Accounting Software for Eureka Limited

This report discusses the importance of accounting software for businesses and explores different software options available for Eureka Limited. It highlights the key features and benefits of accounting software and provides recommendations for the suitable software for Eureka Limited.

Running head: ACCOUNTING SOFTWARE
ACCOUNTING SOFTWARE
Name of the Student
Name of the University
Author Note

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Executive Summary
Accounting can be understood to be a key aspect of the firm and in line of this, it can be
essentially understood that if a firm wants to ensure success in the long run then in this case,
it will be required to ensure that the firm is successfully able to undertake and adapt the
Information technology. Various accounting software’s are available which might bring about
essential success for the firm in the long run and in line of this, it can be largely understood
that the Eureka Limited may benefit by applying the same. The report lays down the different
software’s, the adoption of which may benefit the firm and makes a final recommendation with
respect to the same.

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Table of Contents
Introduction.................................................................................................................................3
About the case study..................................................................................................................3
Discussion...................................................................................................................................3
Business requirements............................................................................................................3
Systems requirements.............................................................................................................4
Software selection...................................................................................................................5
Vendor selection......................................................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................9

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Introduction
The information technology and related business procedures have brought about a
great change in the overall business dynamics and with respect to this, it has to be
understood that the IT has brought about relevant changes in the field of accounting as well
(Bui and De Villiers 2014). The accounting as a field has emerged considerably and in line of
this, it is required to be understood by the different managers and the users of the accounting
software that they will be required to ensure that they make use of the right kind of accounting
software’s which are available in the market in order to ensure that they are being able to
attain information which will be useful for the firm in the long run (Alammar and Kohn 2016).
Hence, various accounting software’s like the Myob, Xerox and others have become
relevantly popular because the simple financial statements are not enough and the different
businesses will now be required to extract greater information from the statements. Hence,
with respect to this, the given report takes up the case study of Eureka Limited which is a
beverage company and highlights the different businesses processes which they undergo and
in addition to this, they also outline the different accounting software’s which will be available
to them. The features and outlines of each accounting software shall be discussed and
recommendations on the type of accounting software’s to be used will be provided.
About the case study
The Eureka Limited can be essentially described as a family owned enterprise with
approximately 73 employees and sales revenue reaching $18.5 million during the last few
years. The company has been in business for over 55 years and supplies the beverages to a
number of different businesses which comprise of supermarkets as well as pub chains.
However, although it has been perform well, the company has undergone a loss of certain
key accounts because they are not being able to produce the product at a competitive price.
They believe that this can be blamed on the obsolete accounting methods which the company
makes use of and understood that they will be required to invest soundly in the accounting
software in order to ensure that the business is successfully able to gain a competitive
advantage.
Discussion
Business requirements
Key Business Processes for the firm
The key Business processes for the Eureka Limited can be understood to be as
follows:
1. Sales and Marketing: The key business sales and marketing activities of the firm form
its key business processes because, it is with the help of the sales that the
organization will be successfully able to take its product to the market and in line of
this, they will be able to ensure that they can earn the maximum revenue. Marketing
also tends to form another key part of the business with respect to which the firm is
able to make its products popular in the eyes of the different customers (Appelbaum et
al. 2017).
2. Accounting and Technology: The accounting and technology forms another key
integral aspect of any business process and in line of this, the business will be required
to understand that, Accounting goes a long way in identifying the different costs and
profits of the business whereas technology helps to make the different business
processes very efficient in nature. It must also be understood that when the business

