Decision Investment In Accounting Software â€Myassignmenthelp.Com

Question: Discuss About The Decision Investment In Accounting Software? Answer: Introduction There are many companies in Australia which are making the use of the accounting software to record and process the business transaction. This software integrates the many functions of the business for conducting the business process smoothly. In the report the process of selecting of the accounting software by the Bakery has been discussed and the way it will help in improving the current process of the business. The report makes the comparison between the different software from different website to meet out the current need of the Bakery. Define business process The B Bakery is the family owned business and engaged in the business over the past 50 years and supplies Bread and confectionary product to the number of different business including supply and food chain. The firm in the past few year has experienced growth in some of the new product range thus felt the requirement of new software to take the business to next level. The current business process of the B Bakery requires the use of certain units such as production, sales, marketing, HR and accounting and finance which coordinate with each other to deliver product and service to the customer. The Supply chain management unit ensures that the production unit is available with the right resources at the right place and right time. The unit also manages the inventory and ensures that the goods and service are delivered to the customer at the right place and right time (Grabski, et. al., 2011). The production unit ensures the goods are prepared as per the requirement of the top level mana gement and makes effort to minimize the wastage of the resources. The account and finance department of the business will manage the financial resources and records all the key financial transaction of the business. The unit records the transaction as per the regulation set by the government and preparation of books of accounts as per the guidelines provided by the regulating authority. The unit also provides the information to different stakeholder to make informed decision in relation to the business. The human resource department of the company makes the arrangement of the human resources to effectively conduct the production and other function of the business (Saracina, 2012). They also fulfill the relevant regulation in relation to the human resources and handle the issue which they face at the time of working. The marketing unit of the company is working to communicate with the customer the benefit which the company is offering through its product and service. The unit is working in coordination with the other unit of the business to deliver a quality product to the customer (Malini?, et. al., 2010). The each of the unit of the Bakery is dependent upon each other and needs to work by coordinating to attain the business goals and objective. If any of the units fails it will affect the overall outcome of the company thus the management needs to equally emphasize over each of the units to attain the growth in the market. In the current situation, the B Bakery is facing the issue with the accounting department which thus fails to manage the existing operation. Therefore the company is planning to acquire new accounting system to effectively manage the growing business expansion. The company is planning to include the certain feature in the accounting system which will assist the management in making a key decision in relation to the business. Develop business requirement Process to be performed The each of the process is important but the B Bakery is lacking in accounting and finance department of the business is lacking. The company has shown the tremendous growth in the product in the past few years but due to certain issue in the accounting department is facing difficulty in managing current business operation (Dameri, et. al., 2013). The company has acquired the accounting expert for bookkeeping but the department doesnt provide the information to the management to make a key decision in relation to the business. Due to the same the company has failed to offer the product to the customer at the competitive price which creates impact over the company current market. The management of the B Bakery will require certain reports from the accounting system which generate some report to assist the management in making the key decision in relation to the business (Shields Shelleman, 2011). The information will assist the management in making a strategic decision which will hel p the company to grow its business. The company in order to meet out the current business need is planning to acquire the new accounting software with the few of the requirement. The company requires that the software assist them in quickly recording and processing information and easy availability of the information. The company also requires that the software should integrate the business process for better decision making. The company also wants that the new software fits with the existing structure of the organization and doesnt require much change in the organization structure. Outcome of the process The B Bakery wants certain outcome from the process which helps the company in attaining better performance in the market by working with a certain key aspect of the business. The company requires the software which makes data entry quicker and the database of the customer supplier and detail are recorded in the effective way (Schiff Szendi, 2014). The company requires that the software automatically production of the reports and document such as invoices, purchase order, credit note, printing statement, profitability report etc. The company also needs to check that the software provides the accurate information and there is no issue in processing the information. The transactions recorded by the company should be automatically updated to provide the updated information to the users of the software. Also, the software should automatically create the backup of the software over the cloud which makes the instant availability of the information to the different user's operation at the different location at the same time. The company requires that the software produces a certain report which will help the management to monitor and control the business such as aged debtor analyze, trading, profit and loss and balance sheet of the company. Also, the software should facilitate automatic creation of the GST/VAT return and the printed information to avoid the error caused by the poor figure (Pulakanam Suraweera, 2010). The software should also assist the company