Discuss about the Machine Learning in Finance Management.
Accounting software refers to the application that stores and processes accounting transaction in the functional modules like accounts receivable, accounts payable, trial balance and payroll. In other words, this application can be considered as the accounting information system (Dunbar, Laing and Wynder 2016). Both the large and SMEs make use of this application within the business for facilitating the operations of the accounts department.
Within the study, the detailed description of the accounting software called Xero has been discussed through reviewing various literatures. From history of the application to the present gaps, all the information is present in the literature review.
Xero was established in 2005 (Hingorani, Beasley and Bradford 2015). The creator of the organization has the business of providing Aftermail. The CEO of Quest Software provided him with the capital to develop the organization. With the procurement of Aftermail for forty five million dollars after eighteen months, Mr. Drury had the cash he was searching for to set up Xero. In 2008, the organization introduced its first application to the Australian Market (Ma 2015).
Being a cloud based accounting software, Xero has extreme impact on the Australian Market. After several months of research, it has been found that the business of the Australia is very much dependant on the cloud based application, approximately seventy five percent (Erturk and Fail 2015). For this reason the Australian Government has spent more than a billion to develop the application relevant to the Australian Market. Because of some unique features, the popularity of the cloud based computing is more famous in Australia than the conventional computing (Jong 2016).
The implementation process of Xero is isolated into various strides. In the initial step, the accounting programming, Xero was produced as working application, as it is very simple for the general population to utilize. After then another element is included which is known as model detail. It is largely given as the blueprint of Xero for different implementation methods. For accomplishing legitimate and in addition adequacy in the operations, the model particular is given the assistance of documentation (Lim and Perrin 2014). This is by and large accomplished for maintain a strategic distance from different sorts of difficulties including misconception and in addition poor implementation. The encounters of the clients are for the most part created by including hues and in addition representation. In the last stage, great graphics are included for building up the product progressively and the day and age which is required for the strategy is especially less (Hellstrom 2016).
Xero has advanced from a small New Zealand-based startup to spending about $250 million on creating programming. The organization a year ago had more than 400,000 paying clients crosswise over 180 nations, preparing about $240 billion in exchanges and 95 million solicitations (Wyslocka and Jelonek 2015). Xero is yet to turn a benefit and as per Evan Lucas of IG Markets, the share cost of $23.72 is more down to future desires as opposed to current operations and shareholders will need to hold up until FY17 on current appraisals to see NPAT turning positive (Trivedi and Gangwar 2013). Xero is the greatest cloud accounting organization. MYOB has 116,000 cloud supporters contrasted with Xero which has around 320,000 crosswise over Australia and New Zealand. It has made for a skirmish of incredible scale as occupants with their got the money for up coffers, set up systems and solid brands muscle up against new contestants like Xero, which contributed more than $250 million building its cloud stage starting with no outside help (Erturk and Fail 2015).
MYOB and Intuit is the enormous player in the Accounting Software showcase other than Xero. The organizations go after predominance in an enormous market: each business needs to monitor its records and these organizations make that straightforward (Curtis 2015). They evacuate the requirement for clerks and permit organizations to make invoicing and income administration choices on the gone through desktop and versatile applications. MYOB has been hustling to work out their own particular offerings, keep up piece of the overall industry and ascend amongst $AU831.7 and $AU833.8 million in view of a characteristic value scope of $3–$4 a partake in its IPO (Mayasari 2015). US goliath Intuit has likewise moved into the Australian market, a move some depicted as contentious.
In comparison with other accounting software, Xero has some additional features that allows it to stay ahead. The functionalities of the Xero Accounting Software is completely dependent on Xero (Dunbar, Laing and Wynder 2016). This makes the organizations to depend on Xero for conducting some of their particular task. The accessibility of the software is more efficient and effective than the other available applications in the market (Ma 2015). For this reason, the user of the application can make use of the software regardless of the location and time.
Integration of Xero aides in giving appropriate joint effort and support for enhancing the diverse procedures and application administrations of the associations. Other accounting applications are not ready to give a similar degree of cooperation with various application administrations. The UI, which is available in the accounting programming, is very basic and in addition instinctive. It is opined by Jong (2016), that Xero is very simpler to utilize and this is because of the nearness of natural UI. The UI additionally helps in making the method quick and in addition dependable.
That the cost of accounting application is particularly sensible in the market of Australia when contrasted with other accounting application. It contains capacity of re entering information which other distinctive procedure of compromise cannot give (Hellstrom 2016). Xero accomplished upper hand in Australian market because of some of its essential and in addition noteworthy elements.
