Predicting The Intention Use On Accounting -Myassignmenthelp.Com

Question: Discuss About The Predicting The Intention Use On Accounting? Answer: Introduction This report depicts the importance of using advanced Accounting Information System (AIS) and Enterprise Resource Planning (ERP) system for managing large set of information with high level of security and time and service efficiency as well in B Bakery. It helps the company to gain effective success and competitive advantages from the marketplace (Sriyono 2017). Different business processes are there and based on the background of B Bakery the most suitable business process is needed to be incorporated by the company. In order to resolve the issues of finance management B Bakery should adopt MYOB software package for their company. Defining the business process The business process is referred to as a series of steps those are collectively performed by the stakeholders group of the company in order to achieve the business goal. Business process is a wide range of structured, chained, tasks and activities those are widely conducted by the stakeholders and the specific equipments of the company to deliver service and products (Tam 2017). In order to accomplish the predetermined goal of organization business processes are needed to be determined by B Bakery. In each of the organizational level, the business processes might occur. These kinds of processes are sometimes visible to the consumers and sometimes these are not visible to the consumers. Three different types of business processes are there such as management processes, operational processes and supporting processes (Wagle and Maiya 2015). It is the responsibility of the management head of B Bakery to make sure that the business operations are running successfully. With the help of the management process, the operation of a system could be governed. In order to create the primary value stream a process that constitutes core business of the organization should be incorporated (Seck 2017). The different examples of business processes include invoice, shipping, order receiving, personal data update; determine marketing and other budgets for the business process. Role of a baker in B bakery The main role of a baker is to made fresh baked treats with affective aroma and fragrance for the consumers. In order to grab new consumers from different geographical boundary it is necessary to deliver the products with affordable price (Rajasa and Faturachman 2015). This family owned bakery holds around 70 employees and due to its affordable price and product tastes the revenue of the company has increased up to $13.5 Million in the last few years. Due to its business performance it has gained mixed business experience from the past few years . However, due to lack of managerial approaches, B Bakery failed to produce some of the products with affordable price in the competitive market. While preparing food they must try to make it better than the other bakery stores to gain effective revenue and competitive advantages as well. Discussion on the business activities or process of B bakery In addition to this, they are also responsible to attract their consumers through turning their company into industrial bakery store. With the growing numbers of products and employees, the management of the products and employees also become very difficult. In order to manage them B Bakery has incorporated Accounting Information System (AIS) in their company (Mayasari 2015). For managing the expansion of the company, this accounting software stands helpful. It helps the company to track all the financial details and transaction details as well. In order to improve the rate of its earning profit, specialized accounting software is needs to be incorporated by the company (Magerer 2017). In order to maintain the confidential information the company has adopted the below business process: Development of accounts for the consumers of B Bakery Development of vendor accounts Bank accounts should be created for the employees Providing proper security to the accounts to avoid external assaults Account charts should be enhanced accurately Availability of both offline and online payment processes Different processes those are indispensible to be performed In order to boost up the productivity of the employees who are working for B Bakery it is necessary to utilize the essence of time management tools accurately. Time taken for billing and accounting is the reason for lost of web browsing, social media check and other distractions. Due to lack of organizational management the company is facing this issues majorly throughout (Kamaruddin and Ramli 2017). From analyzing different survey it has been found that, most of the medium and large companies are facing time waste as a issue due lack of processes. Proper project management tool is needed to be used by the project head to overcome the organizational challenges. Particularly for B Bakery the main challenge that was interrupting the company to gain effective revenue is lack of accounting management aspects. In order to maintain and track the details of financial transaction of the company it is necessary to install accurate Accounting software Package in terms of SAP, MYOB. Based upon the requirement of the consumer and employees the company should select the most suitable accounting software package for their company (Darmawan, and Nugroho 2016). Considering the business objectives the most suitable package is needed to be