Discuss About The Accounting Software Implementation Commbank.
The AIS or Accounting Information System broadly manages the concept of accounting software. Accounting software provides processing and recording of accounting transactions using handy modules such as, account receivable, account payable, trial balance, payroll, general financial transactions and others. This accounting software could either be made by ingenious developers or be bought from a third-party software generator. The cost and complexity forms the variety in the software packages. Accounting Software originates back in 1959 with the development of 9Pac, a first report generation language by IBM. It allowed users to access and store structured data from a set of relational databases from different computers. However, the system was not flexible enough as tasks were performed in batches. Gradually, flexible functionalities developed from the year 1973 (Bott & Milkau, 2014). Therefore, it became quite common to use accounting software in organizations. The following literature review would consist of journals that describe the use of accounting software in Commonwealth Bank, commonly known as CommBank in Australia. The bank uses the accounting software called Xero, the accounting software developed in New Zealand. The literature review would further consist of the papers that have been under review and the reasonable justification that is used to select the papers. The literature review would then have the findings that have been there in the papers reviewed. In addition, the review would also describe what shortcomings the papers have along with the strengths the paper possesses. This would help in having a proper idea about the subject and also analyse the journals that have been written about the context.
The papers under review are selected very specifically. This is because the papers holding no relevance to the topic to be discussed would generate a low quality literature review. The papers selected for this purpose depicts clear views about the use of the accounting software called Xero in the Commonwealth Bank of Australia (Bushman et al., 2014). The papers selected have different views about the use of accounting software in banking sectors in Australia in a more general manner, then focusing to the use of Xero in CommBank. Some of the papers also have opinions on the subject of the structure of accounting in CommBank before the implementation of accounting software like Xero. The papers selected in this regard are appropriate on the basis of the topic in discussion. However, few of the papers focus on the working of accounting software and their utilization in shaping up the banking sectors of Australia. These papers are selected to tactfully and elaborately focus on the gradual changes the accounting software bear on the banking sectors in Australia. This would give a good view for analysing the technological change and its impact on the banking sectors in Australia. Therefore, it can be said that the papers that are selected for the literature review about the use of accounting software called Xero in Commonwealth Bank of Australia or CommBank are justified. The detailed literature review; fulfilling the requirements of the journals and books chosen, the strengths and weaknesses of the papers and other clarifications would follow as below.
The papers under review have elaborated on the fact of the technological adaptations of Australia and its banking sectors. It especially focuses on the matter of accounting software implementation for Commonwealth Bank of Australia or CommBank (Flaherty, 2018). It has been found according to the papers that there had been a war waged over the SME system of Australia, where 70 percent of the businesses owned by Australia had started implementing the use of Accounting Software to their businesses (Haider, 2015). In this matter, the Commercial banks all over Australia have become pioneers and they have ever since encouraged the SMEs into utilizing these technological changes. Especially, the accounting software called Xero has come in the forefront in Australian Banking Sectors forming an agreement to the Commonwealth Bank or CommBank, one of the country’s leading financial institution (Burdon, Mooney, & Kang, 2017). Xero was first founded by an organization called The Wellington that had signed a deal with the Commonwealth Bank to put forward the business of Xero into further expansions. It has also been found that, CommBank uses the accounting software called Xero to gather accounting information, storing and processing of bills and invoices, updating of receipts and making transactions in the best cost effective ways. In another journal, it has been put forward that Xero is an award winning software. According to the authors, Xero has been particularly useful in improving the service quality that CommBank Australia traditionally offered to the customers (Hansnata, 2016). The integration being essentially seamless between the service provider and the bank ensures that the account payable in real time and the data of further expenses are updated immediately to the accounts logs. It has also been found in the articles that there has been extreme competition in the Australian software industry. The companies that were using accounting software are mostly the small and middle scaled organizations (Ketterer, 2017). The accounting software that makes the Australian marketing is MYOB, Intuit, and Xero. The papers suggest that these are the biggest accounting software in discussion in the Australian markets and these software packages have been implementing cloud computing to their developmental structures as well. Cloud accounting software is therefore becoming the latest implementation that the Banking Sectors of Australia is dealing with. It is not just being implemented now for small and middle sized businesses but also to larger organizations like the Commonwealth Bank of Australia (Kothari, 2014). Moreover, Commonwealth Bank of Australia have been able to identify the gaps in the users if the desktop accounting software. Although, initially, the organizations faced challenges as the departments were not autonomous units, but eventually the implementation of accounting software in Commonwealth Bank in Australia is happening at an exponential rate.
