The ultimate focus point of this particular report is accounting software system which is widely used in various organization of Australia. This tool can be considered to be very helpful for analysing operational section and various kinds of activity in an organization. In the market a variety of tools are available which can be easily used for improving the structure of an organization (Aduamoah et al. 2017). It is generally very tough for selecting the tool among the tools so that a particular organization is benefited by its implementation. During the implementation of a system that major area of concern is whether the new system will replace the current system completely or would be placed completely over it (Alamri et al.2016). Implementation of new system is considered to be complex in nature as it would be placed over the existing system.
In the coming pages of the report the current organization of Macquarie has been discussed. After that various kinds of operation problem in it has been discussed due to its structure. A list of benefits has been provided by which the current organization would be benefited by the implementation of ERP. After that various kinds of control problem in the system and other kinds of fraud related to it has been discussed. The current market size of this organization has been provided. Various leader in the market has been identified which can provide him competitive advantage. In the end of report current gaps or any kinds of challenges have been identified.
Current organization structure of Macquarie
The organization structure of Macquarie is divided into five divisions. Its non-hierarchical structure is generally inclusive of officer for operation, managing body head that is director, top of operational group of Macquarie which is inclusive of risk management which focus on contributing managing parameter of an organization (Amrollahi, Ghapanchi and Talaei-Khoei, 2014). A chart has been provided below which provides an overview of the organization structure of Macquarie. In the top of the organization structure of Macquarie it is has a limited group of broad of directors. After that the structure is divided into five groups namely capital, asset management, global markets, financial services and lastly asset finance (Arvidsson, Holmström and Lyytinen, 2014). Apart from this it has certain number of groups like risk management group, legal and governance group, financial management group, corporate operation group.
Figure 1: Macquarie’s Organizational Structure
(Source: Macquarie 2017)
Organization problem
(Jebreen, 2014) have provided their opinion relating to the given topic that various group work hard to place themselves at a particular place who are mainly committed and focused for aiming at this particular group. There are many kinds of issues which can easily occur in the various process of an organization that can easily change the efficiency and various kinds of errors related to human (Baranov et al. 2016). The factor can be provided as various kinds of task which is needed to be conducted by member, like issues related to technologies, proper selection of main leader, effect of corruption, motivation for this organization. All the provided task can be done in proper order for this organization along with it should be predictable and easy for easy leader to motivate their leaders in the provided context. Commitment group can be considered to be important for an organization which mainly focus on factor of success, improvisation of leadership style and capability for proper decision making which is both from the point of view of individual and various organization (Carson, 2017). While (Islam et al. 2012) relates to the fact that it particular concept can easily hamper the overall concept or idea of achieving objectives of this organization. So it can be easily stated that empowering of a person with too many power can make him or her selfless. This merely reflects on the fact that how leader can misuse different types of power. It is ultimately given to him and it comes up with idea of manipulation of large number of employees.
ERP
ERP stands for enterprise resource planning is considered as a leading aspect in developing the organization structure in terms of technical. This particular idea is achieved by the help of support in the domain of operation in the organization. It ultimately focuses on the fact that system of production is competitive in nature and comes up with globalized economy in relation to various organization (Demchenko et al. 2016). Concept of acquisition can be easily classified as method of steps which can be taken for explaining the benefits which can be easily achieved by implementation of ERO system into the present organization structure. It merely focuses on the fact of data acquisition in relation to system of production. It can be more difficult when the system of production which is automated in nature. ERP is considered to be most frequently used method or context of software (Dewi and Suprapto, 2017). As a kind of methodology it has become the most popular kind of software which has been developed by large number of organization. ERP is like central nervous system of the organization. It comes up with capability of collecting large number of data. It generally helps the corporation to more aware of linking information like finance, production and lastly human resource (Fischer et al. 2015). ERP system have been failed to be implemented in large section which can be easily influenced by the provided installation. Various kinds of identification play a key role in understanding the overall working of this organization which mainly focus on the idea of data acquisition. It cannot be easily achieved within various element of industry which is inclusive of automation and control system.
Figure 2: Flowchart of Macquarie
(Source: Clegg Kornberger and Pitsis 2015)
The above-mentioned flowchart shows the details of the sales procedure that is involved with Macquarie. The customer submits the order that the customer wants to buy. Then the contact agent of the company views the order (Handley, Ross-Smith and Wright, 2018). The sales department of the company views all the standard terms and conditions of the product before dispatching the product. After the agent approves the order, the product is packed for picked up for the shipping and the order is finally shipped. However, while checking the standard terms, if the agent request approval from the company, and the changes are to be made by the company. If the changes are acceptable, then the product is marked as ok and the agent approves the product for shipment (Kumar et al. 2014). But, if the changes are not acceptable, then the product returns to the agent, and the agent needs approval again and then the shipment process is stopped. In this way, Macquarie ships a product to its customer.