to identify the area where the company lacks to improve the outcome of the business. Also, it will require training the staff to the new skill which can make them feel motivated and less critical to the business operation. The software will also reduce the outcome of the staff timing doing the accounting and reduce the accounting and auditing expenses which will benefit the company in the long run. Also, the software will reduce the frustration of the management as they divert there focus over the key area of the business. The software will also integrate the business process and the system used for the business process which will help the company in earning more revenue (Pfeifer, et. al., 2017). Determine the system requirement There are several accounting features that B Bakery can adopt to achieve their IT requirements. However the best accounting software should necessarily have these features which are as follows: Flexible setup: As the business grows, the operations of the organization become more complex and compound in nature. Supplier of software should be willing to completely customize B Bakery system on their needs. B Bakery should mandatorily discuss how the IT system handles complex business situations, divisions and sites of their business (Woodard, et. al., 2013). They should also focus on discussing the matters like how the software will help in business future growth and expansion. Comparability: Accounting software to be known as good, should have a better-known feature of easy to access reports which can be easily accessible and are comparable across different parts of the B Bakery to analyze and identify the trends. For the comparable feature, the accounting report must have the same measurement unit, belongs to a particular period and also have a common format for making accounting reports (Davidson, et. al., 2010). Comparability is an essential feature of any accounting IT software. For the final analysis, the reports should be in a format of comparing them with the other year reports of B Bakery. Relevance: Any information which influences the decisions of business should be regarded as relevant information. The information must be available on time and having a considerable and enough detailed level of showing diverse trends and comparisons between different units of business and different years that encourages or motivates to level up in the business (Winch, 2014). Relevant information can be used only if it should be provided on time without any error so the accounting software should be in a state in which it should provide error free reports to B Bakery. Integration with other systems: Business units having medium sized operations may be using dozens of systems in the organizations which may be of downgraded technology to the limit that amalgamating their data with the other system is not that easy task which can easily take less time on the upgraded systems. While choosing a provider B Bakery should find the answers to these questions, else they may regret in the future for their decisions. Tensile access levels: B Bakery should remember about the security of their significant and relevant information. For this feature, B Bakery should understand that negligence of employee leads to the high level of data breaches. The access level of the new IT system should be flexible with the staff, employees and other managerial individuals. Unlike other business softwares that are having a very rigid access and security levels like administrator and guest. B Bakery should choose software that allows more flexibility to the employees and staff of the organization like access through number range like 0-100. This approach will allow B Bak ery to differentiate the level and stage of employees with more accuracy something which is very beneficial if they are working with any temporary employee or any intern (Opera II, et. al., 2011). Easy to understand: The IT software should be easily understandable by the employees and the staff of B Bakery. The more guess work includes in work the more, the more vulnerable B Bakery is to error. B Bakery should understand the fact that the accounting software should be easy to understand and has a user-friendly nature so that it has a chance to being implemented in the organization with its full capacity. Ability to handle massive user volumes: It is a difficult task to handle a large no. of users volume for the systems accessing same software. Many software providers restrict the no. of registered users of software on the other hand if more than a no. of handful users trying to get access to the system would result in the slowdown of the IT system. B Bakery is having a good no. o f staff which in term reflects the same problem; B Bakery should definitely approach the software provider about the maximum no. of users that can realistically enter the software concurrently before the system smashes to stop (AccountsIQ, et. al., 2011 Software selection There is a wide range of accounting software available in the market thus the management of B Bakery should make the choice of the accounting software as per the current size and level of operation. The B Bakery is the medium size enterprise thus requires limited feature in the accounting software to effectively manage the business process. The management of the company has visited many of the sites such as XERO, MYOB, QuickBooks, and NetSuite etc., to find the software as per the current requirement of the business. Entry level accounting There are many of the company which is operating at the smaller level such as sole proprietorship and Micro enterprise and requires the software for recording the general accounting information. These organizations require basic accounting function and are easily available over the internet free of cost or at the nominal amount. The many of the retailer uses the software to add coordinate with the existing build in the system. Small to medium level enterprise The B Bakery is the medium size enterprise which requires certain additional feature apart from the basic level of accounting. The company demand generation of the certain report apart from the basic accounting function which assists the management in making a key decision in relation to the business (Trigo, et. al., 2014). At this level, the software performs certain additional function apart from the basic level of accounting as there are many of the users simultaneously working over the software to conduct the business in an effective way. The software also generates a certain report which provides a competitive advantage by differentiating company service from its competitor. Enterprise accounting These organization are big in size