The accounting software generally refers to the different applications or software that helps in properly recording about accounting data. It is related to the organisation for software record transaction for a particular organisation which is based on a daily standard. This requires recording the payment transaction, receive the records and then also show the generalised ledger for different accounts. A complete show of the trial balance is also effective with acting on the information framework when it is related to the accounting contexts. The accounting software is generally seen to be divided into branded one which is for the software company and other is prepared generally by the organisation for using the software, effectively and personally.
According to the National Bank of Australia, it details about providing the services of banking in Australia. The organisation NBA also works with 5 million customers in Australia where NMA also works different branches of bank, with giving services of web banking and ATM service for the customers. The organisation is working on different brands of banking with ATM service set for the customers in different parts of Australia. Some of the brands are UBank and Advantage. It helps in providing a better kind of commercial bank for the people to do business with using the traditional system in accounting as well (Carmona et al., 2016). This is found to be cost effective and it does not also clearly give the idea about the clear view and the exact amount. The system for the paperwork is not well with major loss of data.
There are accounting system of NAB which are related to error in different times of the system where transactions are mainly when bank is making use of the different ways for accounting. This is set through accounting standards and other tasks which are based on creating errors in accounting and then further balancing it (National Australia Bank, 2017). It is seen that sometimes certain wrong entry leads to the issues mainly in the way of accounting. The next issue is also about time mainly when the old techniques are about working by hand and it takes a longer time, comparatively for doing a particular work. It then takes a complete day for employees to conduct the whole work and focus on system of NAB. According to the analysis, there are customers who are found to be working on accounting and other figure balances that directly leads to the major loss of the bank. Hence, the customers need to wait for the entire day to work on their personal transactions.
Th ERP based accounting error is by use for traditional accounting where management of NAB needs to work on deciding about ERP based Accounting Software. It will also help in removing different types of errors for accounting in the system. The management needs to also decide for applying Xero accounting software that is an ERP based software. Xero works with development in New Zealand which is a cloud-based software that comes under SaaS model of cloud service to manage the different subscriptions. The software needs help on how the organisation works for advancement and then predict the figures of accounting in a particular and exact manner. With this, the data that is related to the customer can then be easily stored in the online hard drive or local hard drive (Costa et al., 2016). There are primarily very less chance of loss in the data. ERP helps in integrated management of the core business with real time and mediated software processes. There are integrated applications for storing, collecting, managing and interpreting the day from business activities. It provides the integrated and proper view of business processes with maintaining database management system. ERP productivity capacity is set through orders, purchase, and payroll where applications are then determined for sharing data on different applications (Hossack, 2015). The IT investments have become the largest category of expenditure with varied organisational systems that work on facilitating error-free transactions and production. The setup is through developing ERP which differs from traditional development and work on different computer hardware or network configurations. ERP system works on automating back office functions with customer relationship management to deal with customers or e-business systems like e-commerce or e-government to handle simplified communication in external parties. The process of ERP includes the processing capacities that enable collaborative initiatives along with including decision making, standardisation and transparency process (Mas et al., 2014).
The flow of work is determined on a monthly basis where the software also gives a complete feature for the new customer to enter in the bank and work over the related processes with new entry for the customer. There are procedures which are maintained by system software like Xero with giving benefits to the customer, related to the service for banking. The sign-up process includes the new client with proper explanation of data entry procedures which works for the client account information (Zahra et al, 2016). The procedure is about monthly accounting services where additional data, email, reviews are important for the proper evaluation and revisions. The additional services are related to payroll, taxes and controller which are important for calculating the different values.
There are problems which takes place when Xero is used for the web-based functioning. It requires a proper connection of network for running along with working on proper needs of web browser to work (Eden et al., 2014). The software does not handle the full administrator rights for the users and so the level of privacy for the system is found to be lower as well. There are connections which are linked of the software for failure and then it takes a long time for recovery.
The solution is determined through removal of problems when the user is working on the file and the file destination has to be on the system of local drive. Here, the user can work on offline mode without any internet connection. Hence, to maintain the privacy of the software database, one needs to link the local hard drive of the system with proper updates of data and then handling the data deletion as well (Chofreh et al., 2017). It is mainly to work on as per the choice so that the user can make a good use of network connection for using a connectivity in system.
The accounting software package in Australia has been MYOB, Xero and Saasu which are effective for bookkeeping purpose and programming solutions through cost effective methods for small-medium organisations. They generally are seen to be handling the different modules of sales and purchase, with accounting modules and inventory. There are certain intense and simple to use business programming modules that are relevant for handling the deals and buys and then to keep a proper track of payables, GST as well (Tarhini et al., 2015). The options are to email the quotes and other solicitations with effective stock administration framework. The Accounting Software are effective to record information along with working on functional modules like accounts payable or receivable. They are based on accessing it at any time with any device that is Internet enabled (Seethamraju. 2015). The implementation is determined through personal accounting with target towards home users to support accounts payable type accounting transactions and managing the budget as well. The market needs to determine applications with long implementation period that offers the significant integration, customisation and configuration for reassembling the accounting system. With growing technology, the software vendors have also been able to work on improving the advancement of software at lower prices (Parhizkar & Comuzzi, 2016). This helps the companies to work on multiple locations as they tend to grow in size. The advent of faster computers and internet connections have been able to help in creating software accounting with recurring charges instead of any larger upfront license free. Here, the rate of adoption for business model increases steadily to point with forcing them to come with online versions (Alomari et al., 2018).