Enterprise Resource Planning is an efficient, management, and innovative system that is very effective for all types of enterprises. With all its advantages, the ERD system also has certain problems that are considered to be as a fraud case in the system (Laudon and Laudon, 2016). The frauds that are included in the system directly hampers the performance as well as reputation of the Macquarie system. The frauds that are involved with the system implication of ERP are stated as follows:
There are many benefits that are related with accounting software package that helps to increase the adaptation packages in Macquarie Company (Linnenluecke et al. 2017). Many factors are responsible for the adaptation of packages related to accounting software. The main factors that are responsible are divided into four groups.
The main goal of information technology is considered a most important area in recent times. The information technology helps to attract the attention of the different researchers so that the research in a particular field is forwarded (Mayasari, 2015). Packages that promote Macquarie to do all the calculation related many systems to the sales of the company. The researchers to do research in a particular field put the information technology forward (Osman, El Beltagi and Hardaker, 2015). The researchers and the motivational factors for accepting the adaptation of system packages in accounting software use various types of strategies that are involved in information technology. The strategies or the packages that are involved with the information technology helps the Macquarie Company to do promotional events and promotes different products and services that Macquarie provides (Pascual, 2015). All the calculations that are related with the company can be done by information system very easily over a short period of time. The calculations that are provided are very accurate and help to facilitate the service of cloud storage for the company. The concept of information technology is one of the most important factors in Macquarie Company to deal with all its services and products.
In case of banking sectors there are chances of quality frauds. In order to resolve these errors, it is necessary for the banking organizations to install suitable accounting software packages (Sarif et al. 2018). Not only for the banks but there are many other industries where the accounting software packages are widely used to gain effectives success and measurable revenue from the competitive market. Many accounting software package providers are available in Australia such as MYOB, XERO, Saasu, Reckon etc. However, this particular report the nominated accounting software package is MYOB. The process of economy transaction and information transaction become much easier and free of error after the application of any accounting software packages. MYOB accounting software includes huge number of products which acts together from the comprehensive accounting services mainly for the Australian market (Serrano, Gallardo and Hernantes, 2015). Though, currently the company is trying to expand their business out of Australia. The trail subscription package and the general subscription package charge offered by the company are lesser than other accounting software prodders.
In addition to this the other functionalities associated to this system include loss statement details, banking support system, invoicing, tax reporting etc. MYOB has tailored the flexible system for every business regardless of their size and types as well. It gives opportunity to the users to access all kind of services and data from any devices (Sippel, Lawrence and Burch, 2017). MYOB accounting software packages has the ability to link over than 100 Australian banking companies and building societies at the same time. MYOB has more than 150 customized reports that can be considered which help the audit team of the company to structure the current revenue of the company. The new payment segment of MYOB has opened $1.2 Billion of market opportunities.
Most of the accounting software packages used in Australia is for small organization. However, banking sector is a larger or wide sector of application for which over XERO MYOB stands much beneficial. $73 million of Investment has been returned to MYOB which is delivered by the company for improving their functionalities (Yigitbasioglu, 2015). At the same time MYOB needs pay crop leading payment solution providers of Australia in around $48 million. From this value or revenue structure it can be said that MYOB gives high rated competitive advantages to other accounting software package providers.
There are many accounting software package providers in Australia among them XERO and Reckon are the biggest thereat for MYOB. The trial version packages and the actual subscription packages delivered by the company are higher than Xero. Thus most of the existing consumers of MYOB are moving towards to XERO. Again the company is also facing high level of security issues as a result the banking information confidentiality are also getting interrupted each time. In case of information security XERO stands very much trustworthy (Yigitbasioglu 2015). In case of Reckon also the regulatory competitor is very much high and from the sales and marketing perspectives the company is also facing huge challenge. The employees who are newly recruiting for the company are failing to meet the requirements of the consumers due to lack of technical knowledge.
Conclusion
From the overall discussion it can be concluded that, with the installation of the accounting software packages the banking sectors and other industries the operations ma functional issues will be completely reduced and resolves accordingly. It is the responsibility of the consumers of the accounting software packages to choose the most suitable one so that they can gain effective business revenue and competitive advantages from the marketplace. This report analyzed the impact and importance of using accounting software packages in the banking sectors. In addition to this, the current market size, competitive advantages and the challenges facing by its user s are also elaborate in this report.
The company is facing certain challenges those are required to be mitigated to gain effective as well as measurable revenue and for that the necessary recommendations are given below:
Encryption algorithm: In order to keep the confidential information secured from the external attackers it is necessary for the company to use proper encryption algorithm should be applied by the company. At the same time the encryption key must not be shared with any third party.
Firewall: During data transmission in order to keep the transmission channels secured from the outsider proper application firewall should be installed.
Technical training: Technical training and development programs are t be arranged by the company for their newly hired employees to make them aware of the operation and functionalities.
References
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