Questions:
a) Explain the role, component of accounting information systems, internal control and IT governance using the documentation technique in organisations.
b) Describe the business processes, the related technologies/infrastructure and challenges.
c) Understand the issues of ethics associated with AIS, and the importance of managing internal controls to remove the risk of fraudulent activity and cybercrime.
d) Understand auditing of accounting information systems as required under the Australian Auditing Standards.
The advancement in science and technology field improves the business activities of the contemporary business organization radically. Specially the advancement in computer and internet technology help in improving the business and provide extra edge to the business. There is several software and technologies are used by the business organization in order to improve the business activities of the organization (Desai, 2010). The accounting information system is one of the most important systems of a contemporary business organization and it plays vital role in systematic functioning of the business organization. It helps in improving the internal control of the business as it provides necessary information about the internal process and activities so that the management can obtain adequate information which helps them to take necessary decisions that can be helpful to minimize the operational issues as well as improve the business functions inevitability (Deshmukh, 2006). Information technologies provide great contribution to the business organization in order to improve the business activities of the organization. Thus, IT governance enhances the business activities of the organization.
Business processes definition
The functions that are Baker consists of are to make the delicious pastries and breads that people can enjoy in their favourite bakery shop. The working of a baker is preparing the bakeries for the purpose of the enjoyment of the people (PENG and JANIE CHANG, 2010). Their task is to mix the ingredients for the creation of proper recipes and thus it also helps in the formation of baked goods.
The process that is followed for the proper formation of the business environment is that the operation functions as delivering the desired outputs for the proper creation of the quality of the goods and the products. Thus operations that are included for the proper formation of the business processes are the strategy, design, planning and control and the performance measurement with the improvement. These strategies help in the achievement of the fruitful outcomes in the proper construction of the business process in the business of the Bakery. The steps also help in determining the efficiency of the organisation of the Bakery so that the fruitful measurements can be carried out for the proper enhancement of the process in order to achieve the best outputs for the products in the market.
The figure shows the following steps that are implemented in the organisation of bakery for the appropriate enhancement of the process (Pamungkas, 2009). Hence the continuation of the business becomes suitable for the creation of the quality products.
The most significant processes that must be performed by B. Bakery are the collection, processing and evaluating the data. The company has lost some of the key accounts as a result the company unable to manufacture some of its products at competitive price. Therefore, it is important for the business implement accounting software in order make the business to the next level (Monk and Wagner, 2013). The implementation of the accounting information system will help to collect process and store accounting and financial data as well as producing appropriate accounting information in front of the managers and interested parties that helps them to make efficient business decisions. The basic functions of the accounting information system are as follows:
The accounting information system is software that helps in the identification, recording, tracking, systemizing, valuing, processing, publishing and controlling of the financial data to ensure appropriate storage of the data. The information of financial statements should be appropriately managed with the help of accounting information system (Juric et al., 2010). Therefore, the information provided by the Accounting information system play a significant role in making decisions for the internal and external users of the financial statements.
The accounting information system will help to record the transactions appropriately without any loss of data. Therefore, the company will be able to achieve its objectives with the help of this software by collecting, storing and processing the financial data and producing the reports for the use of the managers, senior executives and other interested parties that helps to make decisions. The implementation of AIS will reduce the risk of errors and omission as well as loss of financial data. The basic parts that will enable an organization to achieve its objectives are as follows:
The B. Bakery will be able to achieve its objectives with the help of AIS and through its basic principles:
The accounting information system enables the firm to record, gather and process the data in the software. It also reduces the risk of errors and omission in the financial data as well as provides accuracy.
The software features or the functionalities that the firm should consider for the achievement of their investment objectives are as follows:-
The accounting software packages that are used in this report for the creation of the proper accounting system are the SAP, MYOB and the ERP. Thus it shows the improvement of the organisation that is related to the proper development of the security, inventory, POS, billing and time tracking and the Payroll (SAP, 2016). These systems help in the maintenance of the financial abilities that are related to the development of the systems. The system enhancement also helps in the development of the strategies for the proper creation of the calculation system, account up gradation and maintenance, securitising the information and the data related to the accounting of the company and the proper arrangement and transfer system i also created for the continuation of the proper payment system.
The SAP software helps in the financial management and mitigation of the risks that are included in the accounting management in the organisation. Thus, it also helps in the monitoring the profit and the cost management, entity operations and the accounting, reporting and the disclosure related to the financial close governance, payments and the investment managements including the bank communications and the proper management of the invoices including financial shared services (Erpsearch.com, 2016). The MYOB software helps in the creation of the auto bank reconciliation, which help in the continuation of the security and the online banking details which helps in controlling the sales for the proper enhancement of the business properties. The ERP software helps in the creation of the solutions for the creation of a centralised information system and thus the company’s data can be used for the continuation of the accessible and thus it also helps in the proper creation of the system in the environment for the current and the future needs (Myob.com.au, 2016).
