mostly used for commercial purpose. It designs charts and graphs by analysing data and information that helps business to evaluate its financial reports and statements. It also helps in customising functions according to specific business needs.

Custom software- These softwares are designed for solving a particular problem. It is mostly used software in the market by business. It is used by small enterprises to record its transactions. It lacks certain things such as modern tools and equipments (Ha, Manh and Van Anh, 2017).

Enterprise resource planning – It is the most common software that comprises different functions. It provides an effective structure and process to manage overall business activities and functions. The main feature of using ERP is identification of resources and its allocation in different department according to their goals.

Types of accounting software's :-

Spreadsheets- It is very old form of accounting method that uses programs such as Microsoft Excel, google sheets, etc. for recording transactions. By this only profits and loss is calculated on daily basis. It is generally used for recording sale and daily expenses (Brandas, Megan and Didraga, 2015.).

Commercial software- These software are generally used by small and medium size businesses. It is because it is designed for specific purpose and is mostly used for commercial purpose. Usually, it designs charts and graphs by analysing data and information that helps business to evaluate its financial reports and statements. By using this it becomes easy for business to create and effective financial report. It also helps in customising functions according to specific business needs.

Custom software- These softwares are designed for solving a particular problem. It is mostly used software in the market by business. It is used by small enterprises to record its transactions. It lacks certain things such as modern tools and equipments that makes it lethargic for firms to use it (Messner, 2016).

Enterprise accounting software –It is the most common software that comprises different functions. It provides an effective structure and process to manage overall business activities and functions. From top to bottom it helps in planning of resources. This makes it easy for business to manage its operations. The main feature of using ERP is identification of resources and its allocation in different department according to their goals.

Bunnings warehouse can use ERP as accounting software that will help them to analyse resources that are required. By this it will be easy for them to allocate resources in different departments. Also, it will help in maintaining financial records and statements (Leon, 2015).

This flowchart consists of various steps in entire sales process. It can lead to many problems. Having such a complex sales procedure will result in late delivery of goods and sometimes create critical situation. For this control measures must be taken to make it flexible.

Flow chart developed can be made simple by removing some steps. It is because it requires a lot of steps in recording a transaction. Also, it can lead to chances of having fraud. First of all order is received and then processed. Once, done it is finalised. Afterwards it is sent to sales department for delivery (Ueno and Scarbrough, 2016). So if changes are done in order it will not be shown in system. Moreover, inventory check is not done here. So it can lead to cancellation of order. This will also affect other customers orders. Thus, by maintaining inventory check it will help in recording each product sales. This will make it easy for Bunnings warehouse to recording transaction in effective way.

Due to complexity in its organisational structure, Bunnings warehouse can face certain difficulties. This will affect his business operations and efficiency. The main problem it will face is communication issue. This is because of poor network that exists. There is not proper communication between manager and employees. So sometimes it can lead to misunderstanding of goals and objectives. This affect manager in decision making. Taking inappropriate decision will result in affecting firm efficiency and productivity (Ossimitz, Wieder and Chapman, 2016).

PART 2

An accounting software is the core finance management tool for an organisation. It helps a business firm to manage all its transactions and handle the financial transactions. Thus, this help in the effective management of financial resources and help the firm to gain a better competitive advantage in the market. Besides this, it will also support the profit management of the company and help in effective decision making processes. These are few of the major benefits of a well implemented accounting management software.

Bunnings Warehouse uses MyOB AccountRight at its organisation. It is effectively implemented in all levels of the organisation and helps in better handling of the business transactions of the company in a much effective and better way (Wouters, M and et.al., 2017). This has helped BW to improve its operational and financial efficiency and will help in the better handling of the wide range of business operations to increase its efficiency. MyOB will help in the effective handling of the functionality that will help in effective rise in the production capacity of the company. It is an Australian firm that provides the accounting software and tools services and help in keeping the financial stability. It is widely used in Australia, New Zealand, and UK. It provides a wide range of software services that will help in the better management of its financial business operations (Quinn, M. and et.al., 2018). It helps the company to record, access, maintain and analyse the internal as well as the external audit of the cited warehouse firm. Besides this, it also helps in classification, verification and interpretation of the financial data that is been taken in consideration for the better management of monetary resources of BW. It has a single and double entry system which enables the functioning of a finance department in a company and help in getting a cost effective measures. Besides this, the MyOB system will also help in maintaining the payrolls, received amounts, inventories etc. and increase the operational efficiency of cited business entity (Cooper, Ezzamel and Qu, 2017).

Besides this, it helped BW to maintain the record and manage the available resources to facilitate their effective utilization. Along with MyOB, the company can use the additional management software like Sassu, sage one and other tool kits that will help in better handling of high quality transactional data and information. It will help the firm to increase its efficiency and maintain the quality of services that will help in improving the operational capacity of firm. Besides this, it will also support the usage of effective measure to incorporate them to improve efficiency of the business firm. It will help in reduction of company's operational and maintenance cost and will reduce the functional complexity (Kelly, 2017).

