Cloud-Based Accounting Software for ANZ Group

Accounting Information System 1
ACCOUNTING INFORMATION SYSTEM ASSIGNMENT
Author
Course
Course Code
Professor
University
Date

Accounting Information System 2
Executive Summary
The paper assessed cloud-based accounting software. This was based on ANZ Group. The
paper presented some of the features and functionalities that should be taken into account by
ANZ Group while implementing suitable cloud-based accounting software. It was established
that accounting software packages are the most secure means in storing data. Besides, it was
found out that AZN Group should embrace Xero as the most suitable vendor as well as
accounting software package. This is due to the many benefits that come with it. For instance,
the software package has the capacity of enabling the firm manage as well as access real-time
financial information, anytime of the day and on any form of device.

Accounting Information System 3
Table of Contents
Introduction................................................................................................................................4
Background of ANZ Banking Group Limited...........................................................................4
Description of ANZ Banking Group and Its Business Activities...........................................4
Key Business Processes for ANZ Group................................................................................5
Systems Requirements...............................................................................................................6
Software Features and Functionalities....................................................................................6
Software Selection.....................................................................................................................7
Description of MYOB and Xero Company and Their Products............................................7
Comparison of Xero and MYOB Features/Functionalities....................................................7
Most Suitable Vendor and Accounting Software for ANZ Group.........................................8
Conclusion..................................................................................................................................9
REFERENCES.........................................................................................................................10

Accounting Information System 4
Introduction
Cloud-based accounting software packages are the most secure means for organization data.
In fact, the software guarantee files safety. With the cloud-based accounting package, files
are stored securely conflicting to one stored in hard drives (Financial Force 2019). Besides, in
an occasion of natural catastrophe such as fire outbreak, entity productivity is not affected at
all since the software ensures that there are no interruptions. In fact, all the information are
securely and safely stored off-site in cloud-based accounting software. Additionally, as far as
one have access to mobile devices or computer connected to internet, one can back up and
run the accounts. Moreover, in case one invites operators to outlook their files, they could
regulate level of the admittance. This means that cloud-based accounting packages are safer
paralleled to an old-fashioned mean of emailing the fact data or conveying USB twig with the
facts on it. In fact, cloud computing firms make sure that privacy and safety of the files on the
company is always guaranteed. With this, the paper would present a detailed analysis of
cloud-based accounting software in ANZ Banking Group Limited. This will start with
description of ANZ Banking Group Limited including its business activities. This is followed
by outline of the accounting software major features as well as functionalities which ANZ
Banking Group Limited could take into considerations in supporting their daily operations.
ANZ Banking Group Limited Background
Description of ANZ Banking Group and Its Business Activities
ANZ Banking Group Limited is an Australian multinational firm with it headquarter being in
Melbourne (ANZ 2019). In fact, it is second greatest financial institutions by total assets as
well as third greater by market capitalisation across Australia. It was founded in the year
1951. Basically, ANZ is amongst the big four financial institutions in Australia (Advameg,
Inc 2019). Australian operations mark the highest percentage of the bank’s processes or
undertakings with retail as well as commercial banking dominating. Additionally, ANZ is