Introduction to the research
The progression in information technology has ultimately escorted to the foreword of computerized accounting systems in dislocation of manual accounting system in corporate reporting to aid create applicable and loyal agent financial reports for both organization and outside users for decision making. Computerized accounting has many benefits that lead the organization in the path of the success that is why it is considered as the engine of the growth (Rogers, 2016). It permits users to input vital information in the accounting software program and it helps to run the accounting software in more speed in comparison to the manual accounting system. There are various accounting software packages such as QuickBooks and Sage 50 Accounting which come as built-in databases that permit users to input data. The manual accounting system can lead the business into many errors as it is prone to mathematical errors and misplace numbers. With the help of the computerized accounting system, the data of the company can be calculated in an automatic manner on the basis of the numbers of input data. Manual accounting system does not provide the facility to prepare the data regarding the financial statement of the company in an accurate manner as there can be more chance of error in the balance sheet and statement of owner’s equity. Computerized accounting systems permit financial statements to be shaped from information maintained in the record. With respect to the computerized software system, Collins, (2014), stated that computerized accounting system is considered as the method which helps out to record, summarize, manage, organize and interpret financial information on business transactions which communicate to stakeholders with the help of the computers and computer-based systems like accounting packages. It has been found that this system is a mechanized process of developing financial information inflows along with the automation of the accounting jobs like report generation and database recording.
Overview of Client Organization
There is a company that is a considerable authority in Mortgage Advising and giving home loans. ABC Financial Services Pty Ltd is the company that is endorsing and authorized by the Mortgage and Finance Association of Australia (MFAA). This company is enlisted matter with the Australian Securities and Investment Commission (ASIC). ABC Financial currently holds the Australian Credit License. The managing director of the company is motivated towards attaining the goals of the company in an appropriate manner and he is excited regarding acquiring the credit for the customers. The company is doing its best in getting a good position in the market in order to become an established and well-known company.
Problem encompassed in research
QuickBooks is accounting software that is both user-friendly and sophisticated and it is required for the business of accounting to know more about its effectiveness so that they can implement QuickBooks in their operating system in order to accomplish the target of the company without any error. It helps in saving time by providing various shortcuts so that the company can implement an effective process with an ample of productivity. The major concern is to make aware accounting firms regarding the accounting software so that they can implement their task in a more productive manner without stuck.
Outline the structure
The main purpose of this research is to develop better understanding about the accounting software so that the possibility of errors while making a financial statement can be eliminated. This research will elaborate on the research objectives and research problem which would be helpful in elaborating an entire research at one glance. The review of the literature will be critically reviewed by taking the help of various authors’ books and journals so that different perception on the same topic can be understood. Methodology and research design will be helpful in determining the way of collecting data in a more efficient manner.
Research problem and Research Objectives
Research Problems
The key issue in the manual accounting system is that dealing out of customer information takes a very long time to resolve. Along with that, it has been analyzed that this takes huge labor cost with respect to the salaries and its related cost. There are various customers who waste their time in joining long queues for completing their banking activities in which errors of commissions and omissions are usually prone in the bank. There are many problems which are associated with the manual accounting system. The client organization is facing some challenges regarding the QuickBooks context as it is unable to handle Online QuickBooks Intuit in which they require high skilled employees. Lack of IT Specialist can become the major reason to handle computer hardware and software programs. It has been found that the accounting software of QuickBooks is time-consuming as users need to attain seminar and training program on a regular basis.
However, according to Giaoutzi, Storey and Nijkamp, (2016), there are certain benefits as well with its in which ledgers can be reviewed in the easiest way and it becomes easy for the accountant to make changes in the file if required. In contradictory, Fordham and Hamilton, (2017), argued that the computerized packages have the ability to generate all kinds of reports required by the management for example budget analysis and variance analysis. It helps in handling various tasks related to the financial management which meets the managers need for timely information for making a decision in the context of the company norms. Merlo, Eisingerich, Auh and Levstek, (2018), assented to the swiftness with which accounting is done in which the role of the quick books is huge in retrieving the income statement, balance statement or other vital accounting report at any moment. However, there is a problem linked with the application of computerized accounting system in an organization, in respect of the dislodgment of labor hands in the department of the accounting and its effective implication and the issue of low turnover and profitability in ABC Limited.
