Accounting Systems in an Effective Manner †Myassignmenthelp.Com

Question: Discuss About The Accounting Systems In An Effective Manner? Answer: Introduction The concept of the accounting software is based on the working over the payroll system, with the inventory analysis and handling the different modules which are important for the proper evaluation of the financial system. There are small business systems which can easily cut the administration with the setting of the new functionality which is based on handling the system software as well as the security of the data. The solutions are related to work on the secured data feedback where the company uses the NetBank and Xero to handle the reconciliation of the transactions with the saving of the time and money. (Batiz, 2017). Different customers need to work on the applications of the data feed where the forms are set with the business customers that request the data through the NetBank. Here, the implementation is set with the business struggle where the stay of the finances is based on delivery of the simple functionality with making the lives of the people easy and comfortable. Organization Structure of Commonwealth Bank The company has been able to set the multinational bank with the business that is across in the different countries. It is seen that there are the different variety of the financial services which are for the retailing and for handling the management of funds through the superannuation, insurance and the investment. There are different policies where the insurance needs to be done mainly through exercising the different constitutes that mainly respond to the expansion of the immigration program. (Boateng, 2016). Operations issues which are related to AIS The issues are related to the accounting error where the CBA has been working on the ERP which is based on the accounting software. There have been issues related to the loss of the data of the customer and the ATM not working in an efficient manner. ERP System The company makes the use of Xero which is considered to be the best software for handling the improvement and the processing of the system with the secured success and connection. The research is based on how the transactions are done and how is it possible to connect to the bank account with the accounting software. (Alzab et al., 2017). CBA is working on delivering the faster bank feeds with the focus on the improvement of the tight and secured connection. The company can use the cloud-based applications with easy management of the plans to work on the cloud-based technology in the coming time. The ERP system also helps in easily handling the data transactions with the savings in the accounts, loan accounts, and the other term deposits. There is a possibility to also work on handling the different forms of the transactions with the amount that is spent mainly for the updating and the reconciliation of the data accounts. The software also can work on the information standards along with handling the control of the cash flow with enabling the business to be set in a proper manner, with better decisions that are made for it. (Fanning et al., 2016). The AIS systems work on the standards to work on the records and the processing of the data where the modules are set for the payroll management and the inventory standards which are setup for the creation of the in-house system. Flowchart The sales procedure is based on reviewing the requests that have been made for a quote. For this, it is important to focus on the needs as well as the preparation of the quote for an order that will help in determining the requirement for the company. The workflow is divided into the vendors, receiving agents and the superintendent, buyer agent and the owner. This procedure has been set with Xero software which includes the processing and the benefits depending upon the services of the bank. (Majekodunmi et al., 2016). Possible problems As per the analysis, it has been seen that there are different companies which are facing the issues related to the software of the Xero system, where there is a possibility of bringing the false data to the company or linking of the bank accounts to their account. The most trusted employees do not tend to delete the data of the previous employees and connect their bank account to their ID so that all the money is floating to their account. Along with this, some users tend to use the network connection for working on the system. The software never gives the full access to the user or the rights, and so the user uses the system at a very lower pattern in nature. Hence, for this, there are connections which are set to the failure which takes a longer time to recovery as well. (Bak, 2017). The best solution to all the problems is to work on the different changes where the user can easily work on the file with the destinations to handle the system on the local driver. There are forms where the user could easily maintain the privacy of the system which is only possible through the update of the data and deleting all the other irrelevant files. AIS packages The Accounting software has been set in 1959 where the people of IBM helped in setting up the system. Here, the focus has been mainly on the generation of the reports and working towards the development of the relational databases. This comes from the computers where the companies have also started to work on the investment with the development which is effective for the monetary development in the company. (Fanning et al., 2016). The functionality and the system flexibility is based on the financial processes and the functioning that could easily be handled through the decision processes. The Peachtree introduced the working with the expansions based on the integrated office suites. The structure is based on the working with the spreadsheets