Background You are recently employed as a graduate consultant in a management consultancy firm. One of your firm’s clients is currently evaluating its accounting system and the CFO of your client...

CLOUD BASED ACCOUNTING SOFTWARE
(
CLOUD BASED ACCOUNTING SOFTWARE
Name –
Student Number –
2019
)
EXECUTIVE SUMMARY:
    This report has been prepared to recommend a suitable cloud based accounting for the client firm. At first an introduction has been given on the topic which has been discussed for this report. Then the background of the company has been presented that is description regarding the business of the client’s firm and the regular operational activities that is being carried out by the client. Then the discussion has been made on the key processes of the business of the client. The client firm Bellamy's Australia Limited, which is an ASX listed company.
    Then the discussion has been made on the system requirements of the client’s firm that is the features and functionalities which the client firm has to consider in accounting software based on their business activities so that their requirements can be fulfilled.
    Then discussions have been made on two accounting software packages in details. For this purpose the two accounting software which have been chosen are SAP and MYOB. Their websites have been visited to get a brief idea regarding each of the vendor and their products. Then both the chosen accounting software package has been compared and contrasted based on their features and functionalities. Based on the comparison of the two chosen accounting software package and the system requirement of the client to fulfill their business requirements, a suitable accounting software package is chosen for the client’s firm. In the end, a conclusion has been drawn based on the study of the whole report.
Table of Contents
EXECUTIVE SUMMARY:    2
INTRODUCTION:    4
BACKGROUND:    5
Description of the Client’s Business:    5
Key Business Process:    6
SYSTEM’S REQUIREMENT:    6
SOFTWARE SELECTION:    7
Two Accounting Software Package Vendors:    7
Compare and Contrast the chosen Accounting Software:    8
Suitable Accounting Software Package:    10
CONCLUSIONS:    10
REFERENCES:    11
INTRODUCTION:
    Clod computing is a network computing model. Under this model, a particular program or application runs on a number of servers and can be accessed by any internet enabled device like a PC, laptop, tab or smart phone (JoSEP et al. 2010). It is not restricted to just a local computing device. Cloud accounting is maintaining the accounting information on a number of servers or controlling it from a host server. Cloud accounting system has actually eased the whole process of accounting. Presently there are several accounting software package like Sap, MYOB, Xero, ProfitBooks, etc. that has been launched for the purpose of cloud computing of accounts.
    There are a lot of benefits of the cloud accounting which a business house can take advantage of (Catteddu, 2009). The benefits are as follows:
· The accounting information can be accessed anytime from anywhere. In cloud system the information is available 24*7 and can be easily accessed just with the use of an internet enabled device irrespective of the geographical location.
· Compared to the traditional accounting software the cost of ownership is much lower for cloud computing since there is no maintenance cost and the software are updated automatically.
· Security of the financial data is very necessary which most of the enterprises fails to implement. Cloud computing is very secured since it makes continuous back up of data, the servers are regularly scanned and the data are stored in encrypted form.
· Clod computing makes the operation smoother since the software can be easily integrated with other business software making the work easier. Moreover it enables everyone in the company to work in the same file thus avoiding any confusion.
There are certain risks as well with the cloud computing (Carroll, Van Der Merwe and Kotze, 2011), which are as follows:
· Anyone in the company can have unauthorized access to the financial data of and other vital consumer information.
· The vendor of whom the account software package is used often has the record of the business and its important data.
· Sometime even there can be control risks.
But keeping the risks aside, cloud computing is very essential for any business.
BACKGROUND:
Description of the Client’s Business:
    Bellamy's Australia Limited, is an Australian company which deals in food and beverages. The...