Objectives of the research
The major objective of this research is to identify the importance of accounting software in accounting firms in order to attain the objectives of the company in a more significant manner. The research will provide in general view regarding QuickBooks system and the use of it’s in the system in order to increase the productivity of the business. The objectives of this research are mentioned below:
Theoretical background and literature review
There are many organizations that have started their business and run their operation through a progression of the accounting system. They generally start with a manual system then move to a mixed paper and computerized spreadsheets and after that execute a simple computerized system. It has been supported by Slovak and Stehr, LexisNexis A div of reed elsevier Inc, (2017), that accounting form should keep accurate accounting records which are an integral component of any organization. Along with that, it is necessary for funding bodies to keep afloat financially. The accounting system is considered as the art of recognizing, classifying and recording in a specific manner the financial transactions of an organization for decision making. There are various organizations and various business entities that use some kinds of computerized budgeting system in which they do not have a significant amount of method of accounting. In such case, the role of the computerized budgeting system is significant in business entities that allow managers to develop budgets for specific departments and generates reports and budgets (Pfeifer and Pfeifer, 2017).
It has been found that the computerised method of accounting recognizes external assets and accounts due. Accounting method can be established number of expenses that are linked to individual departments (Pulakanam and Suraweera, 2010). It has been found that this kind of standard computerised budgeting systems and computerized accounting systems have a number of obstacles or negative factors. It is not necessary that all systems of the organization specifically well customer-made to pursue internal resource usage. The main objective of the accounting function in the company is to develop the financial information regarding the activities of the company and make financial statements for the accounting period. It has been found that the latest method of accounting relies on the system made by an Italian monk FraLucaPacioli. It is the system which is developed over 500 years ago and this is an efficient system which is well designed (Nagel, and Otterbein, Qvinci Software, 2015).
There are some benefits of computerized accounting system in which the place of sound accounting and internal control systems in any business cannot be overemphasized. According to Giaoutzi, Storey and Nijkamp, (2016), there is the facility in the computerized packages which can hastily develop all kinds of reports required by management. Shields and Shelleman, (2011), argued that there are some demerits of computerized accounting system that is related to the violation of privacy, impact on the environment, impact on the labor force, health risks and the public safety. In the context of the health risks, it has been found that improper computers can lead to disorders of the hands, neck, back and eyes. It is required to sit in proper posture at the time of working on the computer. With respect to the violation of privacy, it has been found that every life event is stored in a computer in which the personal, as well as professional or confidential information, is kept in the computer which can be stolen due to carelessness.
According to Pecchiar, (2012), QuickBooks is one of the effective tools that manage the business in an efficient manner. It has been evaluated that QuickBooks is not the robust program of accountancy, it is a management tool. It allows managing income, bank accounts and inventory, fixed assets, billable time, payrolls, loans and bank accounts in the company. Along with that, it gives the depth information about the system in which it is essential to make good business decisions. It has been found that it is the software that facilitates small business to run their business in a more efficient way without struggling regarding the credits and debits of accounting entries (Amahalu, Abiahu, and Chinyere, 2017). It is required for the management of the company to have proper knowledge about the structure of this software to navigate in the system to do tasks (Lai, 2008).
However, there are various kinds of accounting software in which ABC Limited company use online QuickBooks for their daily accounting activities. The feature of this accounting software is advanced as it helps in maintaining the records of financial of the company in a more efficient manner. A huge range of financial information, as well as data, are created and edited with the help of this software. QuickBooks bring accuracy as well as the security of the information constants to be vital (Dodgson, 2018). The most beneficial factor with this package is that it keeps up the accounts of the business over paper ledgers which are huge. The use of accounting software allows the company to provide simple use, ready data search replication of records and secure storage. QuickBooks is one in every of the leading ample exploited small business accounting software package programs. The main feature with this accounting software is that it helps in preparing of their monetary records at one place so that the social control as well as monetary accounting activities of the business can be centralized (Mullan, 2014).
