Assessing Cloud-Based Accounting Software for Wesfarmers and Target

Running head: ACCOUNTING INFORMATION SOFTWARE
WESFARMERS
Accounting
Information Systems
5/21/2019

ACCOUNTING INFORMATION SOFTWARE
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Executive Summary
The aim of this paper is to assess and recommend cloud-based accounting software for
Wesfarmers and its retail chain that is Target. The report is comprised of a detailed
description of the company as well as its key procedure. From the analysis, it has been
recognized that the employees of Wesfarmers division that is Target were involved in
financial misconduct and reflected inflated earning of the company. This impacted the
reputation of Wesfarmers in the market. In order to avoid such kind of incidences in the
company, the report has suggested Wesfarmers install MYOB as the accounting software
which can provide security to the financial as well as non-financial data of the company. In
addition to this, MYOB also offers multiple accesses and can manage key functions of the
company effectively in less time. The accounting software has been suggested by performing
the comparison between SAP and MYOB from which the report provided the conclusion of
finally selecting MYOB as the accounting software for Wesfarmers.

ACCOUNTING INFORMATION SOFTWARE
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Table of Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
Overview of Wesfarmers.......................................................................................................3
The key process of Wesfarmers.............................................................................................4
Wesfarmers Group Structure..............................................................................................5
The software features and functionalities required by Wesfarmers Target...........................6
Description of Two accounting software...............................................................................6
SAP Accounting Software.................................................................................................6
MYOB Accounting Software.............................................................................................7
Comparison of the software...................................................................................................7
MYOB Features.................................................................................................................7
SAP Features......................................................................................................................8
Suitable System for Wesfarmers............................................................................................9
Conclusion................................................................................................................................10
References................................................................................................................................11

ACCOUNTING INFORMATION SOFTWARE
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Introduction
An accounting information system is said to be an electronic suite of accounting that supports
maintaining the company's records. The data is entered in the system for tracking and
arranging the accounting statistics. The system of accounting information is utilized to offer
comprehensive details regarding the organization, comprising financial statements
(VanBaren, 2017). The accounting system is created to record every event and transaction of
the company. The accounting clerk is responsible for entering all the transactions of the
business in the system and then transactions are routinely dispatched in the resultant
accounts. This is essential because any time the data it requires, it can search on the computer
and is managed. The intent of this report is discussed regarding the significance and use of
accounting system in Wesfarmers for overcoming the challenges. The report is comprised of
a detailed description of the Wesfarmers activities and reasons for installing a new
accounting system. In addition to this, the comparison of two accounting software is also
presented in the report such that the best alternative can be selected for the company to
enhance operations.
Overview of Wesfarmers
Wesfarmers is the conglomerate of Australia, with head office in Western Australia. The
company operates its business from New Zealand and Australia in different streams like
fertilizers, safety products, retail, coal mining, and chemicals. Wesfarmers is the leading firm
in Australia in terms of revenue of AU$65.98 billion in the year 2016, overtaking BHP and
Woolworths (Wesfarmers, 2019b). Even, Wesfarmers is known as the Australian biggest
employer with around 220,000 workers. Key activities of Wesfarmers are to deliver
acceptable returns to all its shareholders by exceptional management and financial discipline