Accounting Software Packages Used by Australian Companies: A Comprehensive Analysis

In this document we will discuss about Accounting Software Packages Used by Australian Companies and below are the summary points of this document:- This report focuses on accounting software packages used by Australian companies for time and cost savings. The current organizational structure of Macquarie, an Australian company, is non-hierarchical and split into five operating groups. The report discusses the challenges encountered by users, the market size, and competitive advantages of accounting software packages in Australia.

Running head: ACCOUNTING SOFTWARE PACKAGES USED BY AUSTRALIAN COMPANY
Accounting Software Packages used by Australian Company
Name of the Student
Name of the University
Author Note

ACCOUNTING SOFTWARE PACKAGES USED BY AUSTRALIAN COMPANY 1
Table of Contents
Introduction ..................................................................................................................................... 2
Part 1 ............................................................................................................................................... 2
Current Organizational Structure ................................................................................................ 2
Operational Problems.................................................................................................................. 3
Most Likely System Acquisition Method, ERP .......................................................................... 4
Flow Chart of the Sales Procedures ............................................................................................ 5
Possible Frauds ........................................................................................................................... 6
Part 2 ............................................................................................................................................... 7
Development and Adoption of the Accounting Software Packages ........................................... 7
Current Market size..................................................................................................................... 7
Competitive advantages .............................................................................................................. 8
Challenges Encountered by Users .............................................................................................. 9
Conclusion ...................................................................................................................................... 9
Recommendation .......................................................................................................................... 10
References: .................................................................................................................................... 11

ACCOUNTING SOFTWARE PACKAGES USED BY AUSTRALIAN COMPANY 2
Introduction
The purpose of this report is to put emphasis on the Accounting Software Packages used
by Australian companies which can be valuable in manner to save time and money.
Nevertheless, there are more than sixty tools being used in Australia, it results in difficulty to
identify best tool among them that can be incorporated in the business for beneficial aspects
(Usmanij, Khosla and Chu 2013). Point that is notable is that whether it is an outgrowing of the
business, or, merging new organization into a pre-existing industry or system, or, there is
requirement of new accounting software in manner to seek workload, it is mandatory to seek
professional advice before the implementation of any new system in the business.
Part 1
Current Organizational Structure
Macquarie has a non-hierarchical organizational structure which is split into five
operating groups. Those groups are, a central group comprising the managing director, The
Executive Committee, Global Chief Operation Officer, Heads of major operating groups of
Macquarie and Head of Risk Management who are managing the organization as a whole
(Macquarie.com 2017). These groups put emphasis on improving the relationship between the
client and Macquarie as a whole. Following is a chart provided by Macquarie about its
organizational structure.

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Figure 1: Macquarie’s Organizational Structure
(Source:Macquarie.com 2017)
Operational Problems
According to (Kotter 2012) there are five types of tasks that can moderate the efficiency
and lead to possible errors which can be listed as firstly, proper selection of the leader; Secondly,
corrupting effects of power; Thirdly, Motivation by group members, Fourth, Type of task, and
fifth and last Intra-group coordination. Type of task on which the group is working in manner as
if for some tasks there may be chances for groups who are better off giving disproportionate
control to their most capable and talented members who make decisions on behalf of the group.
Such tasks tend to be in routine, predictable and simple. Another factor which can lead to
inefficiency and errors is the improper selection of leader. Sessa and London (2015) have argued
that “groups strive to place individuals in charge who are competent and committed to the goals
of the group”. Objectives under this section are assumptions, commitment to the success of

ACCOUNTING SOFTWARE PACKAGES USED BY AUSTRALIAN COMPANY 4
group, Decision making biases, and leadership style. Another factor proposed in this paper is the
corrupting effect of power, as per the approaches explained by (Bies et al. 2016) in his paper
argues that power tips the balance of activation between ‘the inhibition systems and behavior
approach’ and the behavioral systems associated with respect to the awards and threats. A study
proposed by (Allison and Goethals 2013) states that“whether providing individual with high rank
uniformly makes them more selfless”specifically describes how power can be corrupted by any
leader.
Most Likely System Acquisition Method, ERP
According to the information proposed by Cwikla (2013) in the article “Methods of
Manufacturing Data Acquisition for Production Management” it can be stated that modern
companies are typically using an Enterprise Resource Planning system (ERP) in manner to
support the management. This paper focuses on the data acquisition method for production
systems in a globalized and competitive economy. Data acquisition methods have been classified
in this report in order to put light on the beneficial effects of ERP(Cwikla 2013). Based on this
article it can be concluded that data acquisition in a production system which is not automated is
much more difficult as compared to the automated ones. It can be seen that automated
identification system is a data source parallel to the primary source of data or the control systems
(Cwikla 2013). There are various types of automatic identification of systems which plays an
important role in the company giving allowance to the acquisition of data which is not collected
with the elements of control system and industrial automation.

