The accounting software is a kind of application software processing and recording the transactions about the accounting. This is done under the functional modules like trial balance, payroll, general ledger, accounts receiver and the accounts payable. This has been functioning as the accounting information system (Bishop 2017).
The Woolworths Ltd is one of the popular companies in Australia having huge retail interest across the nation. The organization is chosen as the case study that has been using the accounting software packages.
The following report describes the present organizational structure, operational problems and the system acquisition methods. It has also prepared the flowchart for the sales procedures and identifies the control problems. Moreover, it analyzes the adoption and developing of the packages and identified the leaders in the market and challenges faced by the clients with proper recommendations.
The Woolworth comprises of a high-street chain of retail operating in more than eight hundred stores employing more than thirty thousand staffs. Every branch is the admixture of the full time and the part time employees with an apparent distinct hierarchy. The head of the branch resides that the tip of this hierarchy controlling the overall performance. Blow this, lies the senior managers managing the regular operations.
According to Mas et al. (2014) the full-time representatives are the next and they have a tendency to be of moderately aged who have been working week days. They have been consistently appointed with assignments by the administration. At the base of the chain of importance have been lying the part-time workers. Administration at Woolworths has been to some degree expelled from their staff. Due to the casual hierarchal setup set up, head of branch had little correspondence with the lower level representatives. This implied that the administration never knew the huge numbers of their staff on an individual level. This brought about a poor use of motivational techniques.
Boulianne (2014) argues that very often the underpinning reasons behind the problems have been the using of erroneous organizational structure at Woolworths, the lack of flowing and open communications. They have also been inefficient in compounding the problems through the avoidance of the communicating of the clear chain of the command path. The first one is the issues regarding the employees that could be the identity of clashes, issues regarding supervisors, individual injury, or about the organization structure. For instance, a worker in the decentralized association has been feeling that they should reply to numerous managers if the levels of leadership are not conveyed simply.
The next one is the team problems because to be high performing, the groups must be devoted to moving in the direction of a concurred objective. Encountering individual separate with the other colleagues, the group can move toward becoming non-practical (Ramasubbu and Kemerer 2014). These issues frequently come from hierarchical or administration correspondence breakdowns that confound the shared objectives of the group and individual. The last one is the organization-wide problems. The basic worker or the groups issues have been rapidly growing on Woolworths as they fail make prompt remedial moves.
The ERP is the most appropriate system acquisition approach. Any successful implementation of ERP starts and ends with the effective functionality of accounting software. Inside the ERP framework, the modules of accounting software deal with the recording and preparing of bookkeeping transactions inside the functional areas (Eu-ahsunthornwattana, Howey and Cordell 2014). For example, this includes the creditor liabilities, money due and the payroll.
These practical regions and their relating sub-records would nourish exchanges into the general record where budgetary reports are created for administration and the external stakeholders as researched by Kellner and Swihart (2014). Despite the function or transaction, it would at last lead back to the general record for definite audit and investigation. All things considered, choosing an ERP system with rich functionality of accounting software bookkeeping programming usefulness is crucial to the overall achievement of the project.
For Woolworth, the business procedure has been inborn to its reality and capacity to make benefit. Woolworth needs to accomplish this point in their specialized manner. The center sales process has been staying comparative all through. The study by Starinsky (2016) helps in understanding that any potential purchaser or forthcoming client trades cash with Woolworths in return of the products or goods. Regardless of this shortsighted definition, there has been existing tremendous degree as to which the approach is taken (Cornell et al. 2014). In reality it is normal for the sales-division to become the biggest inside the corporate structure of Woolworths. This has been by utilizing the group of sales representatives, experts, and the business administrators, who are responsible for operations in sales division.
Pham, Malik and Foster (2014) identified the first control problem that rises since the significance of having a sales procedure is built up it has been warned. This is to take note of what number of sales experts did not have a progressive deals process flowchart or even have a procedure diagrammed. The well-known axiom goes that the words usually cannot do a justice of a picture. In the sales a very much diagrammed process could turn out to be worth millions in the revenue.
