Strategic Information System for Accounting Business Part

Describe about the Strategic Information System for Accounting Business Part.

Introduction

Accounting is an important and necessary part of a business. A business without accounting means it has no lifeline, thus it is of no use. The process of collecting summary related to a business, then analyzing that summary for making the full and final financial report of that particular business is done only by the help of Accounting, which is done by using various Accounting software or packages. All the transactions being done in a business on a routine basis are recorded and processed further with the help of various accounting software or packages available in the market. The accounting packages help an organization or a company working on large or small scale in preparing their financial statements. The company can easily access information related to its profit, loss, etc. through its financial statement, which can be easily prepared by the use of accounting software. The balance sheet of a business is also a part of financial statements, which can be easily prepared using various accounting packages. There are various functional module presents which, when collected together make a perfect accounting package, which can perform the accounting task of an organization or a company successfully. Each and every organization or a company has different – different requirements and for the fulfilment of their requirements a large number of accounting software is present in the market. Accounting software is also presented depending upon the size of a business, i.e. different software for small and large enterprises. Various personal accounting packages are also available for home based businesses or we can say for a business which is being done at home. These types of accounting packages help in managing their accounts by providing them easier functionality. This accounting software is specially prepared for the home users, so that they can be able to understand the package easily and can utilize as much as required by them. This software provides various accountancy standards and also provides accounting facility in different-different currencies.  Another advantage of this software is that it is easily available in the market and it is not so expensive, so anybody can purchase this package and can easily use it for their business.

Research Evidences

According to the history of accounting software or packages “Ledger” was used for doing various accounting tasks for the business. The ledger was a book or we can say it is a type of register having assigned pages to perform various tasks related to accounts. It consist of different pages for the different assignments, such as a cash receiving page on which the record of cash received was maintained, cash payable page on which record of the debited cash was maintained, pages for the stockholder, etc. In this ledger, all the transactions related to the business were written by hand for maintaining each and every task related to the business. In 1987, an accounting software named as “Turbo Cash” was launched in South Africa. It was the first automated package used for making balance sheets, income statements, etc. This software helps a lot in reducing the work time and workload required to maintain various transactions being done on a routine basis (Ryan, 2012). There were a lot of problems with this software because the process of calculating tax, etc. was not possible with the use of this software. Further, turbo cash was not web based software so it was not possible to possible to perform various web based tasks.

Development of Discussion

There are many accounting software or we can say accounting packages used in Australia. From a large number of accounting packages, some common accounting packages being used nowadays are Intuit QuickBooks, MYOB, RECKON, SAASU, XERO, etc.

Intuit QuickBooks – This accounting software is being used in Australia in a bulk quantity. This software has gained a rich popularity among the various businesses being carried out in Australia. This software is so common and the most popular in Australia, because it’s not so expensive and secondly, a huge list of varieties of function which this software provide to its users. Mostly the users of Australia are using this software for maintaining the record of various transactions related to expenses on the productivity, profit and loss occurred, etc. This software also provides different – different platforms to access the information anytime and being in any part of the country (Team, 2016). This software provides the users to perform any type of task or operations related to their businesses by using a wide range of application for mobiles, tablets, computers, etc. intuit QuickBooks also provides security for the data or any other important raw facts with the help of encryption methods etc.

MYOB – This accounting software is also one of the best accounting software which is being used by various businesses being carried out in Australia (ExpertsMind IT Educational Pvt. Ltd., 2016). This software performs many other operations while performing the accounting operation. MYOB helps in taking important decisions for the betterment and improvement of the business. It also helps the owner of an organization in taking important steps related to financial operations for the sake of the company. The MYOB performs various operations for the variety of retail businesses being carried out in Australia. For integrating the transaction performed at a point of sale in the complete business operations an interface name MYOB Kounta is used (MYOB Technology Pty Ltd. , 2016). The MYOB Kounta interface provides a facility to its users for functioning in online mode as well as in offline mode. This functionality helps the users to perform various tasks related to their business in an offline mode, i.e. even if they don’t have an internet connection, then also they can do their work easily without any type of interruption. MYOB also has a free ATO- certifies solution stream which helps the user to keep their data up-to-date without facing any type of problem while working on this package in online mode (Angeles, 2016). This software or we can say this package also provides the facility of a modification of its functionality and it also provides five different types of version to the customers depending upon the need of their organization or an industry (Pendred, 2013).