The consistent growth of the computer and information technologies over last few decades has encouraged the computerization business operation. A computerized accounting system helps in ensuring the optimum efficiency to record the business transactions of the companies. The small medium enterprises (SM E) are mainly dependant on the customised accounting software because it is cost effective accounting system. The customised accounting systems are easy to use as well as it help to cover a large variety of the complex business operation (Piazolo and Felderer, 2013). The accounting software packages must capable to record the fundamental financial transactions like the general, ledger, account payable, account receivable and payroll of the company. The users of this accounting system must be facilitate with generates as well as print quotes, sales order, procurement order, cheques along with the customisable, professional looking report of the business. The accounting software also requires helping multiple users at diverse security level, import, as well as export accounting data in many formats. The accounting software must support the users to pass on data over the business organization’s network as well as over the internet. There are several accounting software package and among them MYOB is one of the most accepted accounting software package, which widely used by the business organizations across the globe (Prosser, Bagnato and Müller-Török, 2009). The MYOB is based on the analysis of the ease of use, scalability and cost, account payable, account receivable, inventory, payroll, general ledger, time billing, integration with software. It is designed to make the work easier and it helps to enter cheques, make purchase orders and create orders as well as double entry accounting system within the organization. It is considered to be one of the top accounting software for medium and small sized business (Spiceland, 2009). It also helps to manage inventories, flow of cash and generating accounting report for the management. The main features of MYOB are as follows:
The accounting software MYOB helps to manage, store and process the accounting data.
SAP is the enterprise resource planning software that helps to integrate multiple applications of the business that each application represents specific area of business (Wieder, 2011). The key features of SAP are as follows:
The most suitable vendor software package is the MYOB which helps in growth and the enhancement of the risks that are involved in the given bakery business. The management also helps in the development and the transformation of the system that are requisite for the implementation of the sequential maintenance of the accounting security in the business of the Bakery. The Bakery Business also helps in the proper improvement of the systems that are required for the proper growth of the strategies which are required for the maintenance of the vendors (Sharma and Mutsaddi, 2010). Thus the vendor maintenance is maintained by the development of the inventory, store management of the software system. Thus it also helps in the enhancement of the business and thus this shows the growth in the record maintenance for the proper enhancement of the risks.
Conclusion
Accounting information system helps in providing the necessary information about the business organization which helps the management in making efficient business decision on behalf of the company. B. Bakery is a family owned business and the accounting information system of this particular business organization has been analyzed throughout the report. The firm need more efficient information system so that the company can improve the efficiency of the business (Singleton and Bologna, 2006). Effective IT governance strategies the company can improve its business activities, so that the company can manage the business in more sophisticate way. The accounting information system have some issues like hacking and fraudulent, the company has to implement effective it solution in order to protect the company from cyber crime.
References
Desai, J. (2010). Service Level Agreements. Ely: IT Governance Pub.
Deshmukh, A. (2006). Digital accounting. Hershey, Pa.: IGI Global (701 E. Chocolate Avenue, Hershey, Pennsylvania, 17033, USA).
Erpsearch.com. (2016). How to Choose the Best ERP Software.
Hall, J. (2007). Accounting information systems. Mason, OH: Thomson.
Heuvel, W. (2007). Aligning modern business processes and legacy systems. Cambridge, Mass.: MIT Press.
Improving business processes. (2010). Boston, Mass.: Harvard Business Press.
Juric, M., Chandrasekaran, S. and Fiammante, M. (2010). WS-BPEL 2.0 for SOA composite applications with IBM WebSphere 7. Birmingham: Packt Pub.
Juric, M., Krizevnik, M., Utschig-Utschig, C., Gaur, H. and Zirn, M. (2010).WS-BPEL 2.0 for SOA composite applications with Oracle SOA Suite 11g. Birmingham U.K.: Packt Pub.
Monk, E. and Wagner, B. (2013). Concepts in enterprise resource planning. New York: Cengage Learning.
Myob.com.au. (2016). Payroll, Inventory Management & Time Billing Software | MYOB AccountRight.
Pamungkas, B. (2009). ADempiere 3.4 ERP Solutions. Birmingham: Packt Pub.
PENG, J. and JANIE CHANG, C. (2010). Applying XBRL in an Accounting Information System Design Using the REA Approach: An Instructional Case*. Accounting Perspectives, 9(1), pp.55-78.
Piazolo, F. and Felderer, M. (2013). Innovation and future of enterprise information systems. Berlin: Springer.
Prosser, A., Bagnato, D. and Müller-Török, R. (2009). Integration management with SAP R ECC. Wien: facultas.
SAP. (2016). Financial Management Software Solutions | SAP.
Sharma, K. and Mutsaddi, A. (2010). Configuring SAP ERP Sales and Distribution. Hoboken: John Wiley & Sons.
Singleton, T. and Bologna, J. (2006). Fraud auditing and forensic accounting. Hoboken, N.J.: Wiley.
Spiceland, J. (2009). Intermediate accounting. Boston: McGraw-Hill/Irwin.
Wieder, P. (2011). Service level agreements for cloud computing. New York, NY: Springer.
Wieder, P., Yahyapour, R. and Ziegler, W. (2010). Grids and service-oriented architectures for service level agreements. New York: Springer.
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