In the modern world of information technology new software has been developed for faster and more accurate analysis of data. Accounting software is created based upon one of that technology and it handles all the information related to an organization’s accounting. It brings more transparency in the whole system and the advantage of using such software is that it can make the accounting process more efficient (Klettner, Clarke and Boersma, 2014). Wesfarmers is an Australian company which mainly produces fertilizers, chemicals, coal mining and safety products. It is one of the largest companies in Australia. This organization also uses several accounting software for getting an integrated and swift accounting service (Pettigrew, 2014). There is several accounting software like ERP, MIOB which are being used increasingly now a days.
In this report the organizational structure of Wesfarmers is discussed with other features and functionality of the organization. The application of the accounting software along with several examples of those is also included in this report. The context of using the accounting software in the functionality of the organization is discussed here in details.
Present Structure of Wesfarmer
As Wesfarmer is one of the biggest organisations of Australia, it has a well designed structure and it is given below.
|
Name |
Post |
|
Richard Goyder AO |
Managing Director, Wesfarmers Limited |
|
Rob Scott |
Deputy Chief Executive Officer, Wesfarmers Limited |
|
Terry Bowen |
Chief Financial Officer, Wesfarmers Limited |
|
Anthony Gianotti |
Deputy Chief Financial Officer, Wesfarmers Limited |
|
Maya vanden Driesen |
Group General Counsel, Wesfarmers Limited |
|
John Durkan |
Managing Director, Coles |
|
Michael Schneider |
Managing Director, Bunnings Group and Managing Director, Bunnings Australia and New Zealand |
|
Peter (PJ) Davis |
Managing Director, Bunnings UK and Ireland |
|
Guy Russo |
Chief Executive Officer, Department Stores and Managing Director, Target |
|
Ian Bailey |
Managing Director, Kmart |
|
Linda Kenyon |
Company Secretary, Wesfarmers Limited |
|
Jenny Bryant |
Chief Human Resources Officer, Wesfarmers Limited |
|
Alan Carpenter |
Executive General Manager, Corporate Affairs, Wesfarmers Limited |
|
Tim Bult |
Director, Associate Businesses and International Development |
|
Olivier Chretien |
Managing Director, Business Development and Corporate Planning |
The present structure of the association is outlined in such a route along these lines, to the point that the operations are finished with better and quicker reaction (Scott and Davis, 2015). There are additionally a few issues which can be overcome keeping in mind the end goal to make the authoritative structure more viable (Morgan et al., 2015). Those issues are examined beneath.
In this association there are a few gatherings of operations are outlined like hazard administration, lawful and administration gathering, budgetary administration gathering and the corporate gathering (Shaul and Tauber, 2013).
Sometimes the authoritative structure has many issues in regards to the correspondence among different gatherings (Völter et al., 2013). A legitimate stream of correspondence can be extremely valuable on the off chance that exchanging the data among a few gatherings of the association.
The administration of the association in some cases neglect to pass on the fundamental standards of the organization to the lower arrange representatives (Brown, 2016). They ought to be exceptionally straightforward about giving the hierarchical objective to every one of the workers of the association.
Sometimes the larger amount administration does not tune in to the lower level workers (Barak, 2016). The lower level workers ought to likewise take a vital part to share their perspectives about the few operations and they should participate in taking care of the issues of the associations.
The exhibit association structure ought to be all the more persuading for the representatives who are working in the association (Mahzan and Lymer, 2014). There are ought to be levels in the structure on the premise of the capacity and execution with respect to crafted by the workers.
Since it is one of the biggest organizations in Australia Wesfarmers utilizes different accounting programming and framework obtaining strategies like business programming, custom programming and ERP (Mahzan and Lymer, 2014). Lately many propelled programming are intended to deal with the authoritative structure which has acquired a development the accounting administration. These sorts of programming are made in view of new calculations and are comprised of a few features that can viably give the answer for the authoritative. This accounting software provides the newcomers with several new features for the analysis of the data related to the accounting. As of late the ERP programming is utilized for the most part and it gives best condition and highlights to accounting administration (Sampaio and Bernardino, 2016). The key components of the ERP framework are stock administration, materials administrations, promoting and deals and generation arranging and some more. An association is comprised of a few divisions like human asset, client administrations, accounting dispersion, corporate execution, client administrations, deals, acquirement, and creation. The full form of the ERP is Enterprise Resource Management. The ERP framework oversees the accounting part as well as interconnects every one of the divisions of the organization. It likewise successfully manages business knowledge, endeavor resource administration and web based business. ERP incorporates the entire arrangement of the association and in this way expands the reaction time and nature of the capacities and items.