Reckon – It is the third accounting software which is being used by the companies in the Australia. Reckon is a well-recognized and an inexpensive software being used by many small and large enterprises in Australia. This software provides various options or platforms for completing the processes related to payment (Scott, 2015). It also provides various platforms and mobile applications by the help of which one can do its transaction and pay payments through credit cards, debit card, net-banking, etc. It provides an option to link various sales of point sale to the desktop of the customer or user. Its online accounting process is also very easier to use while providing three different versions to the customer according to their requirements (Purch, 2016).

Saasu – It is the fourth accounting software which is being used by the users of Australia. It is a future based accounting package. With this software the company can perform various cash flow tasks in a small instance of time. It also provides the user to connect easily through emails etc. with this one can create various customized invoices. It also provides the notification facility through which it can automatically connect to the customers of that company for automatically doing various inquiries related to their account. And it automatically schedules all the processes related to the accounts (James & Maher, 2013).

XERO – It is one of the highly used and popular accounting software being used in Australia. It has more than 600,000 users those who are using this software for their business. It provides complete invoicing process online and further, it provides a notification facility which provides the information to the company (Heber, 2015). Each and every task can be performed through mobile applications easily. It helps in calculating payrolls, etc. easily and quickly (ErinDe, 2014).

Conclusion

Accounting software plays an important role in a successful business life cycle. Almost all the companies are using accounting software according to their requirements. The company needs to select that software which is beneficial for their company. Accounting software should provide the users a large number of functionalities and the use of those functionalities should be easy so that users can use them easily. It should also provide the user various platforms to use that software so that the user can keep his/her data up-to-date. Accounting software should keep on changing from time to time so that they can easily meet the requirements of the company. Therefore, for a successful business, it is must to use the accounting software which provides a wide range of functionality to perform various tasks for the betterment of the company.

References

Angeles, S., 2016. Best Accounting Software for Small Business. Best Accounting Software for Small Business, 04 January.

ErinDe, 2014. Different Types of Accounting Software: Which One Fits Your Business Size?. Different Types of Accounting Software: Which One Fits Your Business Size?.

ExpertsMind IT Educational Pvt. Ltd., 2016. Accounting software-packages used in australia. Accounting software-packages used in australia.

Heber, A., 2015. The cloud accounting supremacy war in Australia. The cloud accounting supremacy war in Australia, 10 April.

James, D. & Maher, W., 2013. 7 accounting packages for Australian small businesses compared: including MYOB, QuickBooks Online, Reckon, Xero. 7 accounting packages for Australian small businesses compared: including MYOB, QuickBooks Online, Reckon, Xero, 27 May.

MYOB Technology Pty Ltd. , 2016. Online accounting that makes tax time a breeze. [Online]
Available at: https://www.myob.com/au

Pendred, M., 2013. Top 10 Tips for Selecting Business Account Software. Top 10 Tips for Selecting Business Account Software, 09 August.

Purch, 2016. Accounting Software Reviews. [Online]
Available at: http://www.toptenreviews.com/business/accounting/best-accounting-software/

Ryan, E., 2012. The evolution of accounting software: Past, present and future. The evolution of accounting software: Past, present and future, 08 October.

Scott, B., 2015. The Accounting Journal: Accounting Software Grows Up. The Accounting Journal: Accounting Software Grows Up, 31 July.

Team, A., 2016. 5 Best Small Business Accounting Software in Australia. 5 Best Small Business Accounting Software in Australia.

 

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