It is required for the client organization to keep focus on the manpower in order to handle Online QuickBooks Intuit. The role of the IT Specialist is huge as they help in managing the computer hardware and software programs (Davis, Ramamoorti and Krull Jr, 2017). There are various issues entailed within the accounting software that is why it is needed for the management of the company to focus on such issues and hire require manpower to handle the software in more significant manner. With respect to the effectiveness of accounting software, it has been analyzed that the role of its huge in managing accounting. According to Ricchetti and Clark, Intellitech Corp, (2015), QuickBooks tool is suitable for small business due to the comparatively low price that helps to record transactions for record keeping. It has been found that the transactions exemplified matters such as sales, collections, payments and many more. These kinds of activities provide statistics to come up with accounting information in order to manipulate the organization. Along with that, it has been found that it has the feasibility of using in which it is helpful to use by a straightforward user to advanced user. The package of quick tools is easy with basic information which will be operated by everyone with little training (Blinnikka and Horowitz, Excalibur IP LLC, 2018). However, IT Specialists are required for managing the entire system of this tool because a little mistake can mess the whole work which put negative impact over the business. QuickBooks double-entry step-up accounting base and word square calculate rather more punctually clutched by users with some experience to book-keeping, though it can even be worn as simply as money way of book-keeping if that’s all that’s needed. As per Steckel, (2011), business can easily plan and manage the entire business with the help of the QuickBooks that permits managers to without extended study reports on clients and assets, financial statements and lists of bills and liabilities. Numerous meeting of these reports is very crucial to miniature commercial enterprise management because of the fact that permits small commercial business proprietor to monitor and acquire well timed feedback in order to develop a lot of timely interventions (Jaime, 2012). The main advantageous factor with this tool is that it generates the report in easiest way which offers customers with the flexibility to study the business by giving an explanation of the revenues, assets, liability and fairness accounts. In the context of the accuracy, the role of this tool is huge in improving the accuracy as it coaches and consults the activities that all users will include the small print of everyday transactions in an effective manner. Even though, it would not be possible every time for the management to know different kinds of ideas and procedures in QuickBooks.
Research Design and Methodology
The methodology is an important process for the research as it helps in evaluating the various aspects regarding the topic. The discussion will be made under this section regarding the chosen tools and techniques for accumulating the data. Research design, approach, data collection method, sampling strategy, data analysis, and ethical considerations are entailed under this section in order to increase the better understanding of the research towards collecting the data for the research topic.
Research Type
The role of the research design keeps huge importance in the research methodology as it facilitates the researcher to design the research. Research design encompasses three designs such as descriptive, exploratory and causal. Exploratory research design represents an initial stage of the research in which the researcher gets huge knowledge about the concerns of the research with the help of the developed hypothesis. On the other hand, descriptive research design has the feature of gaining in depth information and knowledge about the problems of the research (Haiza Muhammad Zawawi and Hoque, 2010) . Casual research can be used in the research in order to gain a better understanding.
On the other hand the main focus of the casual research on the reason and effect bonding between variables. It is the research which will entail the combination of the exploratory and descriptive research design for the purpose of increasing the knowledge regarding the selected topic. Exploratory research design will help in collecting the depth data about the importance of the quick books in the accounting firms. In the context of descriptive design, it is found that it has a significant role in collecting the views of participation as well as their perception in order to meet the objectives and responses of the research questions. The casual research design is not taking into consideration because that much information is not needed for this research to develop the relationship between various variables.
Research approach
Research approach has the significant role in justifying the opted research methods and design. The research would be more systematic with the help of approaches of the research in which two kind of research approaches such as inductive and deductive are selected. These are the approaches which facilitate this research paper to downsize the employ of the precise data collection and analysis method for research paper. It is necessary for the researcher to have a complete knowledge about these methods. It has been analyzed that in the context of the inductive approach, the use of interpretivism philosophy should be undertaken at the time of using the feature of the positivism philosophy. An inductive approach is used over the deductive approach as this research is helpful to gain an effective knowledge on the research issue. This research would be helpful in order to amplify the reliability as well as the validity of the research outcomes (Quinlan, Babin, Carr, and Griffin, 2019). The deductive approach is not that much effective because of the improvement of the hypothesis to response the questions of the research.
