Cloud-Based Accounting Software for AMP Limited

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.

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ACCOUNTING INFORMATION SYSTEM
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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.

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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

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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,

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investment management, life investment, superannuation as well as retirement investing
(AMP 2019).
The firm offers financial advice and planning services, life insurance, property, banking,
superannuation, managed funds, infrastructure and listed assets services. It is one of the
Australian biggest retail as well as corporate superannuation providers and largest life risk
firm in Australia. The company operates under four chief business segments; that is,
insurance and superannuation, AMP capital, advice and banking as well as customer
solutions (Bloomberg 2019). The advice and banking segment offer financial advice and
planning as well as superannuation services for the companies and selected banking services
and products which are mainly distributed via network of the self-employed financial
planner. Its AMP Capita acts as Asia Pacific investment operator. Additionally, the AMP
capital division offers investment services for both international and domestic clients (The
Wall Street Journal 2019). Further, insurance and superannuation segment offers
superannuation, self-managed super finance management, design and support as well as
personal risk insurance products. Its client solution division encompasses group and
individual term, income and disability protection insurance services. Generally, AMP
operates as the wealth management firm that engages in provision of pensions, banking,
insurance, personal financial and fund management services (Bloomberg 2019).
Discuss Key Business Processes for AMP Limited
Established in Australia, the company reach wide range of people across the globe, where we
utilize its expertise in advising customers in Middle East, North America, Asia, UK and
Europe. In essence, the company operates in around eleven nations. The company partners
with more than 55,000 Australian firms to offers their client corporate superannuation

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services. It has around 740,000 shareholders and more than 3.5 million clients in New
Zealand and Australia (Bloomberg 2019).
Systems Requirements
Investing in the factual cloud-based accounting software enables an entity gain high value in
growing its business as well as increasing its sales. Beal (2019) highlighted that 53% of firms
are investing in technology which are gaining 14% increment in their investment. Hence,
more firms are said to have realized benefits of technology in optimizing their accounting
works. With this trend, adapting a cloud-based accounting software would be crucial for
AMP Limited so as its processes would not be left behind. As such, the section offers brief
overview of the most appropriate features and functionalities for cloud-based accounting
software that would be used in enhancing AMP business practices.
Software Features
While selecting cloud-based accounting software, following features should be taken into
account: first, the software should have ease of allowing teamwork between the team
members and should have added reformed console where the form could highlight its tasks as
well as manage its payments. The bank should consider whether the software could allow it
track vendors and purchases and payment of bills as well as whether its expense management
feature would allow it undertake bank feeds and mobile payments (FreshBooks 2019). It
should also take into account as to whether the software allow it connect to their bank
accounts, offering real-time sales records and receipts, reconciling bank accounts, tracking
receivables, making deposits as well as transferring funds.
The entity should look whether the software has added features like invitations for 10
accountants, bank reconciliations, fresh balance sheet records, a feature openly accumulating

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credit card to customer profile or accumulating payments in significantly large amount
(Financial Force 2019). Additionally, the entity should look whether the software has
improved steering familiarity by adding a section for accounting, reports and invoices. It
should also assess capacity of the software to combine robust features of desktop with
accessibility of cloud, allowing the firm access as well as store of data in cloud while
performing other roles in their on-site computers (Beal 2019). They should also evaluate
whether the software provides new features like integrated Microsoft pay, streamlined
transaction approvals as well as electronic invoices.
Software Functionalities
In selecting the software, an entity should look as to whether the system could be used in
collecting payments easily, automating recurring billing procedures to credit card payments
and PayPal and so forth. In addition, the entity should look as to whether the software has the
capacity to manage its expenses and invoices over time (FreshBooks 2019). Or whether it
could enable it easily generate some insightful tax reports and summaries after data has been
processed.
Software Selection
Brief Description of FreshBooks and SAP As Well As Their Products
The two accounting software package vendors that would be evaluated include FreshBooks
and SAP. FreshBooks is the accounting software marketer and developer. Its main products
are mostly geared to small as well as medium-sized firms. The company provide cloud-based
accounting package that send various invoices to the customers for billing. It was established
in the year 2003 in Toronto, Canada. Its main accounting software includes the FreshBooks
(FreshBooks 2019). On the other hand, SAP is usually a German software firm whose