and but the software for this enterprise are advanced and robust as the organization has too many transactions. The software is pretty much similar to those of small and medium enterprise and offers an unlimited number of simultaneous users and integrates the different function of the business (Nagel Otterbein, 2015). The software has advanced security feature and is costly in comparison to the basic software Vendor selection The management of the B Bakery needs to make the comparison of the feature of the different software and make the choice of the software which fulfills the existing requirement of the company. The management needs to make the comparison between the various accounting and fianc product to identify the top application as per the specific need of the organization. The current rating of the Sage 300 ERP is 9.3, on the other hand, the QuickBooks enterprise has the score of 9.4. The Sage 300 ERP earned 100% for the users satisfaction whereas QuickBooks entries earned 95%. Basis Sage 300 ERP QuickBooks enterprise General information The software is to help the small and mid-sized business to manage their resource in an effective way through the use of the employee resource planning program. It is the smart software for small size business enterprise to outgrow the entry level accounting program with the familiarity of the signature QuickBooks. Pricing model Monthly payment, Quoted payment Monthly payment and annual subscription Type of the customer Small business and medium size enterprise (Opera II, et. al., 2011). Small business and medium size enterprise a feature of the software Accounting and finance Business intelligence and reporting Inventory management and warehousing Manufacturing Purchasing and supplier management Sales and customer management Reporting and finances Sales and customer management Payroll and employees Advance inventory management Advance pricing strategy Field service management Purchasing vendor User satisfaction The company has created behavior based customer satisfaction algorithm and gather the customer review across the wide range of social media sites. The company has 171 positive social mention and 8 negative responses which are presented in easy to digest form showing how the people responded to the software (Schiff Szendi, 2014). Overview of the software The Sage 300 is the easy to use and comprehensive enterprise planning system and allows the companies to make the use of the function as per their current need (Winch, et. al., 2014). The price of the software is adjustable as per the feature used as per the current business requirement. The product is stable and easily customized And allows the system to records the budget in all the records. The software provides the choice of pre-built and re-defined template to improve the financial operation of the company. The software has the highest security and protection precautions to avoid harm to corporate operation. The software also facilitates storage of the data over the cloud with easy import and export option (Woodard, 2013). The software has the income tracker feature which helps the management to view the transaction in relation to the income. The software also assists in recording the transaction from multiple bank accounts at one place (Machera Machera, 2017). It also combines report from multiple company files and creates the professional financial statement. Also, it facilitates the export of the data to a new file to create the custom report. It also helps in better management of the inventory The software also facilitates better tracking of sales and the customer to better manage the business (Pulakanam Suraweera, 2010). The software also generates key employee information instantly and better management of the payroll and employee. The software has the advanced security feature which prevents the data from theft. Most suitable vendor The B Bakery as per the current requirement of the business should go with the QuickBooks as it is having many customized feature as per the current requirement of the business. The software is easy to use and is customer oriented and even the company without the big accounting department can make the use of the software. Also, the software will help in easily managing the taxes by automatically generating the Tax report as per the requirement of the regulatory authority (Hingorani, et. al., 2015). The vendor is also customizing the product as per the current requirement of the business and to cover all the key financial area. The software is leading in the term of security and adaptability to new technology and can be accessed through any type of modern devices which makes the life of the owner easier. Also, the software has many integration tools which help in increasing the efficiency of the business. The software will save lots of time and increase the efficiency of the business by making the use of shortcut and the other working tool to make the accounting easier. The software direct the company to be innovative towards the product and open thinking as it increases the productivity of the company and motivate the employee to be open towards the innovation to make the company better (Machera Machera, 2017). The B Bakery can go with the QuickBooks rather than much other similar products in the market as the software provide various offers and saves lots of effort and money which can be used for the benefit of the company. The users of the QuickBooks are rapidly increasing and their plan has reached over 10 million of the active customer as it is customer oriented and meeting the rising needs of the new customer. Also, the software has better-automated backup service which keeps the financial data of customer safe and secure thus increases the trust of the users. The software focuses on small business which can earn a higher profit and grow with the use of the software. The software is regarded as powerful and useful software by most of the business and is ideal software for different type and sizes of business (Nagel Otterbein, 2015). The software simplifies the accounting, tracking, and reporting and assists in managing the finance of the business in an effective way thus help to attain business growth. Conclusion So it can be concluded from the above study that the accounting software increases the efficiency of the business by making better use of resources. The report has provided us an understanding of the way acquiring new software will assist the B Bakery in managing its operation in a better way. It has provided us an understanding of the feature required by the company to improve the current efficiency of the business. 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