Accounting software is the best solution for resolving the issues that are coming from the manual operations of accounting. In addition to this, though there are various benefits and advantages of XERO, there are various disadvantages of XERO (Boulianne 2014). These challenges and problematic situations are involving many challenges in to the automotive operational performance of the system operators. In contrast with these facts, some of the disadvantages are elaborated in this part of the report:
Automatic software and upgrades: Automatic software upgrades are harmful for use of speedy and effective operations through the PC or laptops (Rahman et al., 2014). Every system architecture needs some set of functionalities that will be helping the system operator in managing the situation. Automatic system updates are harmful in providing the effective speed of the system.
Ongoing monthly fees: Ongoing monthly fees are another disadvantage of the XERO software. In addition to this, as long as the XERO subscription is activated the users can access the site and check their information. However, after the subscription is over, they cannot check their software. The subscription demands for renew.
Lack of security aspect within the system operations: XERO software is nothing but the management of accounting details through the internet (Smith 2015). Therefore, the internet activities involve various threats and vulnerable situations within it.
Quality Internet connections: Without a good internet connection the users cannot use the XERO software for their personal usages. This aspect is also another disadvantage of XERO.
Expensive Software packages: XERO is more expensive than any other accounting software (Boulianne 2014). Therefore, though it offers various advantages, the expenditure of the system architecture makes it affective.
Conclusion
This can be concluded that XERO is one of the most effective and innovative technological advancements that offers various advantages for managing accounting details and other accounts related operations within organizations. XERO is advantageous for Small Scale Industries within Australia in order to grab their business positions with the help of effective financial details management that will be improvise their situation in earning more revenues. In addition to this, XERO is entirely dependent on the cloud, therefore, there are also various challenges within the use of XERO. Therefore, these challenges and gaps should also be considered in order to analyze effectively analyze the importance and challenges of XERO in the contemporary business industry of Australia. This report has not only discussed about advantages and disadvantages of XERO but also it is also providing some recommendations for the betterment of the system architecture.
Fresh Features: The application is required to integrate new features so that the issues regarding the general ledger can be avoided in the future. For making the operations of the small organizations perfect, some functionality in the account section can be upgraded.
Authentication: In terms of providing accurate data to the intended person, use of appropriate authentication is very necessary. No data of the management will be revealed to the employees.
Training: Not all the employee have idea of using a cloud based accounting software. In terms of making use of most of an employee, it is required to provide training to the staff.
Development: The development of the software is still including some gaps. It is not possible to eliminate all the gaps at once. But it is suggested to the organization to prioritize those gaps and eliminate those accordingly.
References:
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), 22-48.
Curtis, V., 2015. MYOB Software for Dummies-Australia. John Wiley & Sons.
De Jong, C.J., 2016. Embedding an Intelligent Tutor into existing Business Software to provide On-the-Job Training.
Dunbar, K., Laing, G. and Wynder, M., 2016. A Content Analysis of Accounting Job Advertisements: Skill Requirements for Graduates. The E-Journal of Business Education & Scholarship of Teaching, 10(1), p.58.
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.
Hellstrom, A., 2016. Machine Learning in Finance Management: Case OpusCapita.
Hingorani, K., Beasley, B. and Bradford, J., 2015. ENHANCING STUDENT LEARNING OF ERP CONFIGURATION THROUGH A QUICKBOOKS TUTORIAL. Issues in Information Systems, 16(1).
Lim, N. and Perrin, B., 2014. Standard Business Reporting in Australia: Past, Present, and Future. Australasian Journal of Information Systems, 18(3).
Ma, X., 2015. The adoption of cloud computing for small and medium accounting firms.
Mayasari, M., 2015. The Influence of Personal Characteristics, Interaction:(Computer/Individual), Computer Self-efficacy, Personal Innovativeness in Information Technology to Computer Anxiety in use of Mind your Own Business Accounting Software. International Journal of Economics and Financial Issues, 5(1S).
Rahman, M. M., Elahi, T. E., Gupta, S. K., & Rahman, I. (2014). Assessment of Accounting Software Practices in Small Medium Enterprises (SMEs) of Bangladesh: A Survey of Barrier and Adoption (Dhaka City). International Journal of Management Sciences and Business Research, 3(4).
Smith, H. (2015). Xero for dummies. John Wiley & Sons.
Trivedi, S.K. and Gangwar, R., 2013. CLOUD COMPUTING: A TOOL FOR ENHANCING THE COMPUTING POWER. International Journal of Information Technology & Computer Sciences Perspectives, 2(2), p.555.
Wyslocka, E. and Jelonek, D., 2015. Accounting in the Cloud Computing. The Online Journal of Science and Technology, 5(4).
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