Cloud-Based Accounting Software for ANZ Group

This paper assesses cloud-based accounting software for ANZ Group and presents the features and functionalities to consider. Xero is identified as the most suitable vendor for the group.

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ACCOUNTING INFORMATION SYSTEM ASSIGNMENT
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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.

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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

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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

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among the largest financial institutions in New Zealand. It operates over 34 markets across
Asia, America, Australia, Middle East, Europe, New Zealand and Europe. The bank
generates most of its revenues from National as well as Regional Commercial financial
institutions in the Australian Industry (Bloomberg 2019).
ANZ Group operates under retail distribution, insurance as well as funds management, retail
and business banking, the global market, global transaction banking, commercial and
agriculture, retail distribution as well as technology, operations and services divisions
(Advameg, Inc 2019).. The retail and business banking division offers wide range of branch
network as well as contact centres catering for SMEs. Institutional division offers financial
solutions to government and large corporate clients (ANZ 2019). Global markets division
provides solution on capital markets, fixed income, foreign exchange and risk and research
management professional. Additionally, the global transaction banking division provides
solutions to clients in cash management, clearing and deposits, supply chain and train with
some international settings (IBIS World 2019). On the other hand, insurance as well as fund
management offers different insurance products, investment options and superannuation
solutions to the ANZ clients. Further, corporate and commercial banking division offers debit
and credit cards as well as loans to corporate clients. Finally, loans and specialized finance
division offers financial services for the clients who need specialist loan reorganization
(Bloomberg 2019).
Key Business Processes for ANZ Group
It serves over five million clients with total assets of around AUD$247 billion. Additionally,
it hires over 28,000 workers across the globe (Bloomberg 2019). The bank provides wide-
range of the retail banking services within New Zealand and Australia, serving around 4
million clients through a wide range of linkage of over 900 outlets and over 1,500 ATMs

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worldwide. It also offer mortgage financing and wealth management, consumer financing,
equipment as well as vehicle financing and the corporate banking for the SMEs and large
firms, commodity trading and foreign exchange as well as investment banking (Advameg, Inc
2019).
Systems Requirements
Using technology in accounting process is a crucial phenomenon for any firm. The increasing
awareness of these accounting software and the benefits that come with them is the testament
of their effectiveness. Therefore, by automating accounting tasks, an entity save time and
utilize it for more significant issues which entail growing their business (Finance Online
2019). With this, it is very significant for ANZ Group to select the right accounting software
that matches the bank’s needs. This involves evaluation of the banks needs as well as
identifying the features and functionalities it need.
Software Features and Functionalities
The most significant features that the bank should take into account while selecting an
accounting software package to support its business operations include the feature that could
allow it connect to more branches across the globe. The bank has significantly large number
of branches distributed in over 11 nations worldwide (Finance Online 2019). Therefore, it
should look for software that has a feature that could permit it connects with as many
branches as possible. Further, the bank should take into account the feature of the software to
automatically reconcile all bank transactions. This could make it relatively easy for the bank
to control and manage its finances over time. Additionally, the bank should take into account
the feature of real-time foreign exchange updates. The features would be crucial since it gives
regular updates in currency exchange rate at every minute. It should also have a feature of

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multiple languages and multiple currencies. This feature would allow the bank to serve wide
range of clients with different sort of cultural and language practices.
Software Selection
Description of MYOB and Xero Company and Their Products
The two most significant accounting software vendors that would be discussed include Xero
and MYOB. MYOB is usually the Australian multinational firm that offers accounting, tax as
well as other business operational software to the SMEs. The company was established in
1980s by a small team of developers from Teleware Inc. MYOB has several subscription-
based products as well as browser-based accounting software package known as MYOB. On
the other hand, Xero is the New Zealand residence firm that provided cloud-based accounting
platforms for the small as well as medium-sized firms. It has offices located in the UK,
Australia, New Zealand, South Africa, Asia, Canada and US. Most of Xero products are
mostly based on SaaD model. The company is the main vendor for Xero accounting software
package.
Comparison of Xero and MYOB Features/Functionalities
Xero is usually the robust accounting solution package with complicated accounting features
such as ample report, unlimited users and over 700 integrations (Finance Online 2019). Xero
has more than one million users and is mostly an accounting solution for more than sixteen
thousands entities. Xero helps an entity stay on top of its stock value and quantity, distribute
and create online quotes utilizing any device or accessing smarter financial reports. On the
other hand, MYOB offers wide range of business solutions since it offer tools for invoicing,
expenses, tax management, reporting and payroll. It usually permits users to view their cash
inflows and outflows and manage their payroll and enable owners to manage their bills by

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linking the stored invoices and bills with suitable accounts. This assists in filing and
preparing tax returns (Software Advice 2019).
Most Suitable Vendor and Accounting Software for ANZ Group
The most appropriate merchant as well as accounting software for ANZ Group is Xero. This
is due to the capacity of the software package to enable the firm manage as well as access
real-time financial information, anytime of the day and on any form of device. In addition,
Xero stands out as the most suitable between the two vendors and accounting package since it
would assist the bank to manage and track its revenues, cash flows, wages, expenses as well
as payables more easily (Finance Online 2019). Besides, the software package could allow
the bank connect with over 5,000 branches across the globe. This permits the financial users
to automatically categorize and import their latest credit card, banking transactions as well as
PayPal.
Moreover, Xero is the most suitable accounting software for ANZ Group since it seems to
assists the bank in maintaining its fiduciary stewardship, lessening its accounting errors or
mistakes, shortening the invoicing cycles, optimizing its yearly, monthly or daily cash
inflows as well as complying with the ever-varying tax regulatory and laws. Besides, the
software offers comprehensive security system for ANZ Group with absolute information
integrity that is integrated across the whole of its financial management solution (Finance
Online 2019). Additionally, Xero stands out as the most suitable software for ANZ Group
due to its feature that allows unlimited users and several integrations at the same time.
Basically, Xero is best since it is suited for significantly large firms like ANZ Group since it
has advanced feature for double-entry accounting.
Conclusion

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Generally, cloud-based accounting package is the most secure means in storing data. Thus,
with the cloud-based accounting software, this is the place files are securely or safely stored
in opposition to the hard drives. In fact, all the information are securely and safely stored off-
site in cloud-based accounting software. In this case, AZN Group should embrace cloud-
based accounting software in its operations. Basically, ANZ 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.

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REFERENCES
Advameg, Inc 2019, Australia and New Zealand Banking Group Limited - Company Profile,
Information, Business Description, History, Background Information on Australia and New
Zealand Banking Group Limited. Available from:
https://www.referenceforbusiness.com/history2/93/Australia-and-New-Zealand-Banking-
Group-Limited.html#ixzz5oAVRPxOd (Accessed at 17th May 2019).
ANZ 2019, ANZ Corporation information; Company profile. Available from:
http://www.anz.com/australia/aboutanz/corporateinformation/company.asp (Accessed at 17th
May 2019).
Bloomberg 2019, Company Overview of Australia and New Zealand Banking Group Limited
- ANZ New Zealand. Available from:
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=127805177
(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).
Finance Online 2019, Xero Review. Available from:
https://reviews.financesonline.com/p/xero/ (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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IBIS World 2019, Australia and New Zealand Banking Group Limited - Premium Company
Report Australia. Available from; https://www.ibisworld.com.au/australian-company-
research-reports/financial-insurance-services/australia-new-zealand-banking-group-limited-
company.html (Accessed at 17th May 2019).
Software Advice 2019, MYOB essentials software. Available from:
https://www.softwareadvice.com/accounting/myob-essentials-profile/ (Accessed at 17th May
2019).