Discuss about the Literature Review on QuickBooks.
Accounting is the computer that deals with the management and storage of the accounts and performs the arithmetic and accounting operations (Lipi, Rama and Agaraj 2015). Thus the major focus of this study is to review the literature on the accounting software or package in Australia. Therefore, the entire literature review is based on QuickBooks. Moreover, this study illustrates a brief discussion about history of software and the company background that developed this software. Furthermore, this literature review portrays detailed information about the development and adoption of the organization. On the other hand, this study also provides details regarding QuickBooks’s current market size. Thus, the competitive advantage of QuickBooks and the accounting software leaders in Australia have also been identified.
QuickBooks was marketed and developed by Proulx and Scott in Intuit based in California. This organization developed the similar services for the owners of small business after the success Quicken for the individual financial management (Intuit.com 2017). The initial Quicken software could not be capable of functioning as the double-entry package of accounting. The initial QuickBooks release was the DOS version that was dependent on the “Quicken Codebase”. QuickBooks was launched in 1998. It was patterned after Quicken. Mptreover, it was intended for offering the owners of small businesses the flexibility of a user-friendly software package. It quickly became famous after launch of QuickBooks among the business owners, who had the minimum experience in the accounting operation.
The changes in the technology primarily driven by the mobility and cloud benefits are transforming the way through which people better work and make excitement. Compliance and Financials processing are shifting from the number that is time-consuming tasks for creative partnering between the accountants and small businesses. Therefore, being a part of the technological advancements, the adoption and the development of QuickBooks plays a crucial role in Australian business development (Boulianne 2014). QuickBooks online has enabled easy as well as swift access towards the data of a company irrespective of device, place or time. QuickBooks has been adopted mainly by the small organizations in order to integrate well with the other programs such as Acrobat Reader and Microsoft Excel.
According to the advanced features and the business operations of QuickBooks, it is one of top 10 international financial management systems and the fastest developing accounting software packages in Australia. It has also carried out to develop its top line in a rapid manner as its sales enhances in Australia by high percentage in the current year as compared to the past years (Godfrey 2014). On the other hand, it can also be stated that the rate of adoption and the popularity of this particular accounting software package developed by the financial companies more than other accounting software packages of the famous enterprises. QuickBooks software is strongly competing with the other popular accounting software like Sage, Oracle and SAP in regards to the earned revenue, current market share and the popularity of this particular accounting software.
QuickBooks accounting software is known as one of the leaders in this industry all around the globe because this particular software is leading the market for accounting software for the advanced technologies offered by the QuickBooks. Numerous enterprises, especially the small companies around the globe are depending on the services offered by the QuickBooks accounting software (Lyons 2015). QuickBooks has also carried out its success factor in terms of delivering the best ERP suites as well as cloud financial towards the businesses in Australia and globally by enabling them to significantly lower the costs in relation to It during the enhancement of the productivity because the adoption of international cloud accelerate.
On the other hand, this particular accounting software or package has built the entire expectations from the business corporations in a very successful manner like the dispatch label, print label, track and trace, parcel lockers, parcel rates as well as parcel collect. Most importantly, this software package has also been rewarded as one of the leaders in the Australian market of accounting software because it offers huge range of diverse applications and features in each accounting operational field for the business organizations.
QuickBooks accounting software has achieved a significant competitive advantage in the business enterprises in the Australian Corporate culture for the high demand and huge popularity of this particular accounting software. Therefore, it has been enabled simply for the implementation of the diverse applicability in the entire accounting operations among the business enterprises who offer the accounting services (Schiff and Szendi 2014). QuickBooks has high demand in the accounting software market because, this software is capable of providing a unified and a real-time global platform for the business operations in regards to the management of multi-currency, multi-language, multi-national and multi-subsidiary businesses. Apart from that, QuickBooks has offered several manufacturing services and operations, retail, Ecommerce services, professional services automation, CRM services and the Enterprise Resource Planning Services.
Moreover, one single database of QuickBooks accounting software has become successful in terms of offering multiple services. On the other hand, in Australia, several business companies who work with the accounting services want more to develop and adopt QuickBooks for its multiple services offered by its single database (Bishop 2016). Moreover, it is very simple for portraying the matter that QuickBooks has successfully achieved huge competitive advantage in the country as well for such multi-dimensional services offered by this accounting software package. Apart from that, this enhancement in the competitive advantage for the software interpretes also the reason as well as the fact why this software package has been successful for becoming one of the market leaders in this country along with MYOB, Sage, SAP, NetSuite and other software.
QuickBooks also has few disadvantages or gaps along its huge range of applications and advantages over the business organizations in Australia.