The journals suggest that the origin of accounting software dates back to 1959 with the implementation of 9PAC, developed by IBM. This was developed as per the first generation of account registering and report generation software and gradually with the advancement of time it started to advance in capabilities (Leonard, 2018). Further, the accounting software became much more advanced with every passing time and was able to handle a wide range of business operation for faster financial decision. It also removed the non-valuable intermediaries. With the gradual and positive changes now implemented in the system, Xero has become one of the biggest accounting software that is being able to share the Australian software market. It emphasizes its utilization in the cloud computing environment. Further about Xero, the journals suggest that this software uses a model of Software as a Service or SaaS (Oliveira et al., 2014). It provides the third party vendors with free API and the customer integrates other applications on a single and unified ledger on the cloud. Xero is capable of providing the users with its operations on the cloud based environment and cloud infrastructure with the help of a thin but firm user interface such as a web browser (McWilliams, 2017). The papers also suggest that there is although a problem that Commonwealth Bank of Australia faces in the face of security problems while implementing Xero accounting software. In spite of the presence of existing measures for security, the users of the accounting software do not feel safe to use Xero due to its provision of use by foreign parties and unauthorized access (Adams, 2016). This concern is due to the cloud computing background for Xero, which is considered a dicey environment in security issues. In spite of the existing security issues in the system, the utilization for Xero has become one of the most trusted software systems for accounting all over the Commonwealth Bank of Australia (Ross, 2016). This has given a major boost to the business expansion for Xero all over the country of Australia, as well as, the technological advancement has given Commonwealth Bank of Australia the required ease of keeping accounting records and managing other accounting tasks as well. This has only become possible since the effectiveness and efficacy of the accounting software Xero has lead to its instant adoption by the Commonwealth Bank of Australia.
The papers that have been selected for the journal reviews for the advancement of Commonwealth Bank of Australia in utilizing Xero as an accounting software has its strengths in discussing detailed information about the subject under discussion (Schorr et al., 2013). The strengths of the papers would be thoroughly discussed in this section for being the relevant literature evidences. The papers reviewed for this purpose not only provide information about the topic but also about Xero as successful accounting software, its advantages and disadvantages as well. The papers reviewed also possesses the information about the traditional accounting systems that were used in the banks all over Australia and also the latest situation in the Australian Banks after the utilization of accounting software (Scholar, 2017). Although, the papers focuses on the situation of the Commonwealth Bank of Australia and its utilization of the accounting software called Xero. The primary strength of the papers is that all of them follow the basic rule of a journal article. Every paper focuses on the unit matter it describes and justifies the subjects that the authors have chosen to discuss. The critical analysis of the journals implies that the subject that it has chosen to elaborate has been discussed in details. Therefore, similar as the justification of the paper selections suggest, the strengths of the papers rely on the fact of being reasonable in describing the subject matters each paper holds. This justifies the argument for the journals being considered as the feasible literary resources in the proposed subject.
The papers selected in this regards have few shortcomings as well. It is not clearly described if these technological advancements have any negative impact on the Banking sectors in Australia. However, it describes the fact that cloud environment has the potential risks of data mishandling (ZAKARIA & ISLAM, 2014). The papers selected lack the view about these security issues that CommBank faces due to the cloud environment of Xero accounting software. There is no mention of how these security risks can be tackled as well. Neither the papers hold the idea of the bank employees being resourceful in handling these problems. Therefore, it can be said that the papers under review misses few details regarding the wholesome idea of the implementation of Xero accounting software in Commonwealth Bank of Australia or CommBank. This is the fact that makes the literatures under review fall short to the wholesome understanding about the Xero accounting software implementation in CommBank. The technological impacts do possess positive as well as negative implications on the topic, however, these fall short to describe the negative impact or the methods that would help in tacking the risks associated with the technical advancements in the banking sectors of Australia.
Conclusion
In conclusion it can be said that the literature review for the use of the accounting software called Xero in Commonwealth Bank of Australia or CommBank has focused on the technology changes the banking sector has implemented. The previous use of the accounting systems is tenuous and very complicated. The literatures selected to be reviewed on this topic sheds light to the latest technology for accounting that eases the traditional hard process of storing, generating and implementing accounting transactions of an entire organization. It has also been found that the banking sectors in Australia have been gradually becoming more inclined towards the implementation of these software systems as they are much more agile and useful. The papers also puts forward the fact that the latest technology for accounting via software system is useful but also prone to security risks since these processes are based on cloud computing. The development of Xero has been build entirely on cloud environment and thus the infrastructure of all the accounting transactions needs to be transferred for storage and other accounting operations from the cloud as well. Therefore, it has the potential risk of being targeted by the hackers. In addition, the cloud environment also has the potential risks of data mishandling. The papers selected lack the view about these security issues that CommBank faces due to the cloud environment of Xero accounting software. There is no mention of how these security risks can be tackled as well. Neither the papers hold the idea of the bank employees being resourceful in handling these problems. Therefore, it can be said that the papers under review misses few details regarding the wholesome idea of the implementation of Xero accounting software in Commonwealth Bank of Australia or CommBank, but puts forward reasonable information about the topic under discussion with full details about the positive impacts of the technological advancements.
References
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Bott, J., & Milkau, U. (2014). Mobile wallets and current accounts: Friends or foes?. Journal of Payments Strategy & Systems, 8(3), 289-299.
Burdon, S., Mooney, G., & Kang, K. (2017). Lessons in Innovation from the Digital Marketplace. Journal of Service Theory and Practice.
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2014). Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2), 167-201.
Flaherty, S. (2018). Bookkeeping in the Cloud: Advancements in Accounting Software (Doctoral dissertation, Appalachian State University).
Haider, S. (2015). Exploring the Relationship between Changes in Accounting Policies and Valuation of Australian Banking Firms (Doctoral dissertation, Victoria University).
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