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times change then a firm would be required to undertake the benefits of the Information
technology and then apply it to the field of accounting.
3. Quality as well as Product and Service Delivery: The product quality along with the
service delivery also forms a key part of the organization with respect to which, it can
be rightfully understood that, it is important for the business to maintain and ensure
that, they are successfully able to provide adequate service quality and adequate
product quality as well (Kehoe, Midrigan and Pastorino 2018). In this manner, they will
be successfully able to see to it that, they are being able to meet the needs of the
different customers and in addition to this, they are also being able to ensure long term
success.
4. Management, Finance and Human Resource: The management, finance as well as
Human resource of the organization form another key function of the firm and in line of
this, it is required to be understood that, the human resource of the firm forms an
integral part of the organization and in line of this, the firm would be required to ensure
that they carry out effective management practices, carry out the financial activities of
the firm effectively and are also able to look after the different employees adequately.
5. Product Development: The product development forms an essential part of the
organization and in line of this, it is required to be understood by the business that in
order to meet the needs of the different customers, the firm would be required to
engage in the successful product development aspects which would then assist the
firm in ensuring that they are successfully being able to meet the needs of the
customers and ensure long term success (Ogneva, Piotroski and Zakolyukina 2018).
Major control risks for the business processes of the company
The different types of control risks which may be faced by an organization in line of
carrying out the business processes of the firm can be rightfully defined as the follows:
 Operational Risks: The operational risks are the risks while carrying out the business
operations. In line of this, they will be required to understand that, smooth functioning
of the firm are often engaged by various operational risks which may then impact the
overall success of the firm in the long run.
 External risks: The external risks can be described as the risks lying outside the
business environment of the firm but possess the capacity to have an impact on the
overall operations of the firm. In line of this, it is required to be understood that, if the
firm wants to ensure success in the long run, it will be required to combat against the
risk successfully.
 Financial risks: The financial risks can be understood to be the risks relating to the
overall financial restrictions which are largely faced by a firm and may come in the form
of budget restrictions and related limitations.
Systems requirements
In order to ensure that the firm is able to undergo success in the long run, the firm will
be required to ensure that it adopts its needs to the different accounting software features
which are largely available and the functionalities which will then go a long way in ensuring
the control risks are minimised. Hence, some of the accounting features as well as
functionalities which will assist the firm to achieve their overall business objectives may be
stated to be as follows:
These are the key benefits of accounting software:

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1. Simplification: The most essential feature of the accounting systems can be
understood to be the simplicity which it provides. The accounting systems tend to
ensure that, the numbers are designed and presented in a manner such that, it is
successfully able to be interpreted by the managers easily and will be able to make the
decisions accordingly. In addition to this, the software can be easily accessed from the
mobile phones and the computers as well.
2. Cost savings: The accounting and the financial systems tend to automate the core
calculations which are usually existent in a business and hence, there does not exist
any need to outsource the financial management to a third party expert. In line with
this, they will be able to reduce the costs of the financial management which they
outsource for the purpose of the analysis.
3. Full financial transparency: The accounting and financial software will also bring about
financial transparency in the different business operations (Maskell, Baggaley and
Grasso 2016). This means that, to will be able to make the entire system digitalized
and in line of this, will also be able to see to it that, there does not take place any
related frauds and other business crisis which may then lead to the failure of the
business operations.
4. Accurate forecasting: The accurate forecasting is also an essential feature of the
different accounting software’s which are available. In line of this, it can be rightfully
understood that, the accounting software provides adequate meaning to the overall
accounts which are prepared and based on the trend analysis, they tend to make it
easier for the firm to forecast for the future and check that, the firm is successfully able
to achieve its overall goals as well as the objectives.
5. Productivity: The productivity aspect is the most important one in an organization and
in line of this, it is crucial to understand for the business that, if a firm wants to ensure
success in the long run, then the accounting software serves as a system to improve
the overall performance of the business and in line of this, drill deep into the daily
activities of the organization and bring about an improvement in the overall functioning
of the firm at large.
6. Tax compliance: Various accounting systems as present in the business environment
currently will be required to see to it that, they are able to assist in payroll assistance
and adhering to the tax regulations of the business as well. Once these have been
activated then, the software becomes the only relevant source of tax and audit
information which helps the business to store the important details which help in
maintaining the transparency at the workplace (Sadiq and Governatori 2015).
7. Improved relationships with customers: The accounting software not only helps to
ensure that the overall accounting statement and functions of the business can be
managed successfully and are being able to help the firm in improving the performance
but also contribute to the overall relationship building with the different customers as
present. It becomes considerably easier for the firm to personalize on behalf of the
business and hence, the customers are attracted (Massingham and Al Holaibi 2017).
8. Security: The financial information of the firm can be understood to be largely private in
nature and is often subject to fraudulent activities. It is where the accounting software
plays a key role whereby it helps to prevent the wrong information from being leaked
and also ensures that, the firm is being able to maintain the security of the sensitive
data.