No-Fixed Asset Selection – The potential problem with this software depending on how a client utilizes the software is that QuickBooks does not come with the section of fixed asset (Machado 2016).
Outages – Online edition of QuickBooks is the service that permits the users for paying a monthly fee for using the software through a secured web browser and it comes with its own authentic issues (Quinn and Kristandl 2014).
Lackluster Audit Trail – One of the prime concerns regarding this software is the audit trail of QuickBooks. Business owners and the accountants prefer the flow of financial information of an organization to be well-documented and in-depth (Schorr et al. 2013). However, there are few situations where the financial details can be changed without leaving any kind of documentation, QuickBooks provides an audit trail for most information. Most importantly, it means that the software leave a gap that could allow potentially the financial records of an organization to be fixed.
Conclusion
The entire study has presented a well-structured literature review on QuickBooks account software package, which is one of the leading accounting software in all over the world along with Australia. Therefore, this study has successfully interpreted the success story of QuickBooks among the business enterprises in the country. As an overall conclusion, it can be stated from the entire discussion made in this literature review that QuickBooks has gained a huge market share among the other accounting software like SAP, Sage, MYOB, NetSuite and others as the small and large enterprises prefer to use this software in their business activities. Furthermore, the huge competitive advantage achieved by this software has resulted in enhancing its market share in a particular nation. Thus, in this way, QuickBooks accounting software package has successfully gained a wide range of market share in Australia due its achieved competitive advantage in that country.
Along with the advantages, QuickBooks has also few issues as discussed above. In order to resolve the issues, there are few useful recommendations, which must be followed while incorporating this accounting software.
Inclusion of Fixed-Asset Section – Intuit should provide or incorporate a separate report to enlist the fixed assets of a particular organization.
Creation of new method for enhancing RAM cache usage – Intuit should implement as well as improvise the new methods in terms of enhancing the usage of RAM cache in QuickBooks. On the other hand, Intuit should also explain several possibilities desired for allowing the users for configuring the best alternatives for utilizing the system cache for improving the performance that presents an essential deviation from their previous practices.
More Influencing the Large Business Enterprises – Intuit should improvise the features of QuickBooks in order to seek more attention of the large enterprises in Australia for incorporating this accounting software in their businesses. It would help this software package to again a good competitive advantage in Australia.
References
Arcega, C.K., Datinguinoo, E., Guerra, J., Guno, C., Mayuga, H.J., Villamena, E. and Manongsong, J.L., 2015. Computerized vs. Non-computerized Accounting System of Small and Medium Enterprises in Lipa City, Philippines: A Comparative Analysis. Asia Pacific Journal of Academic Research in Business Administration, 1(1).
Bishop, W.A., 2016. Addressing The Challenge Of Strategic Alignment Faced By Small And Medium-Sized Entities During The Selection Of Accounting Software Packages. International Business & Economics Research Journal (IBER), 16(1), pp.31-54.
Boulianne, E., 2014. Impact of accounting software utilization on students’ knowledge acquisition: An important change in accounting education. Journal of Accounting & Organizational Change, 10(1), pp.22-48.
Godfrey, D.E., 2014. Creating an Accounting Software Program: Small Business Focus.
Intuit.com. 2017. Intuit: small business, personal finance and tax software. [online] Available at: https://www.intuit.com/ [Accessed 16 Jan. 2017].
Jones, D. and Jones, M., 2016. Using QuickBooks® Accounting Software to Improve Financial and Production Records for Better Decision Making. In 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas (No. 229772). Southern Agricultural Economics Association.
Lipi, I., Rama, R. and Agaraj, X., 2015. Implications of Accounting Information System Implementation in SMEs: A Study on Retail Business in Vlore Region. Mediterranean Journal of Social Sciences, 6(3), p.553.
Lyons, S.M., 2015. Using Accounting Software for Food Hubs: Processing Traceable Orders.
Machado, M., 2016. Management accounting software and accounting practices: empirical study on SME enterprises. WSEAS Transactions on Business and Economics, (1), pp.94-103.
Quinn, M. and Kristandl, G., 2014. Business information systems for accounting students. Pearson Education Ltd..
Schiff, A. and Szendi, J., 2014. Helping Small Business Entrepreneurs Avoid Critical Mistakes in Quickbooks Accounting Software. The Entrepreneurial Executive, 19, p.169.
Schorr, M., Sylvester, M., Dopf, G., Henrich, D., Liebich, G., Conrad, M., Reccius, A., Klein, M., Hohendorf, M., Roesinger, A. and Soltek, R., 2013. Providing accounting software application as enterprise services. U.S. Patent 8,442,850.
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