Today, it is more imperative and basic for the business firms to receive imaginative, new advances and innovative information systems to run business operations properly. Today’s organizations are putting a large number of dollars in the new advancements, instruments and strategies to attain competitive scope over competitors and compete in the complex market. These are enabling organizations to beat operational and other overhead expenses and enhance authoritative gainfulness. Accounting software/package had enabled the organization to get precise and genuine data about the present bookkeeping procedure and strategies.
Accounting software/package helping the client organizations to accomplish upper hands and create more exact data at the ongoing. Moreover, for this research study, Bank of Queensland is selected as case study to attain the objectives of the study. In this research paper a literature review would be produced on the research topic by considering several issues including current organizational structure, operational issues, and system acquisition method, System Flowchart of the Sales Procedures, control problems, development & adaptation of accounting software of packages, competitive advantages, current market size, market leaders etc.
Organizational Structure of Bank of Queensland
In the words of Bodnar and Hopwood, (2001), Bank of Queensland is one of the main, quickly developing and dynamic bank in the Australia that satisfy the money related needs and needs of a many clients by offering an extensive variety of financial items and services. The principle goal of the bank is to offer best financial items and services according to needs of their client at the lower taken a toll as contrast with others. The bank has both corporate and individual clients. The bank primarily concentrates on giving full services to its customers that is the reason that it is a full service bank in the country. The beneath given chart is demonstrates the present hierarchical structure of the Bank of Queensland.
Gelinas, Dull, and Wheeler, (2011) explained that, hierarchical structure of Bank of Queensland is more powerful and significant that helps its different level of organization people in accomplishing their everyday capacities and parts. For instance, it demonstrates the parts, obligations, duties and elements of authoritative individuals in the general achievement and development of the bank.
Additionally, it is likewise proposes the employees that how they ought to fill in according to hierarchical destinations to satisfy authoritative vision and mission viably. It acts as a vital strategic planning method that gives instructions to the representative about their duties. The current hierarchical structure of the bank is likewise speaks to authoritative procedures, rules, guidelines, standards, vision, mission, and esteem. The structure is also provides suggestions to the representatives about how to delegate, control and sort out parts, commitments and duties at the work environment among the different level of authoritative individuals (Parsons, and Oja, 2012).
Operational Problems/Inefficiency/Errors
According to Hall, (2012), the current hierarchical structure of the bank is basic and not appropriate & proper according to the vision and mission of the bank that may create a lot of operational issues for the bank. For example, the authoritative structure of the bank speaks to poor correspondence, coordination and participation that may influence the hierarchical and individual profitability.
Because of poor coordination and correspondence, the bank can also confront the issues or difficulties identified with the vital administration and to manage this issue, the bank need to spend enormous sum that may influence the gainfulness and income of the bank adversely. The bank may likewise confront operational difficulties because of poor hierarchical structure identified with representative de-inspiration, inner and outside disappointment. The bank may also experience the difficulties or issue identified with perplexity, miscommunication, procedural and soundness issues. All these operational issues would make issues identified with low confidence, breakdown of correspondence, business misfortunes, strife among the different office, and hazy targets (Morley, and Parker, 2009).
Most Likely System Acquisition Methods
Kennerley and Neely, (2002) stated that, today, there are different sorts of acquisition methods strategies are accessible that utilized by the organizations to defeat certain difficulties or issues. Additionally, ERP (Enterprise Resource Planning), commercial and individual software are the key system acquisition methods or strategies that help an organization in acquiring advancement and improvement the organization.
Bank of Queensland ought to put and embrace in the ERP and commercial software with a specific end goal to contend in the market and stay away from current business issues and operational issues. By utilizing ERP, the bank would have the capacity to defeat the control issues. Additionally, it would also help the organization in get ready of long haul and here and now arranges and techniques.
It would likewise offer the office identified with business insight. Interestingly, the accounting would enable the bank to produce and gather continuous data and conquer current operational issues and difficulties. Consequently, with the help system acquisition method, the bank would be able to bring development, respectability, responsibility at the working environment (Griffin, 2009). The bank can likewise get the data in the stream and enhance coordinated effort and correspondence. The bank would likewise have the capacity to overcome the operational and overhead expenses with the assistance of such framework techniques in a successful and legitimate way.
System Flowchart of the Sales Procedures of Bank of Queensland
A system flow chart demonstrates the process of sales in a viable and inventive way. The given beneath is the system flowchart of sales procedures of Bank of Queensland
Lyytinen, and Rose, (2003) analyzed that, the Sales Process Flowchart is utilized by Bank of Queensland as a best and particular instrument of key arranging that help the bank in satisfying the short and long haul destinations and points related with the deals. This framework is likewise giving vital heading to the general population of the bank about the sales procedure. For instance, the business office, sales officials, sales supervisors, sales groups and top administration of the bank can comprehend the whole sales procedure of the bank viably. With the assistance of this, they can investigate the present deals target and sets targets in light of the business procedure of the bank. Similarly, they can achieve their key objectives and destinations with the assistance of this framework viably (Gitman, and McDaniel, 2007).
