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Accounting software is nothing but a software which is having the function of executing the different type of transactions. The software also consists of another function that is to track and operate the various kind of transactions along with the execution of the transactions. Different types of business models are associated with the usage of the software due to the reason that this type of software are very much efficient and are associated with favoring the various processes that are included in the business(Grabinskia, Kedziora and Krasodomska 2014). This is a literature review which is associated with discussing about the organization known as the “Commonwealth Bank of Australia” which is one of the top four bank of Australia. The Accounting software acts as the information system that is associated with performing various processes related to accounting. The third party providers are associated with providing this software to various companies that want to use the accounting software. Once an organization wishes to use the software then the vendors are associated with distributing this software to the organization (Aletkin 2014). Despite of this in some cases it has also been seen that the accounting software often acting as an integration of both the two cases mentioned above but are consisting of some type of alterations. There exists two type of accounting software and this classification has been done depending upon the environment in which they work. The two main categories mainly includes the online accounting software and computer based accounting software. Besides this this kind of software are associated with providing the facility of giving access of the accounts to the users any time and from anywhere (Malíková and Brabec 2012).
The literature review regarding the Commonwealth bank of Australia would be associated with providing an overview of the structure that the organization is having along with reviewing the various type of operational problems which the organization facing due to the structure of the organization. Then the literature review has been associated with discussing the system acquisition method adopted by the organization which includes the commercial software, custom software along with the ERP. Followed by this a system flowchart has been provided regarding the procedures in the bank. Lastly the control problems have been identified along with identifying the various kind of frauds that might occur in the Commonwealth bank of Australia.
The second part of the literature review discusses about the development and adaptation of the accounting software packages by the Commonwealth bank of Australia. The second part also provides an overview of the current market size along with identifying the leaders in the market and what are the things that are associated with providing the bank with a competitive advantage. Lastly the gaps ad challenges has been identified which are encountered by the users or the customers of the accounting software packages and certain recommendations have been also been provided in order to tackle the challenges.
Commonwealth bank of Australia is listed as one of the top four bank of Australia having the highest number of market shares which has its branches operating in several other areas all across the globe. The Commonwealth bank has been operating in various regions of the world to provide various kind of services related to finance such as the “ services related to fund management”, “ services like giving of loans and making of investments”, “retail banking”, “education loans”, “other types of loan” and many more (Commbank.com.au. 2018). The Australian Securities Exchange also known as the ASE has been associated with listing the Commonwealth bank of Australia as the best bank in its report published in the year of 2015. The major operations of the bank started in 1911 which was operated by the government of Australia. The major competitors of this bank includes the Australia New Zealand bank, Westpac and lastly the NAB or the National Australian Bank. Despite of being established by the Australian government it become totally private in the 1996.
The organizational structure of the Commonwealth bank of Australia comprises of the management as well as the corporate sections of the bank. Along with the management the corporate section the structure also consists of the various bodies responsible for managing the organization along with the employees of the organization (Commbank.com.au. 2018). The customers have also been considered as an important section of the structure. The figure that is given below is mainly associated with showing the organizational structure of Commonwealth bank of Australia. The various sections of the organization has been shown below:
The Commonwealth bank of Australia is the largest bank of Australia but still it faces certain problems and in this literature review we would be discussing about the major problems which are faced by the bank, Commonwealth bank of Australia. From the latest market survey it was found that there has been occurring a drastic fall of the market shares of this bank and due to this fall in the value of the shares, the bank is facing certain problems while conducting its various business processes mainly during the process of providing service to the customers (Sam et al. 2012). From the records collected in last few years it has been seen the major reason for this facing this type of problem is mainly because of the reason that the Commonwealth bank of Australia is making of strategies which are not at all suitable for the organization and the services that they provide. After identification of the reasons that lies behind the major problems faced by them the Commonwealth bank of Australia, they have started to implement certain steps which would be helping them a lot in tackling of the problems that has been identified by them (Commbank.com.au. 2018). This steps would also be helping them in making improvements as well. but still some problems exists even after taking certain steps and it was found that the way in which they were operating in order to tackle the problems were totally wrong and the major reason due to which the strategies were considered wrong was because of the fact that they did not understood the constant changes which were taking place within the market. The major reason lying behind the alterations of mainly due to the organizational structure that the Commonwealth bank of Australia was having and also due to competitions that exists between the chosen bank and the other banks present in Australia. The problems were not only restricted to this and started to grow even more when the requirements of the customers were not being satisfied (Hammad, Jusoh and Ghozali 2013). It has been found that the customers are not at all satisfied with the services that