selected. The two most vital and specific requirements of B Bakery are maintenance of the business requirements and running those aspects accurately (Choong 2016). The efforts must be done for increasing the revenue of the company. At the same time the finance management can be done if the company uses SAP software. Outcomes required from these processes for achieving business objectives From the existing business background of B Bakery it has been found that the company is facing major challenges due to lack of financial management. In order to track and monitor the financial structure of the company, it is necessary for the company to adopt proper Accounting Software Package (ASP). With the growing time phase the number of information are also increasing respectively for which the data management is also becoming difficult for the company (Arcega et al. 2015). The company is willing to expand their business in the upcoming future and in order to make it possible adoption of accounting software stands to be the most helpful one. For gaining volatility, this particular accounting software package is very much helpful. For reducing the organizational complex situation, this approach is very much helpful. In order to achieve the business objectives, the range of outcomes those are required includes the following: Time saving: Compared to manual bookkeeping system this particular approach is very much helpful as it helps to save lots of time (Alfred 2014). This package has the ability to front process simultaneously end documentation as well. Cash flow management: The route of transaction from the consumers account to company accounts become save and secure due to the implementation of AS. Scalable solution: Apart from these benefits the objectives in terms of getting scalable solution and computerized solution become also adoptable from the consumers end with the elp of accounting software. Continuous financial monitoring: In order to maintain and monitoring the financial records of the company Accounting Software is useful over manual bookkeeping. Some possible software features or functionalities that the firm should consider for achieving their IT investment objectives In order to achieve as per the company requirements the possible features of all the Accounting Software are required to respectively analyze (Choong 2016). The main objective of the Company is to keep and maintain the transactional records accurately through Accounting Software Package. Based upon the requirements the IT level investments are needed to be done. The common features of the AS are as follows: It can document back end transaction. Apart from this, the additional features from which the company could create check and even deposit in the banks. It can also generate feedback or invoice through this solution The possible functionalities those should be considered to achieve the objectives of OT investment are as follows: Windows XP, Windows SP 2 and Widows 7 In the company file around a 35 MB disk space is needed Microsoft office of version 2000, 2007 are needed 1 GHZ Pentium Intel Processor with a 1 GB RAM For Apple QuickTime minimum v7 Free hard disk 200 MB for installing program Visit the websites of account software package vendors The websites those have been visited are as follows: MYOB: https://www.myob.com/au XERO: https://www.xero.com/ SAP: https://www.sap.com/india/index.html Suitable accounting software suitable for the firm After analyzing the application detail, operational and functional activities those are generally served by the software package it has been found that, through different online software packages are available in the market such as MYOB, XERO, SaaSu, Reckon, SAP etc but still for B Bakery the most suitable accounting software is MYOB. It helps the company to gain effective business level solution in terms of time management budget management. In addition to this, it also helps the company to overcome different obstacles by reducing the human level errors. It provides useful as well as added service capability to the consumers. The rates of resource availability are also referred to as enough in case of MYOB (Darmawan and Nugroho 2016). The rate of subscription packages is also affordable compared to other vendors. The features for which the company has decided to adopt the MYOB software package include reliability, flexibility, disaster recovery, application resilience and information backup. Comparison and contrast between XERO and MYOB Details of the factors that have been considered MYOB XERO Access and setup The MYOB accounting software is absolutely online and the different devices through which it can be used include computers, tablets and mobile phones (Daru 2015) XERO is one of the most widely used accounting software that helps to integrated and secures the detail financial structure of the company. Updates Data updates took place automatically The system and data updates are available automatically Back up Constant online backup and security is present Continuous online backup and security is present as well for XERO and its services Multiple access of users Yes Yes Easy for usage Good Good and it can work faster than others. Reporting speediness In case of MYOB the reporting approach took longer time. It also helps to report run one at a time It can report faster than the others. It could also run multiple reports at once in the browser tabs (Kamaruddinand Ramli 2017). Quotes A quotation system is also offered by MYOB It