Accounting Software Packages in Australia

Accounting Software Packages in Australia

Executive Summary
The report is about highlighting the problems of the accounting systems that are used in different
companies along with promoting the different benefits and their uses for the ERP based
solutions. The company chosen for this report is NAB (National Bank Australia), where the
report is about handling the current drawback of accounting system in the Bank which is then
following a complete discussion for the benefits of ERP. The solutions are like MYOB, Xero,
and Saasu that works for their better benefits and the other marketing shares which then hold
solutions for NAB.

Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
Part A...............................................................................................................................................4
Organisational Structure of NAB................................................................................................4
Issues related to operations in Accounting System.....................................................................4
Acquisitions of ERP....................................................................................................................5
Flowchart.....................................................................................................................................6
Problems and Frauds and its counter...........................................................................................6
Part B...............................................................................................................................................7
Accounting Software Packages in Australia................................................................................7
Market size of Accounting softwares..........................................................................................8
Leaders in Accounting software..................................................................................................8
Limitations of Traditional Accounting Systems........................................................................10
Recommendations..........................................................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................11

Introduction
The accounting software generally refers to the different applications or software that helps in
properly recording about accounting data. It is related to the organisation for software record
transaction for a particular organisation which is based on a daily standard. This requires
recording the payment transaction, receive the records and then also show the generalised ledger
for different accounts. A complete show of the trial balance is also effective with acting on the
information framework when it is related to the accounting contexts. The accounting software is
generally seen to be divided into branded one which is for the software company and other is
prepared generally by the organisation for using the software, effectively and personally.
Part A
Organisational Structure of NAB
According to the National Bank of Australia, it details about providing the services of banking in
Australia. The organisation NBA also works with 5 million customers in Australia where NMA
also works different branches of bank, with giving services of web banking and ATM service for
the customers. The organisation is working on different brands of banking with ATM service set
for the customers in different parts of Australia. Some of the brands are UBank and Advantage.
It helps in providing a better kind of commercial bank for the people to do business with using
the traditional system in accounting as well (Carmona et al., 2016). This is found to be cost
effective and it does not also clearly give the idea about the clear view and the exact amount. The
system for the paperwork is not well with major loss of data.
Issues related to operations in Accounting System
There are accounting system of NAB which are related to error in different times of the system
where transactions are mainly when bank is making use of the different ways for accounting.
This is set through accounting standards and other tasks which are based on creating errors in
accounting and then further balancing it (National Australia Bank, 2017). It is seen that
sometimes certain wrong entry leads to the issues mainly in the way of accounting. The next
issue is also about time mainly when the old techniques are about working by hand and it takes a
longer time, comparatively for doing a particular work. It then takes a complete day for
employees to conduct the whole work and focus on system of NAB. According to the analysis,