Market Size of MyOB

MyOB AccountRight is the financial accounting software that is been used by the small or medium scale organisations with limited functional capacity. This software will help in te better management of the operational capacity of firm and will help in the significant rise in effective functional calibre. It s an online as well as offline account management software that helps the better handling of cash flow, billing, invoicing, maintaining payments, and keeping the effective record of transaction process that will help in meeting the operational capacity of the firm and handling a wide range of business operations. Besides this, it also helps in keeping the effective check on sales and purchasing of goods and products by the firm as well, as the customers. Due to its real time data generation and faster approach, it is a time saving measure and help the business entity to grow and flourish in a very effective way. Besides this, it will also help the business organisation to keep its financial data safe and secure to ensure the better growth and development (Jones and Jones, 2016).

Identify the leaders in the market and what gives them the competitive advantage

One of the major market leader in the Accounting software is Xero which is also Australia based firm. It has the major competitive advantage that it provides better data encryption and information security to the individual user as well as the business organisational firm. Besides this, it has the major advantage that the UI of this accounting software is very user friendly and easy to use.

Identify the current challenges and communication gap that is been faced by the company or the users of accounting software's and provide better recommendation or suggestion.

The number of factors that provides the competitive advantage to the firm is increasing every day. With the rise of new entrants, the company's using the accounting software are facing the stiff competition and problems in implementing and handling the business operation. The users and the business organisations are facing the stiff problems that will lay a very deep and significant impact on the overall operations of the company (Machado, M., 2016). Some major challenges that are been faced by the users or companies using accounting software's are:

  • Security issues: with the usage of the digital technology and the online operations, the internet based accounting software have become more susceptible to the threats like hacking, stealing of data or information mutilation. This is the serious concern that is been faced by the individual users and the business organisations alike. The organisations are required assimilating the better anti hacking measures.
  • Making the system more user friendly: MyOB undoubtedly is one of the major factor that is been taken in the consideration the effective measure that is been taken in the better consideration by users and companies to manage their financial business operations. But, as it is an accounting software, it requires high skills to understand its functionality and usage. Thus, the company had to effectively look after the better incorporation of the effective measure that will help in reducing the complexity of the software for the organisation and its individual users.

Recommendations and suggestions:

Some effective manures can be taken in consideration by BW and MyOB AccountRightt to improve the usage and quality of utilization of online accounting softwarte that will help in the betetr growth and development of the organisation. Some major recommendatory measures that can be taken in thought process are as follows:

  • Companies can make software more user friendly and effective. They must make it simple and flexible so that it can be used without any difficulty. Also, it will help business to change it processes accordingly and maintaining smooth flow of operations.
  • Firstly, training must be provided to employees for using the software. It will help in getting a brief overview of how it works and what are its benefits. Also, employee will know overall functioning of entire software (Cooper, Ezzamel and Qu, 2017).
  • Second thing that can be done is removing third party from software. It will be beneficial in protecting data and information. Also, having own infrastructure will help in making software's more effective and user friendly.
  • Companies should install strong security measures so that confidential data can be protected. Along with this, they can have a separate infrastructure to have a back up of data. It will enable business to use software with trust and reliability.

Software companies can make can improve its services. It will help in protecting data and making software more secure and safe. Moreover, it will provide efficiency in using this and making it more user friendly. Hence, by implementing them accounting software can be more advanced and effective. It will be able to protect data by making software more secure.

Conclusion

From this report it is evaluated that accounting software helps an organisation to maintain its accounts. It helps in creating reports and statements so that enterprise financial performance can be analysed. In this report Bunnings warehouse uses MYOB accounting software. It is beneficial for them to record daily transactions. It has provided efficiency to them in maintaining accounts. Besides this, there are certain factors that can restrict organisation to use accounting software are shown. It creates several challenges for them such as lack of security. For this business must take effective measures to overcome this that is described in this report.

REFERENCES

  • Machado, M., 2016. Management accounting software and accounting practices: empirical study on SME enterprises.WSEAS Transactions on Business and Economics. (1). pp.94-103.
  • Jones, D. and Jones, M., 2016. Using QuickBooks® Accounting Software to Improve Financial and Production Records for Better Decision Making. In2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas(No. 229772). Southern Agricultural Economics Association.
  • Kelly, M., 2017. Quickbooks Online: Best Accounting Software for Small Business.
  • Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea: The case of the balanced scorecard.Contemporary Accounting Research.34(2). pp.991-1025.
  • Quinn, M., Hiebl, M.R., Moores, K. and Craig, J.B., 2018. Future research on management accounting and control in family firms: suggestions linked to architecture, governance, entrepreneurship and stewardship.Journal of Management Control.28(4). pp.529-546.
  • Wouters, M and et.al., 2017. T Course: Management Accounting 1 [T-WIWI-102800].Module Handbook Industrial Engineering and Management (B. Sc.).
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