Discuss about the Browser Toolbar Extension for Document Management.
It is stated by Gebhart et al. (2013), that Accounting software are mainly utilized for managing accounting as well as for performing different operations of accounting by some of the accounting professionals. Implementation as well as development of accounting software in businesses is quite reasonable therefore, it is used by both large as well as small-scale enterprises.
The report reviews various literatures for discussing the history, adoption as well development processes of Xero. The report also illustrates the competitive advantages as well as current gaps and challenges of Xero.
According to Drury and Vickers (2015), the use of ancient software became obsolete and as a result, Rod Dury and some of his colleagues started implementing cloud based accounting software. Rod Dury implemented Xero in the year 2006 in Wellington for keeping the accounting software up to date (business accounting software | Xero 2016). In the year 2008, Xero is introduced in the Australian market for developing the accounting software.
It is opined by Mcleod and Freeman (2015), that the Australian government spent huge amount of money in order to develop the software in Australian market. 12 month of proper research indicated that the more than 70% of the business operations are dependent on the use of cloud computing. The organizations of Australia prefer cloud computing due to some of its important features. Xero is cloud based and due to some of its unique features, it is adopted widely in the Australian market.
The development procedure of Xero is divided into numerous steps. According to Erturk and Fail (2015), in the first step, the accounting software, Xero was developed as working software as it is quite easy for the people to use. After then a new feature is added which is known as prototype specification. It is generally provided as the blueprint of Xero for various development procedures (Lochrie et al. 2016). For achieving proper as well as effectiveness in the operations, the prototype specification is presented with the help of documentation. This is generally done for avoid various types of challenges including misunderstanding as well as poor implementation (Abbott and Webb 2013).The experiences of the users are generally developed by adding colors as well as graphics. In the last stage, prettygraphics are added for developing the software more and the time- period which is needed for the procedure is very much less.
According to Wyslocka and Jelonek (2015), the adoption of current accounting software helps the organization to develop. The organizations are flourishing at an alarming rate and therefore the yearly collected revenue is around $30.3 million. The main reason behind the development of the organization is the product. The cost of accounting software in the market of Australia stands at 88 times as compared to other software. It is analyzed that the accounting software “Xero” is quite expensive in the market of Australia (business accounting software | Xero 2016). It is stated by Newburn (2014), which in the year 2014, there is around 80% rise in revenue. It has been analyzed that only 4% of Australian market is occupied by Xero.
The distribution of accounting software differs from one country to another. The accounting software is used in both small as well as large-scale operations in context with accounting (Wyslocka and Jelonek 2015). Xero is widely used accounting software in Australian market due to its some special features. It mainly comprises of 6% of the market share of Australia. It is stated by Gebhart et al. (2013), that the statistical records reflect that Xero is flourishing widely in the market of Australia due to some of its important features. The accounting software helps in completing the various functions of the organizations efficiently as well as reliability and therefore Xero is always recommended for larger organization.
After proper analysis, it has been identified that Xero differs from most of the accounting software, which includes Intuit, Reckon and MYOB. According to Erturk and Fail (2015), Xero is fully dependent on cloud and as a result, organizations prefer Xero as it helps in performing number of organizational accounting operations. The accounting software “Xero” provides number of advantages to its users including accessibility (Lochrie et al. 2016). The users of Xero have proper as well as efficient access on their account and the access is independent of time and place. The users of other accounting software cannot use their account from anywhere.
Integration system of Xero helps in providing proper collaboration as well as encouragement for improving the different processes and application services of the organizations. Other accounting software’s are not able to provide the same extent of collaboration with different application services. The user interface, which is present in the accounting software, is quite simple as well as intuitive. It is opined by Gebhart et al. (2013), that Xero is quite easier to use and this is due to the presence of intuitive user interface. The user interface also helps in making the procedure fast as well as reliable.
It is analyzed by Abbott and Webb (2013), that the price of accounting software is very much reasonable in the market of Australia as compared to other accounting software. It contains ability of re entering data which other different process of reconciliation are unable to provide. Xero achieved competitive advantage in Australian market due to some of its important as well as significant features.
The accounting software Xero is not always advantageous and as a result, the organization that uses the software faces number of challenges. The most important disadvantage is that, the accounting software is not secure and therefore the user’s needs to use certain important applications for keeping the information as well as data safe. Xero is unable to maintain its security then significant information and data, which are associated with the organization, can be hacked (De Jong 2016). Other most challenging issue is that Xero cannot be accessed without proper internet connection and as a result, poor connection of Xero does not allow the users to work on Xero properly as well as efficiently.
According to Newburn (2014), the file of Xero can be effectively accessed as long as the subscription is active. For accessing Xero properly, it is very much necessary to have proper as well as fast internet connection. The procedure of automation can be avoided in context to Xero as it is quite complex. If the process is adopted by, some of the enterprises then their employees require training.
Conclusion
It can be concluded that Xero is largely used in different types of large scale as well as small-scale Australian enterprises. This is because of its unique features. It is identified that Xero can be accessed irrespective of the place as well as time as it is fully dependent on cloud. There are numerous challenges that Xero faces and one of the most important challenge is that users are unable to access the account when internet connection is unavailable. The assignment discusses several recommendations in order to resolve the issues, which are related with Xero.
The accounting software faces number of challenges and therefore some of the recommendations are provided in order to solve those issues:
Training: The users of accounting software require training for handling various operations that are associated with accounting software “Xero”.
New Features: Some additional features required to be incorporated for benefitting both the company as well as the international users.
Authentication: The accounting software must be authenticated in order to provide proper security.
Development: The accounting software Xero must be developed in order to provide security to the users.
References
Abbott, J.D. and Webb, M.R., SmartVault Corporation, 2013. Browser toolbar extension for document management with web-based application programs. U.S. Patent Application 14/093,433
business accounting software | Xero. (2016). Xero. Retrieved 3 December 2016, from https://www.xero.com/accounting-software/
De Jong, C.J., 2016. Embedding an Intelligent Tutor into existing Business Software to provide On-the-Job Trainin
Drury, R.K. and Vickers, M.J., Xero Limited, 2015. Systems and methods of direct account transfer. U.S. Patent Application 14/689,894.
Erturk, E. and Fail, D., 2015. Information technology in New Zealand: Review of emerging social trends, current issues, and policies. arXiv preprint arXiv:1504.07012.
Gebhart, B., Glines, S.M. and Foss Jr, S.H., Norse Corporation, 2013. Systems and methods for integrating accounting software and payment processing systems. U.S. Patent Application 13/803,868.
Lochrie, J., Warkentin, M., Duthoit, N. and Limeback, D., WAVE ACCOUNTING INC., 2016. SYSTEM AND METHOD FOR FINANCIAL TRANSACTION MANAGEMENT. U.S. Patent 20,160,042,469.
Mcleod, S. and Freeman, J., XERO LIMITED, 2015. SYSTEMS AND METHODS OF AUTOMATIC ACCOUNTING OF LEAVE LIABILITY. U.S. Patent 20,150,302,360
Newburn, N., 2014. Implementing effective accounting systems for small business entity
Shinar, E., Ariav, Y. and Michaeli, T., Fundbox, Ltd., 2014. System and method for automatically providing a/r-based lines of credit to businesses. U.S. Patent Application 14/448,53
Wyslocka, E. and Jelonek, D., 2015. Accounting in the Cloud Computing. The Online Journal of Science and Technology, 5(4)
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