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Flow Chart of the Sales Procedures
Figure 2: Flow Chart for the Sales Proposal of Macquarie
(Source: Created by author)

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Possible Frauds
Based on several case studies (Cristofi et al. 2013) pointed flow diagram in order to show
the failure of ERP implementation and their factors which can be helpful in understanding
control problems for the implementation of ERP.
Figure 3: Flow Chart to Show Failure of ERP
(Source: Cristofi et al. 2013, pp- 321)
Possible frauds can be listed on the basis of paper prosed by (Vona 2012) as: firstly there
may be expose of transactions made for the business which is beneficial for the competitors and
can lead them cross individuals business and hamper their business. Although there is always
backup for the information saved but there are chances that all data and backup may become
corrupted if any breach window is found by a virus (Hall 2012). There may be chances of data

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accessing and manipulation of those can be done if any hacker got access to the information and
data saved by the organization by breaching it.
Part 2
Development and Adoption of the Accounting Software Packages
According to Kanellu and Spathis (2013) and several other writers explained various
factors which were responsible for the adoption of Accounting Software packages. () divided
factors into four elements which can be listed as characteristics of the organization,
characteristics of the technological innovation,characteristic of the management, and the
characteristic of the business environment (Kanellu and Spathis 2013). Researchers made
researches including small and big firms IT adoptions and stated various motivating factors
towards this adoption. Ghobakhloo and Hong Tang (2013) proposed a model which a useful
framework for reviewing the variables that can put impact on small business and big business
owner’s decision about adopting IT. It was the need of the new technological world to implement
new accounting system in the organization in order to step forward with the development and
increase efficiency of the business by minimizing or eliminating errors (Ghobakhloo and Hong
Tang 2013).
Current Market size
Lignier and Evans (2012) indicated that managers of small businesses are not alerted of
the extra services that an accountant can supply. Addition to it “until a problem does not arise,
owner-manager will not discuss with accountants” (Ceustermans and Breesch 2014).
Accountants are exceptionally positioned or place to provide accounting software device or
application in manner to support their clients. Proposal like this can be a boon for the efficient

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and effective output of the business to choose for accounting software. For this reason Ma (2015)
recommended that accounting firms can considerably influence the CAS adoption among the
medium and small businesses and beside their participation, they may also contribute for the
achievement of new innovative implementation of computerized accounting. MYOB accounting
software is spreading among all business including small enterprises and big enterprises in the
Australia with almost each sectors including bank to small business (Talib et al. 2012). Even
commonwealth bank is using this software in their organization in order to support their clients
and make better profit.
Competitive advantages
Accounting Software can help the business in day to day tasks, including activities like
preparing invoice for customers and other activities. Computerized software packages can be
helpful in completing the task with higher speed.
Anytime, anywhere access: Cloud accounting gives ability to the employees to work on
the content of the organization from anywhere with using any mobile device or any system. This
implication will help in minimizing the losses that may occur to business while travelling or
onsite with client or at home (Osterle 2013).In a study comprising 1000 companies, it was found
that MYOB was the most popular reason for the adoption of cloud computing which were being
accessible from anywhere stated by 43% companies, followed by 28% companies which
appraises the capability of remote working. Greater input speed: Manual accounting systems
were extremely slow but by the implication of MYOB, rate of input expands with higher speed
as it automates many manual accounting processes. MYOB syncs information and reduces the
time consumed during the process by automating purchase orders, payroll, credit notes and more.

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Greater efficiency and cost reduction are the other competitive advantages of
AccountingSoftware Package, ‘MYOB’.
Challenges Encountered by Users
One of the major concerns of Accounting Software Package implementation is the data
security, almost 46% software advisors responds about the security concern in the survey.
Because content, information or data saved on the cloud can be hacked, fraud or can cause other
threats.
Accounting Software is not novice-friendly this led to a decision that workforce of an
organization should must be trained to use software in manner to avoid the continuity of
inefficient manual processes (Kanellou and Spathics 2013). Many companies are used to the
limitation of traditional data savings method thus they are not engaging themselves in using any
software to store their data in cloud.
Conclusion
Based on the above report it can be concluded that moving forward by shaking hands
with new technologies is a better option for any company including small business and big
business. They can provide improved, better and more efficient output as compared to the
traditional methods which were usually time taking and less efficient. Nowadays competition is
being escalated in all over the Australian software industries and in this race it seems like MYOB
is spreading its wings to the whole accounting sector which are trying to be technologically
advanced and more efficient in their workings. It is offering best accounting software package in
Australia at this time by putting more emphasis on cloud storage transformation which is an
innovative and best way to store access data for nowadays. Regarding the implication,

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advantages and disadvantages of the implementation of Accounting Software Package in an
organization it can also be concluded that this software is very much efficient than any pen-paper
or traditional methods to safe transactional information. Regardless of the issues which are no
doubt serious threats for a company but can be eliminated by certain precautions and as days will
pass, IT will have certain cure for such issues.
Recommendations
Considering all the facts described in this report it can be recommended that MYOB is an
advanced and innovative technology that every company or organization of Australia should
implement in their system for the effective and efficient business.

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Allison, S.T. and Goethals, G.R., 2013. Heroic leadership: An influence taxonomy of 100
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Bies, R.J., Barclay, L.J., Tripp, T.M. and Aquino, K., 2016. A systems perspective on
forgiveness in organizations. Academy of Management Annals, 10(1), pp.245-318.
Ceustermans, S. and Breesch, D., 2014. The Entrepreneurial View on Voluntary Disclosure of
Sales in Small Private Companies.
Christofi, Maria, Miguel Nunes, Guo Chao Peng, and Angela Lin. "Towards ERP success in
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Ćwikła, G., 2014. Methods of manufacturing data acquisition for production management-a
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Ghobakhloo, M. and Hong Tang, S., 2013. The role of owner/manager in adoption of electronic
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enterprise development, 20(4), pp.754-787.
Hall, J.A., 2012. Accounting information systems. Cengage Learning.
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challenges-and still make their numbers. Harvard business review, 90(11), pp.43-58.

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Ma, X., 2015. The adoption of cloud computing for small and medium accounting firms.
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Vona, L.W., 2012. Fraud risk assessment: building a fraud audit program. John Wiley & Sons.