are provide by the Commonwealth bank of Australia because the necessities of the customers were at all being fulfilled. This problem could be better understand by making use of one example that is the bank was not capable of providing loans to the customers and along with the interests which were also charged by the bank on the loans were also high as compared to the other banks of Australia. This incapability of providing loans according the needs of the customers also acted as one of the reason lying behind the downfall of the shares (Leon 2014). All this reasons like the higher rate of interest and getting unable to get loans when needed made the customers lose their interest upon the bank. Besides all this even after getting loans the customers were not capable of making the payments for the loans that they have taken in an easy way. Better to say that the payment of the loans was a very complicated process which initially resulted in making the customers stop taking of loans from the Commonwealth bank of Australia and made them opt for others bank that were having low rate of interest and the payment and taking of loans is easy (Monk and Wagner 2012). This also affected the new customers as well as they were afraid of creating new accounts in this bank and made them move to other banks which consisted of a much more secure system and where they can get loans in an easy way. The figure which has been presented below is associated with showing the downfall of the shares of the bank. From the figure collected from a survey it is seen that the shares of the Commonwealth bank of Australia was more than 76 (Sheridan and Jang 2012). At that time the shares was at a good position but it initially started to degrade with passing of time. The figure has also been associated with indicating the fact that the efficiency which is required for the purpose of holding of the customers is not at all present. Besides this the effect of this downfall in shares is not only on the organization but is also having a huge impact over the customers as well. The downfall in shares made the customers fell frightened wile investing their money in this bank. Besides this the customers were also losing their interest to take loan from this bank due to the fall of share values and higher rate of interest (Hartmann 2012). Besides this there also exited another problem which is the rude behavior of the bank staffs towards the customers which acts as a major reason lying behind the creation of a negative image of the bank amongst the customers.
After deification of the major reason that lies behind the problems which are faced by the organization certain strategies were identifies which are to be adopted by the Commonwealth bank of Australia to eliminate the major problems and to achieve success. The major strategies which the bank has chosen in order to do so are listed below
Customer related Strategies: Commonwealth bank of Australia realized that the customers are the major assets of the bank and they should be considering the customers as the element which would be acting as the first and foremost one, and this would be helping the commonwealth bank of Australia to achieve success if they do so (Bansal 2012). Without the presence of any customer a bank would become totally non-functional and absence of the customers would be responsible for the closure of the bank.
Technology: Another major element in which the organization Commonwealth bank of Australia needs to focus is the technology. It has been seen that the bank is associated with the usage of traditional technology, so there is an essential need of focusing on this element. The thought that is bank is having regarding the new technologies relate to banking needs to be changes along with understanding the ways by which the new technology would be helping the bank in achieving success and to eliminate the problems which are mainly occurring due to the usage of traditional technology (Tsai et al. 2012).
Strength: The capabilities that the various teams of the organization Commonwealth bank of Australia is having is associated with depicting the strength of the bank. The major responsibilities of the staffs and the employees mainly includes the working together in order to achieve the various objectives and goals that the Commonwealth bank of Australia is having (Bryant 2012).
Productivity: Lastly comes the strategies related to productivity which is also one of the major element associated with helping the bank in achieving success. The major thing which is to be done by the bank is that they should keep an track of the annual records related to productivity which the employees are having along with keeping a record of the entire organization (Kumar and Reinartz 2018).
The figure presented below depicts the strategies and at what percentage they have been adopted by the Commonwealth bank of Australia.
The ERP or the enterprise resource planning has been adopted by almost each and every organization in order to simplify the business processes. The Commonwealth bank of Australia has also been associated with the usage of the Enterprise Resource Planning. The major reason lying behind the usage of the ERP is for the purpose of creating various kind of controls that would be helping the bank for its various business processes. The ERP used by the bank is also associated with amalgamating the major portion of the business also (Chen 2012). Besides this the information system required for the management and the ERP is mainly obtained by combining the various major areas of the business that includes elements like the marketing, planning, sales, finance, purchasing and human resources. Additionally the bank has also been using the SAP or the systems, application and product model in order to manage the different processes of the organization. By introducing the SAP in the business model of Commonwealth bank of Australia the processes would become easy by this process of introduction is a very complicated process which requires a lot of knowledge along with training in order to achieve success while using this (Shamsuddin and Xiang 2012). The proficiency of the bank along with the flexibility of the bank would be greatly increased by the usage of this SAP. This would also be associated with integrating all the modules of the business at a rapid rate. Besides the usage of the SAP is also very cost efficient. The major reasons lying being the creation of the problems were the wrong strategies that were adopted by the bank in last few decades (Padmavathy Balaji and Sivakumar 2012). The SAP model is updated and renewed at a regular basis for the purpose of making the shares of the bank become much more stead. Besides this it is also being tried by the shareholders of the bank to reduce the rate of interest rates of the banks for the purpose of making the clients getting more interested upon the various processes of the bank.