The second control problem is recognized by Witherspoon and Stone (2013) as the there are scopes that there could be loss of an imperative piece in the sales procedure. This has been regardless of whether the company is a business pioneer running various groups or a cutting edge donor hoping to crush their own portion. Yigitbasioglu (2014) reminds that there could be various frauds associated with the system. Indeed, even before any investigation is directed, the minor exercise to map out the sales procedure helps increment of attention towards the wasteful aspects or other related problems that could be hindering the execution.
The accounting software has been consisting of various functional modules like the trail balance, payroll, accounts receivable and accounts payable. The implemented and the well planned accounting software have been handling every aspects of the finance management of Woolworths. It has been composed typically with numerous modules that have been dealing with the specialized area of accounting. These are the accounts receivable, accounts payable, timesheet, reports, payroll, general ledger, expense and billing (Robb et al. 2016).
Tucker and Schaltegger (2016) ensure that the adoption of the accounting software solutions has been helping Woolworths in various ways. The organizations have started through browsing a very directory that has delivered the in depth reviews of the business software. They have also selected the system suitable for their needs. The selection task of Woolworth has been made simpler since the packages of accounting software have been designed for special industries like retail sectors in which Woolworth is involved.
The digital economy of Australia has been rising very quickly. It has contributed to about 5.1% or 80 billion dollars of the GDP two years before. According to The Connected Continent report of Deloitte, few years back, the figure rise from fifty to seventy billion dollars in recent future. Currently, it has notably has exceeded the limit and estimated to grow consistently (McManus 2013). However, the report has analyzed the roles of the computing and communication powers of the business and the wider economy. They have believed that the growth in the accounting packages, using of clouds, the machine-to-machine technologies and the data analytics in the companies of basically in the SMAC technologies (Social, Mobile, Analytics and Cloud) has caused the growth (Ismail and King 2014).
The article by McManus (2013) has drawn the references of the small business, where the distribution has changed in the last decades. In Australia, Xero comprises of the sixty-five percent of the market share in the nation. The Sage is at fifty to ten and the Intuit has been about twenty percent. In USA, the AACA has showed Intuit with taking about fifty percent of the share and Sage with thirty-three percentage of the share, while the other vendors have made up the balance. As per as the mid-range software are concerned the Sage Enterprise has been holding the largest share with forty-two percent and the Intuit at twenty-two percent and the other numerous claims of the market share. For the large organizations the Navison, Realworld, SAP has a subjective measure as per the recorded by Ismail and King (2014). Every organization could depict the exact market different from the other vendors. This includes the Vertical Software, VAR software and the Automotive software.
The accounting problems have been pretty common among those who have been using the accounting software. The problems encountered are discussed below:
The software users have been worried regarding the security of the data to accessible by the outside parties.
Some of the accounting software solutions have been powerless while helping the users who need to have their business information out.
Some of the accounting software products have not been user-friendly and never enable the users to fully utilize their keyboard or mouse.
Some of the accounting software systems have been outdated. Data corruption is also a serious matter here (Witherspoon and Stone 2013).
Because of the system restrictions, the users are unable to perform customization on the basis of their preferences.
Some of the accounting software has been offering lesser features at expensive prices.
Accounting software like the ‘Wave Accounting’ does not have the features of the bank reconciliation. This indicates that it has been unable to perform the bank and the credit card accounts reconciliation (Yigitbasioglu 2014).
The recommendations keeping the above scenario in mind must include:
The cloud based platform of accounting helps in storing the largest file in a safe manner. This also allows little personalization across the dashboards and the task lists.
The accounting software would take the calculations out of the task lists. The best packages would run the calculation and then they would flag new accounts which never meet particular customized or pore-set parameters.
