Cloud-Based Accounting Software for AMP Limited

Accounting Information System 1
ACCOUNTING INFORMATION SYSTEM
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Accounting Information System 2
Executive Summary
The paper presents detailed analysis of cloud-based accounting software in AMP Limited.
This was based on analysis of the company business undertakings and processes to determine
software need. In addition, the paper presented features and functionalities of the cloud-based
accounting software. From the analysis, it was established that under cloud-based accounting
software, operators access the software distantly via internet or the other networks via the
cloud application supplier. In fact, it was found out that while determining the most suitable
software to implement in their accounting platform, AMP should take into account: of the
probable features and functionalities of the software. For instance, it should assess whether
the software has added features like invitations for 10 accountants, bank reconciliations, fresh
balance sheet records, a feature openly toting credit card to customer profile or adding some
payments in huge amounts. Taking into account of the features and functionalities of two
software, it was established that FreshBooks is the most suitable accounting software for
AMP Limited due to its functionality of the complete invoicing and accounting platform
which automates the company time tracking, invoicing workflows and expenses
management.

Accounting Information System 3
Table of Contents
Introduction................................................................................................................................4
Background AMP Limited.........................................................................................................4
Description of AMP Limited and Its Business Activities......................................................4
Discuss Key Business Processes for AMP Limited...............................................................5
Systems Requirements...............................................................................................................6
Software Features...................................................................................................................6
Software Selection.....................................................................................................................7
Brief Description of FreshBooks and SAP As Well As Their Products................................7
Comparison of FreshBooks and SAP features/functionalities...............................................8
The most suitable vendor and accounting software package for AMP Limited....................8
Conclusion..................................................................................................................................9
REFERENCES.........................................................................................................................11

Accounting Information System 4
Introduction
Cloud-based accounting software is considered as an accounting software which is held on
the isolated servers. The software offers accounting capacities to organizations in fashion
similar to SaaS (Kaushik 2019). In this software, files are usually sent in the cloud. All
application works are usually carried out off-site, but not on user desktops. Under cloud-
based accounting software, operators access the software tenuously via internet or further
networks via cloud application supplier. By using the cloud-based accounting software, an
entity frees itself from fitting and upholding the software on their desktops (Beal 2019). The
software also permits workers in branch or remote administrative centre to access similar
files and similar sort of computing software. As such, the paper aims to assess cloud-based
accounting software for AMP Limited. It comprises of background analysis of AMP Limited,
that is, description of its business activities as well as its chief business processes. The report
also present outline of the software features as well as functionalities which AMP Limited
should take into account in supporting its business operations. It is concluded by a
comprehensive comparison of two accounting software vendors to give appropriate
recommendation on which is the most suitable vendor and most appropriate accounting
software for AMP Limited.
Background AMP Limited
Description of AMP Limited and Its Business Activities
AMP Limited is financial services firm in New Zealand and Australia offering investment
products, superannuation, banking products including saving accounts and home loans,
financial advices as well as insurance services (Reuters 2019). It headquarter is in Sydney. It
other words, it is a wealth management entity that provides services and solutions across
financial advices, banking, self-managed superannuation finances, retirement income,