Answer To: 1 HA2042 Accounting Information Systems Trimester 2 2018 Group Assignment Assessment Value: 20%...
Karan answered on Sep 09 2020
Accounting Information Systems
Table of Contents
EXECUTIVE SUMMARY 1
INTRODUCITON 1
MAIN BODY 2
a) Background 2
b) Business requirements 3
c) System requirements 4
d) Software selection 5
e) Vendor selection 7
CONCLUSION 8
REFERENCES 9
EXECUTIVE SUMMARY
Accounting software allows business to conduct their accounting tasks such as cash flow management, general ledger etc easily. The present study carried out focuses on recommending the suitable accounting software of the selected company. The organization selected is Daiwa foods that which is an Australian based distributor and importer of the Japanese food in the nation. Mainly business activity involves offering different form of food items to the target market as per their actual needs. Process of the Daiwa food starts from purchasing quality raw materials from the suppliers for successfully running the business activities. In case of Daiwa food if the company plans to invest in the accounting software system then in such case its different features must be considered well in advance.
The selected software vendors involve CANSTAR BLUE, Balanced business accounting and elev8 Australia. All these three are the main vendors operating in the market and they are offering accounting software such as Myob, Xero and Sage. In case of the firm the medium category of accounting firm is quite feasible. Mainly Myob is highly applicable in case of the medium sized businesses operating in the market but in case of Xero it is only applicable in case of small businesses. The best suitable vendor is CANSTAR BLUE that operates in the market of Australia and the vendor offers Myob as one of the accounting software. From the overall analysis it can be concluded that adoption of accounting software package is considered to be highly effective for the business. Further, the main benefit is that it allows in conducting accounting operations smoothly
INTRODUCITON
Accounting software is mainly regarded as the type of software that are mainly adopted by the accounting professionals in order to conduct and perform the accounting operations in the best possible manner (Aduamoah, et al. 2017). Further, it is a well known fact that accounting related operations are most crucial for the business and they are required to be carried out by the business properly for accomplishment of its desired goals and objectives. Accounting software can range from the simple and the single entry programs that are adopted for individual record keeping that mainly holds the ability to conduct different processes such as accounts payable, receivable etc (Aleqab, Nurunnabi and Adel, 2015). Along with this different form of accounting software are present such as Xero, quickbooks, wave, freshbooks etc where the attribute of every software differs from each other. Moreover, it depends on every organization to adopt the accounting software as per the business need.
The present study carried out focuses on recommending the suitable accounting software of the selected company. Further, for the study the organization selected is Daiwa foods that which is an Australian based distributor and importer of the Japanese food in the nation. The present accounting system of the firm has evaluated and on the basis of this suitable software has been recommended. Various tasks have been covered in the report such as key business processes of the client, category of the accounting software appropriate for the firm etc.
MAIN BODY
a) Background
Daiwa food is a Japanese cuisine that has mainly become popular in the market of Australia. The company is considered to be one of the largest distributor and importer of the food for satisfying the overall need of the target market. At present the national presence of the firm involves Sydney, Perth, Gold coast etc (Daiwa Food Online, 2018). The business conducts all its operations on wider basis and due to this reason the accounting related tasks of the company are quite crucial and they need to be managed properly for maintaining the long term performance of the entity. Mainly business activity involves offering different form of food items to the target market as per their actual needs. All the business activities are crucial such as purchasing the raw material from the suppliers, preparing different form of food items and offering the same to the target market. Each activity holds its own importance and they are carried out in the best appropriate manner. Further, due to wide range of operations the accounting activities are required to be managed with the assistance of accounting systems that contributes a lot and in turn assists in applying lesser number of efforts in the overall operations. At present the accounting practices of the firm are carried out with the help of different systems but they are not so efficient and due to this reason managing all the accounting activities has become one of the difficult task for the business (Amirul, et al. 2017).
Mainly the operational activities of the firm are wide where import related activities are also carried out by the firm and this has direct impact on the accounting activities of the organization. On daily basis Daiwa food has to serve different firm of customers as per their need and the overall expectations of the customers is also quite high that needs to be satisfied by the business.
b) Business requirements
The key business process of the Daiwa food involves offering food related services to the target market within Australia. The second key activity of the firm is importing where different items are brought into the country for rendering service to the target market. Mainly all the key activities of the business are related to food only which includes purchasing products from the suppliers and converting them into the finished goods. All these activities that are conducted by the Daiwa food needs effective management of the financial resource and proper accounting practices so that income and expense transactions can be managed easily. Mainly the operations of the firm are linked with the hospitality industry where serving customers as per their expectations in the main task. Daiwa food line of the business undertakes wholesale distribution of grocery products and other form of commodities in the market (Bryce, Ali and Mather, 2015).
Process of the Daiwa food starts from purchasing quality raw materials from the suppliers for successfully running the business activities. At present the company operates with the assistance of large number of suppliers and due to this reason the accounting tasks of the firm becomes lengthy. This is the main reason due to which within the practices of the Daiwa food advanced accounting software needs to be implemented so that through this operational efficiency can be improved easily. With the rising expectations of the target market the business has to alter its overall practices for its long term survival in the market. Mainly the business process of offering food related service to the target market is quite significant for the firm (Cleary and Quinn, 2016). For handling all the above mentioned business processes advanced systems are needed in the different areas such as marketing, finance, human resource etc and it contributes a lot in enhancing the strength of the business.
The main...