The overall technologies in the form of software discussed here refers to many type of application as well as software that can assist in recording different kind of accounting data associated with company. For instance, the software record work for a specific company on routine basis, as well as record payment function along with different set of records receiving work that shows a common kind of ledger associated with different accounts.
This further shows a proper trial based balance by the end of the month and it also act as an information based on framework which is in context of diverse accounts (Boulianne, 2014). The present accounting software can be divided into two types where first one can be branded as one and in addition it is made by the present software organization and the other one is properly prepared by the company and the overall usage of the software at personal front.
Structure
The company is serving at least five million consumers in the country and has many bank branches and provides the services based on web banking along with ATM service to the people of Australia. The company has number of branches as well as brands associated with the organization known as U-Bank and Advantages. The bank also provides diverse types of commercial banks to perform business activity as well. The bank also utilizes a traditional system for effective accounting system which on one hand saves lot of cost and at the same time it does not provides a proper view along with the exact amount (Boulianne, 2014). The overall system contains a lot of paperwork which is not very effective in the present time and also has a view of loss of data.
Different kind of operational challenges associated with present accounting system
The accounting system at the organization is actually a result of many errors many times in the system based on work because the bank is utilizing the traditional method of accounting by utilizing different ways of all kind of accounting along with work which is done in a manual manner because of which, the system can develop the issues or errors in the present accounting system and it is also related to the balance present in the account (Šim?nek et al., 2016). There are times, where wrong entry also presents since the traditional methods of accounting. The other problem is based on time because of the usage of the old methods and function in all possible ways in hand and it also takes a very long time to do a specific job.
Acquisition ERP
The present management also determines to apply the XERO accounting software which is a kind of ERP software. It works on handling the cloud management software with the basis to handle the subscription process with handling the eradication of the accounting issues. The software actually assists the company to function and work with the help of advance technology and further make the present accounting figure is the right as well as exact manner.
Issues and frauds
All the present issues can take place with the software of XERO is a complete software is a complete website solution which needs a network connection to function and it also requires the right website to function (Thorleifsson et al., 2016). There are times when the present link connection of the work becomes a failure and it also takes a very long time to recover properly. The outcomes of the eliminating the issue is that when the user is working on a specific file where the destination of the file should be on the domestic drive of the system (Ehret et al., 2016). The solution is that users can easily do the function in an offline mode without proper connection.
The standards are based on checking over the non-authorized access to the system with the forms that will include the issues of the system efficiency and the risks of the cybercrimes. Here, there is a possibility that will lead to the loss of information when the standards and the technologies are not followed and the wrong data is entered by the employees in the system. (Archibald et al., 2016).
Accounting
Xero and MYOB are for the present bookkeeping program outcomes are most cost effective for many small as well as medium companies. They are done with right finishing of sales as well as purchasing methods, accounting models and in addition to inventory models. The model is quite intense yet simple to use the business base programming and is important for any kind of business. (Doupos et al., 2014). The present business solutions for bookkeeping will also assist in handling the issues and bought as well as keeping a track of pay, GST as well as properly received (Ehret et al., 2016). There are many options to email along with proper solicitations and with impactful stock of administration with right kind of framework and known how of things in stock as requested as well as submitted.
Table 1: MYOB vs. Saasu vs. Xero
|
Characteristics |
Saasu |
MYOB |
Xero |
Comments |
|
Shows indicators outline of present money associated with position |
Quick observation bank parties along with many unpaid deals as well as bills. |
|||
The present export & import along with proper contacts, as well as structured outline of records and manual diaries (Ilias et al., 2015). It is based on considering one or more than one client to function on the product at one time. Each type of bundles takes into account different number of clients without any limit. For the bank feeds, the information mentioned in bank specifically based on into different bundle OR related capability in order to physically import the present bank explanations into the group (Badgery et al., 2014) It is important to properly cherish the bank that is able to nourish the present next best thing. Easy conciliation as well as rapid coding of money. The whole process of reconciliation is based on quick as well as natural. This is also very instinctive by nature where coordination of information to the right approach in banks sustains information (Ritchie et al., 2015).