Figure 1: Flowchart of sales producers of Wesfarmers
(Source: Author)
After the utilization of the accounting programming in the associations many cases are found in which the associations have given loads of issues with respect to the employments of the product. Since the product are recently created and presented in the business utilizes, old workers are confronting issues in utilizing the product (Annarelli and Nonino, 2016). There is a considerable measure of distinction between the traditional accounting and the accounting utilizing the product. On the off chance that there is a mistake because of the product then it additionally gets that blunder this present reality. As a rule it is seen that the representatives are confronting issues with respect to their pay because of a few blunders in the product. At that point it requires a great deal of investment to adjust that mistake again in the primary framework. Many hazard factors are likewise there in the event of utilizing the accounting programming. As every one of the records and computations of the organization are worked in type of data, it additionally brings another danger like hacking, information misfortune and security rupture which can truly be a security issue for the association (Larsen, Manning and Pedersen, 2013). Cataclysmic event and power misfortune or loss of web association can likewise be considered as the issues with respect to the product.
Development and adoption of the accounting software packages
As of late because of the headway of data innovation and software engineering a few accounting programming are presented in the field of business. With the fruitful execution of the product the requests are likewise expanding for these in accounting and administration. In the field of accounting programming MYOB has carried a colossal reaction with their new accounting programming which are viably giving answers for a few accounting issues. Many propelled programming like MYOB, Xero are utilized effectively in a few associations. In this field the most progressive development is the ERP framework which is execute in a large portion of the associations around the world. This sort of programming is giving simple invoicing, keen reports and versatile programming for the headway of the capacities identified with the accounting and administration of the association.
The following data is related to the share details and the information related to the stock of Wesfarmers and all the data are collected from the official website of the Wesfarmers.
Figure 2: Details of stock and share related data of Wesfarmers
(Source: (“Share price”, 2017))
There are many accounting organizations in the market which are likewise making an enormous benefit. A portion of the greatest contenders of the associations are Greenhill and Co, Lazard Group, TD Bank, the Charles Schwab Corporation and the Raymond James Financial. The principle favorable position of the focused condition among the association is that the organizations are occupied with making the propelled accounting framework. The reaction and administrations are consequently expanded because of the aggressive condition among the associations. This opposition likewise urges the associations to execute a few accounting programming.
Since the product are recently created and presented in the business utilizes, old representatives are confronting issues in utilizing the product. There is a ton of distinction between the traditional accounting and the accounting utilizing the product. In the event that there is a mistake because of the product then it likewise gets that blunder this present reality. As a rule it is seen that the representatives are confronting issues in regards to their pay because of a few mistakes in the product. At that point it requires a considerable measure of investment to revise that blunder again in the primary framework. Many hazard factors are likewise there if there should arise an occurrence of utilizing the accounting programming. As every one of the records and figurings of the organization are worked in type of data, it likewise brings another danger like hacking, information misfortune and security break which can truly be a security issue for them. Cataclysmic event and power misfortune or loss of web association can likewise be considered as the issues with respect to the product.
Conclusion
From the above discussion it is concluded that the accounting management has been developed due to the implementation of the new accounting software like ERP. There is some security issues which should be overcome for maintaining the information related to the organizational functionality. Wesfarmers is one of the examples of the organizations which is really benefitted by the application of such accounting software.
References
Annarelli, A., and Nonino, F. (2016). Strategic and operational management of organizational resilience: Current state of research and future directions. Omega, 62, 1-18.
Barak, G. (2016). Alternatives to high-risk securities fraud control: proposing structural transformation in an age of financial expansionism and unsustainable global capital. Crime, Law and Social Change, 66(2), 131-145.
Brown, T. (2016). Engineering economics and economic design for process engineers. CRC press.
Klettner, A., Clarke, T., and Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy. Journal of Business Ethics, 122(1), 145-165.
Larsen, M. M., Manning, S., and Pedersen, T. (2013). Uncovering the hidden costs of offshoring: The interplay of complexity, organizational design, and experience. Strategic Management Journal, 34(5), 533-552.
Mahzan, N., and Lymer, A. (2014). Examining the adoption of computer-assisted audit tools and techniques: Cases of generalized audit software use by internal auditors. Managerial Auditing Journal, 29(4), 327-349.
Morgan, A., Isaac, M., Scrutton, S., Wedgewood, J., Jankowska, P., and Hwang, D. (2015). EP-1572: Using a commercial software package to support treatment planning peer review in small radiotherapy departments. Radiotherapy and Oncology, 115, S860.
Pettigrew, A. M. (2014). The politics of organizational decision-making. Routledge.
Sampaio, D., and Bernardino, J. (2016). Open source accounting software for SMEs. International Journal of Business Information Systems, 23(3), 287-306.
Scott, W. R., and Davis, G. F. (2015). Organizations and organizing: Rational, natural and open systems perspectives. Routledge.
Share price. (2017). Wesfarmers.com.au. Retrieved 21 August 2017, from https://www.wesfarmers.com.au/investor-centre/your-shareholding/share-price
Shaul, L., and Tauber, D. (2013). Critical success factors in enterprise resource planning systems: Review of the last decade. ACM Computing Surveys (CSUR), 45(4), 55.
Völter, M., Stahl, T., Bettin, J., Haase, A., and Helsen, S. (2013). Model-driven software development: technology, engineering, management. John Wiley and Sons.
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