An ERP tool would take the accounting to the next level. This must assimilate the features with the business intelligence tools. As it comes to the preparing and envisioning for the issues related to the cash flows, the ERPs are the crystal ball with the closest tool resembling.
Conclusion:
As Woolworths continue to diversify the scopes at the workplace challenges have been intensifying. The typically faced potential levels of the conflicts are the issues related to employee, team and the organization-wide. From the underlying procedure of launching to set up the account numbers of the general ledger by the conference room, a quality ERP package would be characteristic with the string software of accounting usefulness that is both adaptable and simple to utilize. The adoption of the accounting software never needed any financial expert for using the systems. The interface has been very user-friendly. They have been able to adopt the software with just little practice and knowledge. The sales process flowchart has been the expensive tool for the business of Woolworth. It has been providing the scope to view and better make sense of the sales process. The flowchart has shown the steps of the decisions, tasks and the processes required to retrieve the highest success and effectiveness.
References:
Bishop, W.A., 2017. Addressing The Challenge Of Strategic Alignment Faced By Small And Medium-Sized Entities During The Selection Of Accounting Software Packages. The International Business & Economics Research Journal (Online), 16(1), p.31.
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.
Cornell, J.E., Mulrow, C.D., Localio, R., Stack, C.B., Meibohm, A.R., Guallar, E. and Goodman, S.N., 2014. Random-effects meta-analysis of inconsistent effects: a time for change. Annals of internal medicine, 160(4), pp.267-270.
Edrawsoft.com. (2017). Sales Process Flowchart. [online] Available at: https://www.edrawsoft.com/salesprocessflowchart.php [Accessed 11 Aug. 2017].
Eu-ahsunthornwattana, J., Howey, R.A. and Cordell, H.J., 2014, June. Accounting for relatedness in family-based association studies: application to Genetic Analysis Workshop 18 data. In BMC proceedings (Vol. 8, No. 1, p. S79). BioMed Central.
Ismail, N.A. and King, M., 2014. Factors influencing the alignment of accounting information systems in small and medium sized Malaysian manufacturing firms. Journal of Information Systems and Small Business, 1(1-2), pp.1-20.
Kellner, K.F. and Swihart, R.K., 2014. Accounting for imperfect detection in ecology: a quantitative review. PLoS One, 9(10), p.e111436.
Mas, J.F., Kolb, M., Paegelow, M., Olmedo, M.T.C. and Houet, T., 2014. Inductive pattern-based land use/cover change models: A comparison of four software packages. Environmental Modelling & Software, 51, pp.94-111.
McManus, L., 2013. Customer accounting and marketing performance measures in the hotel industry: Evidence from Australia. International Journal of Hospitality Management, 33, pp.140-152.
Pham, Q., Malik, T. and Foster, I., 2014, June. Auditing and maintaining provenance in software packages. In International Provenance and Annotation Workshop (pp. 97-109). Springer, Cham.
Ramasubbu, N. and Kemerer, C.F., 2014. Managing technical debt in enterprise software packages. IEEE Transactions on Software Engineering, 40(8), pp.758-772.
Robb, D.A., Rohde, F.H. and Green, P.F., 2016. Standard Business Reporting in Australia: efficiency, effectiveness, or both?. Accounting & Finance, 56(2), pp.509-544.
Starinsky, R.W., 2016. Maximizing business performance through software packages: Best practices for justification, selection, and implementation. CRC Press.
Tucker, B.P. and Schaltegger, S., 2016. Comparing the research-practice gap in management accounting: A view from professional accounting bodies in Australia and Germany. Accounting, Auditing & Accountability Journal, 29(3), pp.362-400.
Witherspoon, C.L. and Stone, D.N., 2013. Analysis and sentiment detection in online reviews of tax professionals: A comparison of three software packages. Journal of Emerging Technologies in Accounting, 10(1), pp.89-115.
Yigitbasioglu, O., 2014. Cloud computing adoption in Australia: the benefits, risks and implications for accounting.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download