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products permit organizations to track clients as well as business interactions. The company
is widely known for its ERP as well as data management program. It is the leading business
software solutions providers with its latest accounting software being SAP ERP.
Comparison of FreshBooks and SAP features/functionalities
FreshBooks provides a wide range of subscription-based products which include fixed asset
depreciation, account payable, payroll, expense claims, account payable, invoicing, standard
management and business reporting, as well as purchase orders (FreshBooks 2019). Under
FreshBooks, financial data are usually stored in cloud on solitary unified ledger, permitting
the financial users access similar set of the financial books irrespective of location on mobile
and desktops. Besides, FreshBooks provides free API which enhances clients as well as 3rd
party software users to integrate some external application with the FreshBooks.
Additionally, the software package support multiple currencies and tax rates (Finance Online
2019).
On the other hand, SAP ERP is the application suitable for management of core business
operations like purchasing, human resources, sales, accounting inventory, CRM and customer
support (Finance Online 2019). It could be used in managing organization making their tasks
like general ledger reporting and product planning easier. It has fully integrated ERP platform
that offer scalable interface that is fully equipped with specific needs from inventory and
financial management to vendor management and payment processing.
The most suitable vendor and accounting software package for AMP Limited
Based on the aforementioned comparison of the two cloud-based accounting software offered
by different it is evident that FreshBooks is the most suitable accounting software for AMP
Limited. This is due to the notion that, FreshBooks is the complete invoicing and accounting

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platform which automates the company time tracking, invoicing workflows and expenses
management (FreshBooks 2019). In fact, the system packs intuitive user-interface as well as
easy-to-use navigation approach in affordable pricing in catering for the users from self-
employed expertise. Additionally, this accounting software offers relatively new features like
streamlined transaction approvals, electronic invoices as well as integrated Microsoft
payment (Capterra 2019). In addition, FreshBooks is the most suitable accounting software
since it could assist AMP Limited in tracking its vendors and purchases more easily and also
allow it to connect to other bank accounts, offering real-time record of receipts and sales,
transferring funds as well as tracking receivables over time (Finance Online 2019). Moreover,
it would also help AMP clients in reconciling its bank accounts more easily as well as making
deposits without travelling to the banking halls (FreshBooks 2019).
Conclusion
In conclusion, cloud-based accounting software offers accounting capacities to organizations
in fashion alike to SaaS. Besides, it is evident that under cloud-based accounting software,
operators access the software slightly via internet or the other networks through cloud
application provider. Therefore, it can be concluded that by using the cloud-based accounting
software, an entity frees itself from fitting and upholding the software on desktops. As such,
adapting a cloud-based accounting software would be crucial for AMP Limited so as its
processes would not be left behind. While selecting 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, the company should assess whether the software
has added features like invitations for 10 accountants, bank reconciliations, fresh balance
sheet reports, a feature unswervingly accumulating credit card to customer profile or
accumulating payments in huge amount. It should look as to whether the system could be

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used in collecting payments easily, automating recurring billing procedures to credit card
payments and PayPal and so forth. With comparison of the two vendors and accounting
packages, it is evident that FreshBooks is the most suitable accounting software for AMP
Limited. This is due to the notion that, FreshBooks is the complete invoicing and accounting
platform which automates the company time tracking, invoicing workflows and expenses
management.

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REFERENCES
AMP 2019, Who we are and what we do. Available from:
https://corporate.amp.com.au/about-amp/what-we-do/what-we-do-key-facts-our-history
(Accessed at 17th May 2019).
Beal, V 2019, Cloud computing accounting software. Available from:
https://www.webopedia.com/TERM/C/cloud_computing_accounting_software.html
(Accessed at 17th May 2019)
Bloomberg 2019, Company overview of AMP Limited. Available from:
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=882775
(Accessed at 17th May 2019).
Capterra 2019, About FreshBooks. Available from:
https://www.capterra.com/p/142390/FreshBooks/ (Accessed at 17th May 2019).
Finance Online 2019, SAP ERP Review. Available from:
https://reviews.financesonline.com/p/sap-erp/ (Accessed at 17th May 2019)
Finance Online 2019, What is Accounting Software? Analysis of Features, Types, Benefits
and Pricing. Available from: https://financesonline.com/accounting-software-analysis-
features-types-benefits-pricing/ (Accessed at 17th May 2019).
Financial Force 2019, What is cloud accounting? Available from:
https://www.financialforce.com/resources/what-is-cloud-accounting/ (Accessed at 17th May
2019).

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FreshBooks 2019, FreshBooks overview. Available from: https://craft.co/freshbooks
(Accessed at 17th May 2019).
Kaushik, T 2019, 8 Reasons to Use Cloud-Based Accounting Software. Available from:
https://quickbooks.intuit.com/in/resources/finance-and-accounting/why-cloud-based-
accounting-software/ (Accessed at 17th May 2019).
Reuters 2019, AMP Ltd overview. Available from:
https://www.reuters.com/finance/stocks/company-profile/AMP.AX (Accessed at 17th May
2019).
The Wall Street Journal 2019, Company information AMP Limited. Available from:
https://quotes.wsj.com/AU/XASX/AMP/company-people (Accessed at 17th May 2019).