as well as the other processor where there is a need to focus on quickening the process of the product in 1983. Here, the forms are set for the accounting applications with certain friendly applications. (De Jong et al., 2016). The MYOB is consi dered to be acquiring the company with the focus on handling the Australian accounting software in a proper manner. As per the research, it has been seen that Xero has been the NewZealand Accounting company which mainly focus on conducting the business with the small and the larger number of the organizations. Here, the standards are based on working for the adoption of the accounting software with the standards to reduce the paperwork. Market Size It has been seen that the market of the AIS is increasing with time. There are people with 1622 in number where there is management through the investors, creditors and the tax authorities. The functional activities are based on the auditing with the management accounting that includes the auditing as well as the financial reporting of the modules. The ERP of the system is based on providing with the lower cost software packages that work mainly on choosing the ERP system with the setting of the enterprise resource planning. (Bergin, 2016). The communication is based on handling the integrated modules with the suites of the applications to work on the larger organizations with lower costs. The infrastructure is based on the data that is collected from the different events and stored the information into the database of the system. The accounting information is based on the forms where the clerk tends to enter the details of the invoice and then that is provided to the vendor. It is s een that there is characterization with the handling of the costs as well as the other standards of the several ledgers. The purchase ledgers with the setup of the trial balance are to handle the paperwork with the bookkeepers that tend to take hold of the inputs with the accounts that are generated automatically. (Buckley et al., 2016). Th effectiveness based on the different factors which work on the small and the medium-sized accuracy of the business. There are forms which are seen to take hold of the cloud computing. Leaders in Accounting Software Xero is considered to be the marketing leaders where the companies try to market the accounting software with the cloud computing standards in the market. It has been seen that there is a major focus on handling the standards with the forms where the accounts and the departments are not autonomous, but they can process the units, with maintaining the standards of the accounting books as well. (Brgin, 2016). A proper check is important to take hold of the units with the reconciliation of the annual accounts that will help in handling the errors and the inconsistency. The company like the Commonwealth Bank use the Xero for the implementation of the accounting software as it is considered to be reliable and easily able to work on the standards with-in time ignoring the errors or the inconsistency in the system. Limitations A proper check has been on the issues related to the inconsistency and the system security. For this, there is a need to integrate the applications as the users are not able to handle the third party vendors, and the customers have to work on the faster time to market. The limitations are also related to the fraud systems which needs a certain setup with individual recommendations. Recommendation The company should focus on mainly using the system structure with the cloud computing. There is a need to check on the encryption with the flexibility that will allow to solve the challenges and work on the desktop associated software. (Phang et al., 2016). The strategies are based on working over the threats facing the computing with the authentication measures and the information-centric security that is mainly to predicate the cryptography measures. Here, the forms ae set to evaluate the efficiency of the system with the future cloud accounting software that will lead to the competitive advantage, efficiency and the information security. The use of the firewall security with the Identify Management is based on working towards the standards which are versatile and based on taking hold of the system structures. For this, the focus is also on the decision making processes with the reports mainly to deal with the consolidation and the working of the system. (Bergin, 2016). There are amounts to evaluate the system efficiency with the patterns that relate to the layer which provides the report of the governance and the risk management. Conclusion There has been the detailed analysis of the requirements for the documentation to handle the reports and work on the system patterns where the analysis is about Xero and MYOB can handle the market with the ERP systems. (Seltzer, 2017). The users can evaluate the measures with the information of the system which is designed to handle the input control files as well as the sample master records to check on the processing of the transactions in the system. Reference Alazab, M. and Broadhurst, R., 2017. An Analysis of the Nature of Spam as Cybercrime. InCyber-Physical Security(pp. 251-266). Springer International Publishing. BANK, O., 2017. FAST FACTS. 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Majekodunmi, D. and Harris, L., 2016, September. Consumers Attitudes Towards Social Media Banking. InConference on e-Business, e-Services and e-Society(pp. 717-727). Springer International Publishing. Phang, S. and Pavlovski, C., 2016. Hazards of Biometric Authentication in Practice.INFORMATION TECHNOLOGY IN INDUSTRY,4(1), pp.34-40. Seltzer, A.J., 2017. Implicit contracts and acquisitions: An econometric case study of the 19th century Australian banking industry.German Journal of Human Resource Management, p.2397002216682463.