Accounting Software for Eureka Limited

RUNNING HEAD: ACCOUNTING SOFTWARE
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Topic Name: Accounting Software
Student’s Name:
University Name:

Accounting Software 2
Executive Summary
Accounting as the name suggests calculation or keeping of records. So accounting was done
manually in the past years. Now as technologies have changed and we are becoming more
digitally enhanced, so now accounting software has emerged, which helps in the revolution of
business.
In the following report, we have discussed the company Eureka Limited where we have
pointed their control risk of not using the software the features and function of using the software
we have also compared about the software of different vendors, and we have chosen the software
which will be appropriate for Eureka Limited Company.
So these are the outlines which are covered in the following report.

Accounting Software 3
Introduction
Accounting plays an important role to occupy an important position in the operation of the total
business. As for every organization, it is very significant to be up to date with their financial
records that should be tracked by the organization. Accounting has several processes, i.e. from a
simple process to complex processes. The organization should update them with the ongoing
changes in information technology to maintain the correct book-keeping data, statutory records
and inventory system. It has been observed in the past that organization who have implemented
an accounting information system in their companies have increased their performances, profit,
and efficiency. The accounting system helps in dealing with the company’s client and suppliers.
The implementation of the new technology has relatively increased the performance of the
organization (Chong Y., Nizam I., (2017) p-2)
Accounting Software is a type of computer programs that helps you to run your organization’s
monetary transactions. This software distinct broadly in the scope where some programs are
designed for more than keeping accounting details and some software is designed to manage the
total monetary transactions and goings of a large business. The accounting software helps
businesses to use their assets in their accounting departments easily and reduce costly accounting
mistake (Walton A., 2019)
Key business processes for Eureka Limited
Eureka Limited is a limited family company which has been around the business for 55 years
with 73 employees, and the company had a turnover of more than $18.5 million during the past
years. Eureka Limited is a successful business company they have been selling beverages around
55 years to different business organization and the different supermarket and the pub chains.

Accounting Software 4
Eureka had good growth in their company but over the years they had a mixed business, but they
had a superb growth in their business when they bought a new brand drink in their market it was
an instant success, and they had a high rate of profit return. So the business process which
Eureka follows out is that they try to innovate in their products and try to produce new beverages
which are very healthier to drink. The innovation in products has led them an instant success in
their business growth. The next business process which Eureka Company tries to follow is that
they tie up with different supermarket chains, restaurants, pubs, etc. so that they can sell their
products on a massive scale. By tying up with different restaurants, pubs, and supermarket chains
they can sell their products on a larger scale and here they can attract more customers and there
can products can get mouth publicity from different customers which will increase their sales.
The next business process which Eureka Limited follows is that they have to build a trust with
their customers as the customers have been buying their products and as they have in the
business for 55 years so maintaining a cordial relationship with the customers is very important
as their customers helps Eureka Limited to promote their products in markets and their products
are also being sold. So maintaining a healthy relationship with the customer is very important,
and it is also a key business process for Eureka Limited.
So these are the business process followed by Eureka to run their business and also be
successful in establishing themselves for 55 years as a company but this business process needs
to be changed as the people are more digitized so they should go for promoting their products in
social media and make their products more available to the customers, and their sell of the
beverages will also be increased. Though the business process is good for Eureka, they should
update themselves and be more digitized in doing their business.
Control risks for the business processes of the company