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Software selection
As discussed earlier, it can be considered very crucial to understand that the
accounting software can be understood to be highly beneficial for the organizations and in line
of this, any business which aims to ensure success in the long run, would be required to see
to it that, it is successfully being able to provide adequate accounting software’s and make
use of the right tools to ensure long term success for the firm. The three different accounting
tools which are available for the different business organizations can be understood to be as
follows:
1. Zoho Books: The accounting application belonging to a reputed software company, it
can be largely understood that the Zoho Books has been designed to assist the
different small businesses in handling their overall finances and additionally stay
efficient on the financial operations front (Zoho.com 2019). The accounting software
tends to offer a unique collection of accounting features to the different businesses
which include the cash flow statements, the Profit and Loss statement, the balance
sheet and other forecasting and trend analysis functions.
2. Xero: The Xero can be considered to be another simplified accounting software which
can be used by the different businesses to look out for their accounting operations
(Xero.com 2019). The given software is generally preferred by the different businesses
as the accounting management system tends to function in line with the different
business priorities as well as the rules which helps the business in managing the
overall money involved in a firm in a manner such that, they will be able to achieve the
goals as well as long term objectives.
3. SAP: The SAP can be understood to be the fourth largest software company as
present in the world and aims to integrate the different business operations into one
(Sap.com 2019). The SAP FICO which is the Financial Accounting and Control helps
the business to store financial data and also goes a long way in ensuring that, the
financial transactions can be carried out in a manner such that, they are able to provide
useful information to the firm in the long run.
Category of accounting software suitable for Eureka
The accounting software’s tend to bring about efficiency in the business operations and
in addition to this, they also bring about adequate accuracy in the market. In line of this, it ca
be understood that the accounting software’s belong to various categories of the operations
and the different categories which are largely available for the different businesses can be
stated to be as follows:
 The Low end accounting software: This software allows the most basic functions which
are generally performed at the lower end of the business markets (Weygandt et al.
2018)
 The mid-market accounting software: This allows the accounting software to be used in
multiple currencies and tends to cover a wide range of business software’s which are
capable of fulfilling the overall requirements of the multinational companies as existent.
 High-end accounting software: The high end accounting software allows a business to
ensure that they are being successfully able to use the features in order to bring about
complex calculations and forecasting’s (Ly et al. 2015).
Hence, for the purpose of the business operations, it can be largely understood that
the business accounting software which will be largely suitable for the Eureka Limited will be
the high end accounting software which will help them in ensuring that they are being able to

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make use of the different crucial features which are available with the high end software and
in line with this, the business will also be able to ensure that it will be able to fulfil its future
needs (Kaplan and Atkinson 2015). In line of this, the organization will be able to ensure that
in addition to the daily financials, the firm is being able to use the ratio analysis, other
forecasting tools and related software’s which will help them to attain their overall goals of the
firm.
Vendor selection
Comparing and contrasting the features and functionalities of account software’s
Hence, as it was understood that the High end accounting software will be the most suitable
accounting software which is required to be used by Eureka Limited, the given section will
undertake a comparison of the Xero and SAP software which will help in analysing which
software shall be suitable for the firm in the long run.
SAP XERO
According to Financesonline.com (2019),
the SAP has been provided a score of 8.9
which means that the functions of the firm
can be stated to be excellent in nature.
According to the same rating scale, the
firm has been provided a total of 9.5
which can be considered to be an
excellent score.
Moreover, the user satisfaction of the
software can be understood to be rated
as 100% which means that the firm has
been performing considerably well. In line
with this, it is required to be understood
that the software can be considered to be
easy to use.
The customer satisfaction rate of the
accounting software can be understood to
be 97% which means that, the users are
largely satisfied with the service provided
by the software.
The list of features which are generally
offered by the SAP can be understood to
be features like:
Plan to product, request to service, core
finance, order to cash and others.
The different features which are
essentially offered by the software
include, Bank reconciliation, expense
claims, dashboard, inventory, invoicing
and online accounting
(Financesonline.com 2019).
The pricing system of the software can be
understood to be rather unclear in nature
with respect to which it ca be largely
understood that, the firm might be paying
more that the service which it is actually
required to undertake.
The firm offers a uniform pricing facility
with respect to which, the starting pack of
the firm is $9 for limited transactions and
the other packages are available at $30
to $70 a month.
Moreover, the software provides various
software solutions on Windows, Linux,
Android, iphone and Mac but not on web
(Financesonline.com 2019).
The software is available on various
software’s like Windows, Mac and phones
including online web.
The most suitable vendor and accounting software package for Eureka
Therefore, after the analysis of the two accounting software’s were conducted it could
be largely understood that, both the software’s have their essential strengths as well as
weaknesses. However, after the comparison, it could be largely understood that the Xero as
an accounting software shall be more suitable for the firm (Hoyle, Schaefer and Doupnik