The figure presented above depicts the flowchart which is associated with showing the flow of the various processes in the organization, Commonwealth bank of Australia. This figure is associated with depicting the different kind of processes that are taking place in the Commonwealth bank of Australia along with helping in the identification of the various loopholes that are present in the different processes of the Commonwealth bank of Australia. The flowchart depicted above have been divided into three categories which mainly included the review, evaluation and lastly the response (Payne and Frow 2013)
The review section mainly consists of the feedbacks which are received from the customers. In the evaluation section there exists the answers and the steps which are to be taken once the feedbacks are received form the customer. Whereas in the response section the processes have been show which are associated with responding according to the reviews that have been provided (Muther 2012). The processes present in the response section are generally considered as the major processes and the functions of the banks.
Control problem can be considered as another major problem which is faced by the Commonwealth bank of Australia and this problem can be considered as the major reason responsible for the various type of modifications that are taking place in the shares of the Commonwealth bank of Australia (Goddard et al. 2012). The various type of aspects that act as the major reason responsible of the Commonwealth bank of Australia’s growth is totally dependent upon the shareholders, clients and the marketing team that is present in the Commonwealth bank of Australia.
Different type of clients are being included in the business process which has been acting as one of the most important factor responsible for the success of the Commonwealth bank of Australia. Besides this the involvement of the clients with the Commonwealth bank would also be acting as the way which would be including the providing of help to the processes which would be helping in the maintenance of the different kind of processes like maintenance of the willing power in order to work and also the involvement of the employees of the organization (Rai 2012). Some necessary changes should have been made by the bank while starting its business in the year of 1911 which would have helped them in the process of using the latest trends which were present in the market
For any kind of organization the CRM or the Customer Relationship Management acts as a major feature especially for the bank. Commonwealth Bank of Australia has to deal with clients of various types and the responsibility of the bank includes the fulfilling of all the requirements that the customers are having. The CRM ca be considered as a characteristic, which mainly refers to the various kind of techniques and strategies which are used by the bank for the purpose of maintaining the best relationship with the clients (Beig Pourhasomi and Ghorbanzar 2012). The CRM that the Commonwealth Bank of Australia is having is not at all sufficient for the different kind of processes which are conducted by the bank on daily basis. Besides this the bank is unable to maintain a good relationship with its customers so there is an essential need of focusing on the CRM for the purpose of managing the clients.
The Accounting Software packages are associated reducing the different kind of problems as well as the challenges that are being faced by the Commonwealth bank of Australia (Evans Stonehouse and Campbell 2012). Commonwealth bank of Australia should be making use of the B2C or Business-to-Customers software package which is associated with providing of various kind of advantages and the major advantages that the bank would be having mainly includes the following:
The figure presented above depicts the fact that there has been occurring a slight degradation in the market shares of the Commonwealth Bank of Australia (Hasan and Xie 2013). Previously the shares were around 283 whereas it has depleted to an amount of 262.
Commonwealth bank of Australia is the largest bank of Australia and the other banks present in Australia can be considered as the major competitors of Commonwealth Bank of Australia and the following listed banks are the major competitors of the bank.
The figure presented above depicts the major competitors of the bank. The above listed banks acts as the core competitors of Commonwealth bank of Australia (Lowe 2013). The chart depicts the fact that the major portion of the market is occupied by the Commonwealth Bank of Australia
The literature review that has been conducted above helps in understanding the fact that the Commonwealth Bank of Australia is a leading banks in Australia as well as in New Zealand. The review discusses about the organizational structure of the bank along with discussing the major problems that are being faced by the bank. The problems are the major reason responsible for making the customers lose their interest over the bank. The review helps in understanding the fact that the shares of the bank are also falling due to various reasons. The various ways by which the organization would be capable of achieving success has also been discussed. The review also discusses the ERP and the SAP model that is being used by the Commonwealth bank of Australia along with discussing the CRM of the Bank. Review has also pointed out the market shares of the bank and the major competitors of the bank as well.
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