Data type
Data collection is considered as the effective technique to gather the data in a systematic manner from different kind of sources in order to meet the objectives. There are two kinds of data collection methods that facilitate in gathering the information regarding the research issue. Primary data has the feature of gathering the data which is accumulated by the researcher in the very first time. The survey, group discussion, survey and case study to accumulate the information in the context of the primary data. Secondary data would be helpful for the research to attain the target of the company because it is accumulated by the researcher to attain the objectives of the companies. Secondary data can be gathered by taking the help of magazines, newspaper and articles (Zikmund, Babin, Carr and Carr, 2012). Both methods will be taking into consideration for this research in which the use of primary as well as secondary data collection method will be considered to make the direct interaction with the participants regarding the selected topic. The role of the secondary research is huge in gathering the information regarding the research issue in which the researcher will be facilitated by getting the help of different kind of sources such as articles, journals, magazines, social media and books for the purpose of developing the reliability of the outcomes of the research. To accomplish the research, primary data will be considered in which face to face interview and survey by questionnaire will be taken to gather the accurate information. Along with that Primary Source will entail Personal Interview, Phone Calls and Email Survey. It is the method which will be helpful for the researcher by which he would be able to know more about the perception of the participants about the effectiveness of QuickBooks.
Justify the sample
The role of the sampling strategy is huge in the research as it helps in attaining the goals of the research program. There are two kinds of sampling strategy like probability and non-probability sampling strategy which helps researcher to choose specific observation from distinct population. For this research, random sampling strategy will be chosen so that the random selection can be done in an efficient way. In this technique, 50 employees will be selected who are using QuickBooks in their managing accounting so that the clear perception about the effectiveness of the QuickBooks can be cleared. Survey through questionnaire will be made in which 10 questions related to the selected topic will be created. It would be helpful for the researcher to know more about the ideas and intention of the participants related to the proposed questions. Along with that, the same questions will be asked by the researcher to the participants in the process of interviews in which the researcher would be able to know their expression and point of view regarding the experience which they are going with.
Data analysis
It is the most vital process of the research that help in evaluating the accumulated data and information in an effective manner in order to propose the valid as well as reliable outcomes about the research problems. There are several kinds of method of data analysis like thematic analysis, conversational analysis and statistical analysis (Silverman, 2018). For this research, a statistical analysis method will be taken into consideration in order to represent the descriptive statistics of the data including graphs and cross-tabulation in which researcher will elaborate each graph with description. This research will use the tool such as MS-Excel and SPSS software in order to develop a better understanding regarding the effectiveness of QuickBooks in the organization (Shields, 2011).
Ethical consideration
It is vital for the research to encompass ethics for the purpose of creating the research with an effective manner so that the trust of the reader, as well as the participants, can be maintained. It encourages the researcher to adopt an appropriate behavior for the purpose of accomplishing the research in an effective manner. It has been analyzed that this research can face the issue of plagiarism as well as copyright’s violation regarding the secondary data collection. This issue can be resolved by the researcher by putting the correct in-text citation in the paragraph which will become the proof of the genuine references. The researcher would not force anyone to participate in the survey through questionnaire and interview; it would be an open choice in which participants can involve as per their choice. It will be ensured by the researcher that the personal information of the participants would not be revealed out during and after the research.
Conclusion
From the above discussion, it can be concluded that it is required for the accounting business to focus on the accounting tools so that the workload can be reduced in an efficient manner. the research proposal has highlighted the importance and effectiveness of the QuickBooks in the accounting firm in which the role of the QuickBooks in decreasing the responsibility and over burdened with work has been elaborated. The use of accounting software allows the company to provide simple use, ready data search replication of records and secure storage. Research methodology has been considered under this research in order to bring better understanding about from where data has been collected.
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