The customers formulates and send right solicitations to customers from the bundle, estimation as well as ordering, Xero and MYOB don’t provide the capability to make proper deals that arranges as well as offers the capacity to rise cites. Multi-currency providing multicurrency functions that cannot be accessed in every kind of arrangement (Badgery et al., 2014). Offers whole collection of data in form of reports. It also provide the complete and finished incorporated stock. (Thorleifsson et al., 2016). The software Xero has also some basic and fundamental stock based on its usefulness yet proposes that people utilize one of their Add-ons (Ahmad and Leftesi, 2014). The payroll offers complete and finished as well as incorporated finance tables associated to tax can be properly refreshed in constant manner. The capacity to move the clients as well as also provider some contact form of data to the bundle with tracking of time, with worker imesheet with time-following. Ability to track work and other kind of classifications. Saasu uses label system for this element, while Xero has another feature called Tracking (Ahmad and Leftesi, 2014).
Drawback of Traditional Accounting Systems
There are number of convention or traditional set of accounting based framework that have many drawbacks because there is regular wind up of present as well as incorrect data that is based on taking many wrong work from many top administration if used for the right kind of control tenacities. This is based on setting proper offer cost or sending different kind of citation. Also, the overall distribution of the present aberrant costs does not really mirror the proper assets that can be devoured by the end product (Phipson et al., 2015).
There are standards to check on the limited forms of the intermediaries. The check is on how the flexible functionalities are able to simplify with the data stores along with the intention to work on deriving the value of the system. Here, the standards are to check on the accounting forms with the Software company that bounds to conduct and check over the involvement of the 1622 people in the business. (Mori et al., 2014).
As per the challenges, there is a need to track on the system functioning where the manual accounting of the reports is set with the paperwork along with working over the automatic generation of the reports. The effectiveness and the efficiency is based on working over the major factors that will be able to improve the system efficiency along with the ever-growing needs of the system. Here, the share of the software market is set with the emphasis on the cloud computing software that will help in identifying the gaps and improve the system to work over the challenges where the departments are not autonomous. (Fransen et al., 2015). Here, the check is also on the system planning so that it is able to reduce the errors and the inconsistency of the system. For this, one need to make sure that there is a use of the free API method that will help in integrating the approach along with setting the better standards for the different departments.
Recommendations
The present ERP based framework associated with bookkeeping assist the relationships of many dimensions that see the companies in right fashion. There is also proper reconciliation of data over the venture that provides a guarantee that is based on a more prominent as well as permeable limit for every feature for the business. It covers the routine work which is a key choice level and there is utilization of ERP based accounting solutions like XERO will assist to: –
Conclusion
There are days of many conventional kind of accounting systems that are gone in this. In the present era, technological development that uses the ERP based accounting software tools is actually the de-facto in the present industry. There are so many characteristics providing an offer and using the accounting software like XERO, Saasu or MYOB that will assist NAB that overcome the present disadvantages of the system (Rababa’h, 2014).
Reference
Archibald, R.F., Gotthelf, E.V., Ferdman, R.D., Kaspi, V.M., Guillot, S., Harrison, F.A., Keane, E.F., Pivovaroff, M.J., Stern, D., Tendulkar, S.P. and Tomsick, J.A., 2016. A High Braking Index for a Pulsar. The Astrophysical Journal Letters, 819(1), p.L16.
Doumpos, M. and Cohen, S., 2014. Applying data envelopment analysis on accounting data to assess and optimize the efficiency of Greek local governments. Omega, 46, pp.74-85.
Ehret, G.B., Ferreira, T., Chasman, D.I., Jackson, A.U., Schmidt, E.M., Johnson, T., Thorleifsson, G., Luan, J.A., Donnelly, L.A., Kanoni, S. and Petersen, A.K., 2016. The genetics of blood pressure regulation and its target organs from association studies in 342,415 individuals. Nature genetics, 48(10), pp.1171-1184.
Fransen, E., Bonneux, S., Corneveaux, J.J., Schrauwen, I., Di Berardino, F., White, C.H., Ohmen, J.D., Van de Heyning, P., Ambrosetti, U., Huentelman, M.J. and Van Camp, G., 2015. Genome-wide association analysis demonstrates the highly polygenic character of age-related hearing impairment. European Journal of Human Genetics, 23(1), pp.110-115.
Mori, T., Shimada, H., Shinotoh, H., Hirano, S., Eguchi, Y., Yamada, M., Fukuhara, R., Tanimukai, S., Zhang, M.R., Kuwabara, S. and Ueno, S.I., 2014. Apathy correlates with prefrontal amyloid β deposition in Alzheimer’s disease. Journal of Neurology, Neurosurgery & Psychiatry, 85(4), pp.449-455.
Phipson, B., Maksimovic, J. and Oshlack, A., 2015. missMethyl: an R package for analysing methylation data from Illumina’s HumanMethylation450 platform. Bioinformatics, p.btv560.
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