Implementation of Accounting Information System in Commonwealth Bank, Australia

This presentation proposes a sustainable system for improvising the current banking process of Commonwealth Bank, Australia. It discusses the need for an accounting information system and the benefits it can provide. The presentation also provides specifications for the system and a cost analysis.

IMPLEMENTTAION OF
ACCOUNTING INFORMATION
SYSTEM IN COMMONWEALTH
BANK, AUSTRALIA

About the Commonwealth Bank
Commonwealth Bank is an Australian
bank which is one of the most significant
organization in the financial sector. The
current situation of the bank needs the digital
disruption in the banking process. The main
objective of this paper is to propose a
sustainable system which will help to
improvise the current banking process . The
paper has also discussed about the
requirements needed for the implementation
of the system.

The type of the proposed system:
In order to develop the internal processing of the
bank, the improvisation of the accounting system is
needed to be done. The bank is still dependent on the
human processing for some of the accounting
process. In this case, the bank can use a software that
will work as a good accounting information system
management. The main working of the accounting
information system is to collect, store and process the
financial data and help the users of the software to
make the important decision making process by
providing relevant financial information.
The deployment of the accounting information
software such as like Xero or Deltek Costpoint will
provide the Commonwealth Bank better management
of the financial information along with better security
and the mechanism for the detection of the fraud.

Reason for choosing the accounting
information system:
The bank provides the technologically advanced
services to the consumers and for the internal
workings of the banking system, the bank uses
advanced technology for the communication with the
consumers. However, the bank does not use any
advanced and exclusive software for the accounting
purpose. Some of the problems that can be faced by
the Commonwealth Bank for not using the exclusive
software for the accounting purpose:
Loss of the relevant financial information.
Human error can happen in the calculation of the
data.
Certain types of fraud can happen that can let the
bank to face a great loss.

Specification of the system:
Some of the systems like Xero works online. These
system needs the upgraded version of the Google Chrome or
Microsoft Edge. However, maintaining the security of these kinds
of system is challenging.
In general , the accounting software needs the following
specifications:
Software specification:
Microsoft Internal Information Server.
Microsoft SQL server Edition
Microsoft SQL Server Reporting Service.
Microsoft Azure Active Directory.
Software manager of the specific accounting information
software service.
Operating system: All 32 bit or 64 bit variants of the following
Windows operating system
Windows 7
Windows 10

Hardware specification:
Processor: 2GHz processor or higher, dual core is
preferred.
Memory(RAM): 2GB RAM for Windows 32 bit
4GB RAM for Windows 64 bit
Hard Disk Space: 500 GB of free disk space (internal).
Display: 1024*768 resolution
Internet connectivity: The high speed internet
connectivity is required during the installation of the
software.
The above mentioned specification is the minimum
required specification for installing the accounting
software. The specification may vary with variation of
way for the using of software such as multi-user use of
the software.

Hardwar
e
Total
number
Price(in
Dollar)
Hardwar
e
Total
number
Price(in
Dollar)
Hardwar
e
Processo
r
6 1800 Processo
r
3594 5388 Processo
r
RAM( 2
GB)
3 210 RAM( 2
GB)
417 624 RAM( 2
GB)
RAM(4
GB)
3 300 RAM(4
GB)
597 894 RAM(4
GB)
Hard disk 6 2820 Hard disk 5634 8448 Hard disk
Display
Monitor
6 1810 Display
Monitor
3614 5418 Display
Monitor
Total 6940 Total 6940 Total
Software Total
Number
Price (in
Dollar)
Software Total
Number
Price (in
Dollar)
Software
Windows
10 (32
bit)
3 109 Windows
10 (32
bit)
215 321 Windows
10 (32
bit)
Windows
10 (64
bit)
3 125 Windows
10 (64
bit)
247 369 Windows
10 (64
bit)
Microsof
t SQL
Server
6 3438 Microsof
t SQL
Server
6870 10302 Microsof
t SQL
Server
Microsof
t Azure
6 4638 Microsof
t Azure
9270 13902 Microsof
t Azure
Accounti
ng
system
software
6 1000 Accounti
ng
system
software
1994 2988 Accounti
ng
system
software
Total 9310 Total 9310 Total
COST
ANALYSIS

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