Considering the MYOB Essentials, there is a need to work on security factor with more income per unit that is set in contrast with Xero. There are higher stirring rates and with higher edges, MYOB LTV is seen to be higher as well. Xero is expected to rise with time.
Thereby, lessening the client mixture is also important for the cloud as clients have a higher lifetime esteem which is then contrasted with the advertisements on desktop. As indicated, the MYOB reports are for yearly churning over cloud client base which is approximately 16.8% with Xero working agitated between 12-13%
Considering the different features, the different software is effective under certain circumstances:
Multi-Currency is about offering the operations where it is not accessed in different arrangements. Hence, for this, reports offer a complete collection of details with bolstering formation of certain taxable payments which are for organisations in building and development industry. The consideration is also about appending the records to report and other exchanges. The focus is on offering global exploration utility where Saasu offers the hunt work which is known as Jump. Xero then offers to seek all important factors till there is a bookkeeping zone. The budget is about offering a planning usefulness which is not available in MYOB (Tian & Xu, 2015). The point of sale supports operations with bundles utilising the programming that is associated through by means of API. The capacity is to transfer the client and provider contract data to the bundle. The time and job tracking are not possible in MYOB and so Saasu utilise labelling for this component where Xero is effective for tracking. The mobile application iOS and Android is functional for all this software (Ha et al., 2014).
Considering the conventional and the traditional system of accounting framework, there is a need to work on incorrect data costs as well. It will help in prompts of wrong choice that comes mainly from the top administration. They lead to controlled tenacities and then set a cost for sending different citations. Hence, the re-distribution takes place which does not mirror any assets that are generally found to be devouring the final results. Thereby:
The recommendation is about how ERP framework is able to work on helping different associations with variable dimensions. This is through working on reconciliation of information that is set through joint venture format. The guarantee is to work prominently over permeability in different business aspects and day-to-day operations for matching with the choice level. The use of ERP solutions like Xero is effective to oversee completely all the operations which are found to be more than one of the office areas. There is a diminishing cost and the aspects of the assets are wasteful. Hence, the upgradation of profitability and customer loyalty helps in matching to adaptability and control. It will also lead to enhancing correspondence and joint efforts in between the different ranges for business with increased procedures for better control.
Conclusion
With the upcoming time, the traditional accounting is gone, and, in this era, there are technological advancements which work on using ERP based Accounting Software Systems. They are effective for using accounting software like Xero, MYOB or Saasu which will be helpful for NAB to overcome the present time drawbacks as well.
References
Alomari, I.A., Amir, A.M., Aziz, K.A. and Auzair, S.M., 2018. Effect of Enterprise Resource Planning Systems and Forms of Management Control on Firm’s Competitive Advantage. Asian Journal of Accounting and Governance, 9.
Altamony, H., Al-Salti, Z., Gharaibeh, A. and Elyas, T., 2016. The relationship between change management strategy and successful enterprise resource planning (ERP) implementations: A theoretical perspective. International Journal of Business Management and Economic Research, 7(4), pp.690-703.
Carmona, S., Ezzamel, M. & Gutiérrez, F., 2016.. Accounting history research: traditional and new accounting history perspectives.. De Computis-Revista Española de Historia de la Contabilidad, 1(1), pp. 24-53.
Chofreh, A.G., Goni, F.A. and Klemeš, J.J., 2017. Development of a roadmap for Sustainable Enterprise Resource Planning systems implementation (part II). Journal of Cleaner Production, 166, pp.425-437.
Costa, C.J., Ferreira, E., Bento, F. and Aparicio, M., 2016. Enterprise resource planning adoption and satisfaction determinants. Computers in Human Behavior, 63, pp.659-671.
Eden, R., Sedera, D. and Tan, F.B., 2014. Sustaining the Momentum: Archival Analysis of Enterprise Resource Planning Systems (2006-2012). CAIS, 35, p.3.
Ha, Y.M. and Ahn, H.J., 2014. Factors affecting the performance of Enterprise Resource Planning (ERP) systems in the post-implementation stage. Behaviour & Information Technology, 33(10), pp.1065-1081.
Hossack, S., 2015. Cloud-based accounting and productivity tools for practitioners and taxpayers. Taxation in Australia, 50(5), p. 265.
Mas, J.F., Kolb, M., Paegelow, M., Olmedo, M.T.C. and Houet, T., 2014. Inductive pattern-based land use/cover change models: A comparison of four software packages. Environmental Modelling & Software, 51, pp.94-111.
National Australia Bank, 2017. About NAB. [Online]
Available at: https://www.nationalaustraliabank.com/nabglobal/en/about-nab
ProcessOn, 2017. Accounting Process Flowchart | Jacqueiline Martin | Flowchart | ProcessOn. [Online]
Available at: https://www.processon.com/view/4ef18ff90cf2e5b468a9fa28
Parhizkar, M. and Comuzzi, M., 2016, July. A framework for impact analysis of post-implementation enterprise resource planning modifications. In SAI Computing Conference (SAI), 2016 (pp. 706-714). IEEE.
Seethamraju, R., 2015. Adoption of software as a service (SaaS) enterprise resource planning (ERP) systems in small and medium sized enterprises (SMEs). Information systems frontiers, 17(3), pp.475-492.
Tarhini, A., Ammar, H. and Tarhini, T., 2015. Analysis of the critical success factors for enterprise resource planning implementation from stakeholders’ perspective: A systematic review. International Business Research, 8(4), p.25.
Tian, F. and Xu, S.X., 2015. How Do Enterprise Resource Planning Systems Affect Firm Risk? Post-Implementation Impact. Mis Quarterly, 39(1).
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