Discuss about the Accounting information System of Altium Corporation.
Accounting information system is an important part of the companies. An organization can attain long term goals and objectives without initiating the accounting information system. Altium Corporation has been chosen in the task to explain and outline the role of accounting information system. It is public software organization established in 1985. The firm provides accounting software packages and creates printed circuit boards. Furthermore, the paper explains the operational issues and fraud that are raised in the organization. ERP system, custom software and commercial software have been explained in the paper. It explains how system flow chart helps in sales procedures and on the other hand, it outlines that how leaders support to gain competitive advantages in the global market. Moreover, it describes the various issues that are occurred in Altium Company. More detail of the task has been detailed below.
Altium limited is an Australian owned public software firm that renders PC based electronics designer software for engineers and other clients who design printed circuit boards. The company was incorporated in 1985 by Trotel system Pty Ltd in Tasmania having regional headquarters in Australia, United States, China, and Japan. It shall be noted that the company sells its products in these markets. Since 1985, the company have been developing, selling and creating electronic design tools and techniques that help engineers and electronics designers harness the latest devices and technologies, handle their projects across the world. Virtually electronic product is modified and constructed with one or more printed circuit boards that act as the carrier of all electronic components, FPGAs, microchips, embedded software and electromechanical parts (Anastasova, Kassanos and Yang, 2017). The company is one of the first providers of PCB design tools and methods across the world. Along with this, the firm works with consumers to solve issues and problems in the marketplace. The company maintains unique and favorable working culture at the workplace (Attium, 2018).
The operational issues are being faced by Altium Company due to poor and inadequate organizational structure. The operational issues include delays in task, inefficiency, errors and costs issues that might affect the sustainability of the company adversely. Some of the operational problems are stated below.
Errors in business: Due to high workload, many mistakes are done by the company in certain situations. As a result, the firm will have to bear a great loss in the marketplace. It shall be analyzed that errors occur in the workplace due to the out dated version of the accounting software system. It also affects the goodwill and productivity of the firm. To handle this issue, Altium should use a system which is able to handle and manage large amount of information within the organization.
Networking issues: In today’s era, inflexible and ineffective networks and technology run rampant in IT sector that could affect the sustainability and productivity of the firm. In addition, changing, moving, breaking and replicating any part of the network and technology create issues and barriers within the organization.
Inefficiency and teamwork issue: Inefficiency is occurred due to high workload and poor employees. The employees are unable to focus on the business operation in Altium due to lack of knowledge and experience. The managers and leaders should motivate the employees for attaining the long term goals and reducing the obstacles and issues related to the firm. Conflicts and obstacles between team members also occur at the workplace due to lack of motivation and leadership. The firm needs to focus on the team members in order to handle and avert operational issues. Teamwork plays a vital role in operational management. Therefore, teamwork and cooperation should be maintained by the workers at the workplace to gain rivalry benefits globally (Bosher, 2014).
Some of the methods are used and implemented by Atlium to perform tasks and duties properly and effectively. One of the significant benefits behind the using of software system is current business status that could help to improve and enhance the goodwill and image in the marketplace. It shall be observed that effective software system can be used to initiate the business operations and activities successfully and smoothly (Hatley and Pirbhai, 2013). There are three software system that can be used by the organization have been discussed below.
One of the significant and effective software used by Altium is commercial software. This type of software is designed and created for sale to serve a commercial requirements and needs. Basically, commercial software is called proprietary software but in some instances it may be public domain software. Some of the examples of commercial software include Microsoft office, Adobe photoshop, Microsoft windows, Dreamviewer and Corel Draw. Altium uses commercial software to improve efficiency and maintain records within the organization. These types of software can be modified at any time and automatic updates can be received in the firm (Fenton and Bieman, 2014).
The custom software may be defined as a solution is an organization or firm who is specialized in customized software development and expansion. In other words, custom software is a computer program or web application that is created for a specific company, department, purpose and objective. Altium uses custom software application or web to meet the requirements of the users (Davis, 2013). This software helps in maintaining the accounts of the other firm and users. With the help of this software, the company has been able to protect the business from external threats and barriers. In addition, this software helps in saving the hardware acquisition costs or expenses. In this way, custom software can be good choice for users and engineers who uses web application and software (Frabetti, 2014).
This system is initiated by Altium Company to increase productivity and minimize the risks and challenges of the market. This system is used by the firm to manage and handle the day to day activities and operations like manufacturing, planning and procurement worldwide. It also helps in maintaining sufficient inventory level at the workplace. ERP system enables clients to access various types of software application and web for their better business activities and actions. It shall be noted that ERP provides two tier structure to handle the backend and frontend procedures within the organization. Moreover, better integration of the software and business process can be done by using ERP system within the organization (Matende and Ogao, 2013).
The system flow chart is initiated and used by the company to increase and enhance the demand of the products and services. This system helps in analyzing and evaluating the business process and handling the sales through application or web. Along with this, it is an essential part of the sales process that is implemented by the company. It also helps in rendering effective and dynamic accounting software services (Efe, 2016). The flow chart for Altium helps to increase the number of customers and maximize the outcomes and results of the firm. It shall be stated that system flow chart uses encompasses sensitive information (Nwankpa and Roumani, 2014). The system flow chart of sales procedure has been stated below.
If the company implement ERP system and custom system within the organization then there are enormous control problem are occurred within the organization that cannot be controlled. Firstly, the firm is unable to appoint right and talented employees who understand and know the use of applications and web. As a result, they are unable to provide right and correct information to the users in the market. Secondary, sophisticated software makes process and procedures complex and difficult. On the other hand, data is moving in cloud at unparallel levels thus, it is very complex to focus on the cloud based services. Staff retention is another issue in Altium Company which affects the profitability and returns in the market. Due to employee retention issues, the company is not able to retain potential and skilled labors. Furthermore, some technical and operations issues are also existed in the organization. From the technological point of view, risks and changes are associated with software and application therefore it affects the bargaining behavior of the employees adversely. In addition, ineffective employees are unable to access the software correctly. In this way, various issues are faced by the company (Hoque, 2018).