also offers quotation system and can also convert automatically into active jobs Feedback or invoice It could send feedback Invoice is available Payroll Payroll is available for single person. However more number of staffs needs a different version of MYOB. Payroll approach is present Login approaches of the employees Available only as a paid add on The staffs could access the personal portal of the employees and additionally can also download payment summaries, pay slip and can also request for lodge leave Debt follow up Present Present. It means through follow up debt the company could match the business. Claimed expenses No availability It could handle the claimed expenses separately. It can do good job in accounting for the claimed expense. Cost Based on the background of the business the overall system cost varies accordingly. The subscription package of the software package varies accordingly. Different versions, plan and add on s are available in case of MYOB. The offers served by the company are sometimes referred to as a most confusing one. The price for XERO accounting software is absolutely simple and it starts from $25 (Mayasari 2015). However the plan for $50 is absolutely suitable for the users with up to 5 staffs. Payroll approach is also available. It also allows superannuation for only just $10. Learning software From online users could learn about the software through online learning. Through online help, online videos, Xero TV learn is possible. Selection of the most suitable vendor of the bakery Different accounting software packages are available in the market such as SAP, XERO MYOB etc but based on the background of the business the most accurate vendor is needed to be chosen by B Bakery (Rajasa and Faturachman 2015). After analyzing the features and subscription package details of all of these different accounting software packages it has been found that installation of MYOB stands to be most suitable one for the bakery company. In order to manage large set of data accounting software is referred to as one of the most suitable tool that could be used widely by the companies. Even also in B Bakery due to sudden business expansion the number of employees and data are also getting increased. Management of those data is very much necessary to obtain successful market revenue from the competitive market (Sriyono 2017). The different features of MYOB for which B Bakery should adopt this accounting software packages are as follows: Real time data processing: The accounting software package has the ability to record all necessary data including updated statement of income of the employees, balance sheet as well. In addition to this, with this system the company would be able to manage the accounts specially the real time cash-flow instead of the relying worksheet. Operation on integrate system: This particular accounting software package could be operated in the integrated systems (Wagle and Maiya 2015). With the help of the integrated system the total time of financial transaction could be minimized and also the rate of error in accounts also gets minimized accordingly. Easy to use: According to the features of the MYOB accounting software it is very easy to use thus it is user friendly. It means that the user can use this particular software easily without any kind of system complexity (Tam 2017). In addition to this, online feedback or invoice options are also present in its application which implies that, user can get access of it user ability and based upon that they can select whether this accounting software can be used or not. Presence of basic budget tool: Apart from above system features, MYOB accounting software holds basic budget tool through which the company will be able to calculate its revenue details accordingly. Security: The MYOB software is very much secured from the users and employee perspectives (Sriyono 2017). All the account holders have their own password through which only the authorized users could access the accounts details. On the other hand the users who do not have the account details are unable to access the account. Ability to data backup: The other features associated to the accounting software package are automatic data backup, disaster recovery and application resilience (Rajasa and Faturachman 2015). It means that, due to external assault if any information gets lost from the server then, MYOB software has the ability to store the data as in terms of backup form. Conclusion For developing the business process the features of the Accounting Software Packages are needed to be considered. It has been found that, based on the possible objectives proper IT based investment is also needed to be done by B Bakery. MYOB, Xero, SAP are the different Accounting Software Packages those should be incorporated to the company to gain effective solution from the company. However, based on the software features it can be said that, B Bakery should implement MYOB accounting software package. References Aduamoah, M., Yinghua, S., Anomah, S. and Ahmed, F., 2017. Riding the Waves of Technology: A Proposed Model for the Selection of Appropriate Computerized Accounting Software for Implementation in SMEs in Developing Countries.Archives of Business Research,5(12). Alfred, B., 2014.Impact of Computerized Accounting on Performance of Payroll Accounting: Case Study of Urban Water and Sewerage of Authorities(Doctoral dissertation, The Open University of Tanzania). 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