Control Problems in the System and Sorts of fraud in the System ?
Williams, Haka, Bettner, and Carcello, (2005) found that, the bank could experience a lot of significant issues in the framework that may antagonistically influence the development and achievement of the bank. For instance, hacking is one of the real issues that may influence the profitability of the bank. In the event that somebody would utilize classified and private data about the business, business operations and process through the unapproved get to, the bank may confront control issues in the framework. Digital crime, security issues, control, botch of information, misappropriation of advantages, extortion and so on are the principal control issues in the frameworks.
Development and Adoption of the Accounting Software Packages ?
Following is the lists of accounting software/packages that are used by the Bank of Queensland. All these software packages are adopted and developed by the bank in order to run banking operations and functions more smoothly, fatly and accurately, so, that the company can access real time information effectively and innovatively.
These accounting packages are created and received in the bank for the reason to direct the capacities identified with bookkeeping, evaluating and fund. For instance, these enabled the bank to lead their business and operational capacities identified with tax collection, charging, finance, inspecting, payment and treatment of cost (Daniel, 2011).
The Current Market Size, Market Leaders
The given chart outline suggests that, MYOB is the market pioneer in the accounting software industry of Australia because of availabilities of one of a kind and inventive components and functionalities. For case, MYOB had secured estimated 75% market share of the aggregate market. Interestingly, Recon and Xero have just 15% and 10% separately. Also, the accounting software of the MYOB is more unique and particular since it enables the clients to conquer distinctive bookkeeping, examining and back related difficulties/issues at once (Carol, 2009).
Competitive Advantages
Aiton, and Russell, (2011) defined that, through the proper and effective utilization of various accounting software/packages, Bank of Queensland is accomplishing the upper hands in the market. For instance, the bank had decreased operational expenses through the viable utilization of such software. In addition, such accounting software/packages are enabling the bank to take a great deal of unmistakable and immaterial advantages from the market. For instance, through the MYOB, the bank had expanded authoritative proficiency and brought development inside the present business prepare. Also, this bundle had given focused extension to the bank by offering ongoing arrangement of the bookkeeping issue opportune (Chu, F., Chen, and Cheng, 2011).
Conclusion
Binu, and Meenakumari, (2012) expressed that, in the execution and implementation of bookkeeping software with the business operations and systems, various difficult issues are confronted by the bank. For instance, new framework usage had expanded the expenses for the bank that lessen the income level of the bank. Yet, keeping in mind the end goal to manage this issue, the bank ought to take after the foreordained criteria of new framework execution. In addition, security related and hacking related issues are additionally confronted that decrease the authoritative profitability adversely.
References
Aiton, W. & Russell, D. (2011) Cloud Accounting. USA: eBookIt.com.
Binu, S. and Meenakumari, J. (2012) A Security Framework for an Enterprise System on Cloud.
Indian Journal of Computer Science and Engineering (IJCSE), 3(4), 548-525.
Bodnar, G. H., and Hopwood, W. S. (2001). Accounting information systems. USA: Prentice
Hall.
Carol, A.G. (2009) Recovery Act: As Initial Implementation Unfolds in States and Localities,
Continued Attention to Accountability Issues Is Essential. USA: DIANE Publishing.
Chu, F., Chen, K., and Cheng, C. (2011). Toward green cloud computing. ICUIMC ’11
Proceedings of the 5th International Conference on Ubiquitous Information Management and
Communication
Daniel, L.E. (2011). Digital Forensics for Legal Professionals: Understanding Digital Evidence
from the Warrant to the Courtroom. UK: Elsevier.
Gelinas, U., Dull, R., and Wheeler, P. (2011). Accounting information systems. USA: Cengage
Learning.
Gitman, L.J. and McDaniel, C.D. (2007). The Future of Business: The Essentials: The
Essentials. USA: Cengage Learning.
Griffin, M.P. (2009). MBA Fundamentals Accounting and Finance. USA: Kaplan Publishing.
Hall, J. (2012). Accounting information systems. USA: Cengage Learning.
Kennerley, M., and Neely, A. (2002). A framework of the factors affecting the evolution of
performance measurement systems. International journal of operations & production
management, 22(11), pp. 1222-1245.
Lyytinen, K., and Rose, G. M. (2003). Disruptive information system innovation: the case of
internet computing. Information Systems Journal, 13(4), 301-330.
Morley, D. and Parker, C.S. (2009). Understanding Computers: Today & Tomorrow, 2009
Upate: Today and Tomorrow. USA: Cengage Learning.
Parsons, J.J. and Oja, D. (2012). Computer Concepts: Illustrated Introductory (9th ed.). USA:
Cengage Learning.
Williams, J. and., Haka, S. F., Bettner, M. S., and Carcello, J. V. (2005). Financial and
managerial accounting. China: China Machine Press.
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