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2015). In line of this, it can be understood by the firm that, it has the existent of the basic
accounting features, however, it requires something more complex but easy to use at the
same time and hence in line of this, it can be largely understood that, the Xero with its
essential features shall be most suited for the firm (Scholes 2015).
Conclusion
Therefore, from the given analysis it could be largely understood that, in order to
ensure the long term success of the firm, the organization would be required to undertake
several measures which shall not only assist the firm in understanding the essentials of the
accounting but help them to optimise the production as well. The report undertook an analysis
of the different business processes of the Eureka and undertook an analysis of the different
essential features of the accounting software which would benefit the firm. In addition to this,
the three suitable accounting software for the firm were discussed and two of them were
compared. The Eureka Limited is advised to make use of the Xero as a suitable software for
the firm.

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References
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Appelbaum, D., Kogan, A., Vasarhelyi, M. and Yan, Z., 2017. Impact of business analytics
and enterprise systems on managerial accounting. International Journal of Accounting
Information Systems, 25, pp.29-44.
Bui, B. and De Villiers, C., 2017. Business strategies and management accounting in
response to climate change risk exposure and regulatory uncertainty. The British Accounting
Review, 49(1), pp.4-24.
Financesonline.com 2019. Sap vs. Xero [online]. Available at:
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Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015. Advanced accounting. McGraw Hill.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Kehoe, P.J., Midrigan, V. and Pastorino, E., 2018. Evolution of Modern Business Cycle
Models: Accounting for the Great Recession. Journal of Economic Perspectives, 32(3),
pp.141-66.
Ly, L.T., Maggi, F.M., Montali, M., Rinderle-Ma, S. and van der Aalst, W.M., 2015.
Compliance monitoring in business processes: Functionalities, application, and tool-
support. Information systems, 54, pp.209-234.
Maskell, B.H., Baggaley, B. and Grasso, L., 2016. Practical lean accounting: a proven system
for measuring and managing the lean enterprise. Productivity Press.
Massingham, P. and Al Holaibi, M., 2017. Embedding knowledge management into business
processes. Knowledge and Process Management, 24(1), pp.53-71.
Ogneva, M., Piotroski, J.D. and Zakolyukina, A.A., 2018. Accounting fundamentals and
systematic risk: Corporate failure over the business cycle. Chicago Booth Research Paper,
(14-31), pp.14-37.
Sadiq, S. and Governatori, G., 2015. Managing regulatory compliance in business processes.
In Handbook on Business Process Management 2 (pp. 265-288). Springer, Berlin,
Heidelberg.
Sap.com 2019. SAP Systems [online]. Available at:
https://www.sap.com/Australia/index.html (Retrieved on: 24 May. 2019).
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Weygandt, J.J., Kieso, D.E., Kimmel, P.D. and Aly, I.M., 2018. Managerial Accounting: Tools
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24 May. 2019).

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Zoho.com 2019. Zoho Accounting [online]. Available at: https://www.zoho.com/ (Retrieved on:
24 May. 2019).