Some of the complexities which could have direct impact on the performance of the firm including poor requirements, miscommunication, inadequate testing. Along with this, proper training and development coaching is not provided by Altium related to software and application. If ERP system access in a wrong manner then various complexities are faced by the firm (Chou et al, 2014). Apart from this, the company is unable to maintain uneven load balance within the organization. On the other hand, unexpected service agreement with clients also affects the sustainability and image of the firm adversely (Albert and Tullis, 2013).
When a client accesses the software system, it is responsibility of the employees that he should provide proper and right information to the user related to the software and web. Along with this, system shall be designed in a proper manner and it should have ability of installing the various updates whenever required. The system should provide some operational support to manage the data and resolve these issues related to application (Albert and Tullis, 2013).
Possible fraud
Basically, fraud is biggest issue in Altium which is becoming a cause of uncertain loss and damage. It also affects the efficiency of the worker as well as user also. The employees of Altium perform business activities and operations therefore it is necessary to detect the fraud which may occur in the system. The company needs to focus on the ERP system to detect fraud and error. Along with this, system integration is done to reduce the fraud and errors within the organization. Fraud detection software plays a vital role to reduce fraud and error therefore; such type of software shall be designed by the company (Martin and Rice, 2013).
Accounting packages are commonly known as accounting software that helps to carry out the business activities and operations successfully and carefully. This is software which is used to help accountants and the likes to do business transaction recording for trade and business. Accounting software packages provide several benefits to the users (Schorr et al, 2013). The accounting records are automatically updated thus account balances will always be up to date. Along with this, records can be produced effectively that help management to monitor and control the business. It shall be noted that better use of resources can be done by using effective accounting software packages. This software also reduces employee time doing accounts and eliminates the audit expenses as records are neat and up to date (Lim, 2013).
Altium Company uses accounting software packages to gain competitive advantages and maximize the profitability in the international market. Furthermore, ERP system helps in initiating the accounting software packages within the organization. By using accounting software packages, the company is increasing its profit and revenue, it has gained revenue around US$100M (FY2016). This software also helps in detecting and reducing fraud and errors within the organization. If talks about online accounting software, it shall be stated that online software is easy to learn and use in day to day business activities and operations. The firm can use online accounting software to destroy the competitors worldwide (Ishizaka and Nemery, 2013).
Altium is a key player in the PCB design software and greater electronics industry. It has made a great position in this industry. Therefore, the company covered entire market to sell the product and services. There are various competitors existed in the market such as Magma design automation, Spring soft, Appriss and AWR Corporation that could affect the progress of the firm. The company makes unique strategies and plans to beat the competitors. The firm is improving the products in today’s era to attract more clients in the market.
Alium is led by a passionate, dedicated and highly experienced team with deep knowledge and expertise in software and electronic design automation industry. Aram Mirkazemi has been appointed as a chief executive officer. As CEO, he makes dynamic and unique strategies and guides the team to perform tasks and duties effectively to flourish the business operations. Samuel Weiss is non-executive chairman, he is responsible to make policies in the organization to stay in the competitive market. Furthermore, Non executive officer is responsible for planning, brand building and people management. Along with this, Sergey Kostinsky is chief technology officer and head of engineering. Sergey is accountable for diving optimal performance and productivity in all aspects of engineering efforts and lead an effective team of high caliber engineers. As CTO, Sergey is also responsible for shaping and developing the technological direction of Altium to underpin the organization’s bid for PCB market leadership (Obolensky, 2017).
Although accounting software, custom software and ERP system are being implemented by the company to make business operations and activities easy but risks and challenges are associated with these software. Some of the risks and challenges are stated below.
Weak reporting services: The accounting software are unable to provide proper and right information, therefore it affects the sustainability of the company (Sultan, 2014).
Lack of security: Accounting software is unable to provide security to the users. As a result, users are unable to rely on the software. It is one of the significant issues which is dealt by Altium Corporation.
Lack of accuracy: It is also a big challenge for the company which could have direct impact on the sale of the products. Most of the accounting software has become poor and older in terms of technology and operations. It creates inaccuracy in the software.
Technical support: Due to lack of poor and ineffective employees, the firm is unable to provide rights and accurate information to the users. Furthermore, consultant team is not available 24 hours in the firm that affect the image and goodwill.
Lack of correctness: The accounting software and ERP system are unable to provide right and accurate facts and information. The firm is also unable to install updates on daily basis. All these issues are faced by Altium while conducting business operations and activities (Zogaj et al, 2014).
There are various suggestions given to manage and tackle these issues that have been discussed below.
Conclusion
On the above mentioned analysis, it can be concluded that accounting software plays a vital role in each and every company to meet the desired goals and objectives. No company can survive and grow in the market without using accounting information system within the organization. Here is the discussion about Altium Company which provides accounting software services and designs printed circuit boards. The firm uses unique and dynamic ERP system, commercial software and custom software to stand out against the competitors in the market. It has been analyzed that accounting software packages help to increase the number of customers in the marketplace. To resolves the various issues such as operations, custom software issues and application issues, the company makes innovative strategies and policies within the organization. In addition, effective and dynamic leaders are appointed by the organization to flourish the business across the world.
References
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Albert, W. and Tullis, T., 2013. Measuring the user experience: collecting, analyzing, and presenting usability metrics. Newnes.
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