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Accounting Software Solutions in Organizations

   

Added on  2020-05-08

16 Pages2563 Words392 Views
RUNNING HEAD: ACCOUNTING SOFTWARE PACKAGES1ACCOUNTING SOFTWARE PACKAGESStudent NameInstitute Name

ACCOUNTING SOFTWARE PACKAGES2Executive SummaryThe report will discuss in detail about the traditional way doing accounting which can be used in organizations and further highlights the benefits as well as usage of ERP system associated with Accounting software solutions. The company in discussion will be Commonwealth Bank Australia. The report will also discuss in detail about the limitations of the present accounting system in the organization followed by detailed discussion of the advantages of ERP based solutions like Xero & Saasu and MYOB. There will detailed discussion on advantages and market shares along with recommendations.

ACCOUNTING SOFTWARE PACKAGES3ContentsExecutive Summary...................................................................................................................2Introduction................................................................................................................................4Part A.........................................................................................................................................4Organization structure................................................................................................................4Issues in operations of Accounting System...............................................................................5Acquiring the ERP based Accounting Software -Xero..............................................................5Flowchart....................................................................................................................................6Issues and frauds........................................................................................................................6Part B..........................................................................................................................................7Accounting software packages...................................................................................................7Market size of accounting software...........................................................................................7Leaders in Accounting Software................................................................................................9Drawback of traditional accounting structure..........................................................................14Recommendation of ERP related accounting or Xero.............................................................15Conclusion................................................................................................................................15Reference..................................................................................................................................17

ACCOUNTING SOFTWARE PACKAGES4IntroductionThe meaning of software of accounting is that it is a type of application which assist in recording the different type of accounting data associated with company. For instance, the software further records the work of a specific companies on the routine basis, record payment option, record receiving work, discussion of general ledger of varied accounts, showing the trial balance by the year end of the month and act as per data based framework about the accounts (Šimůnek et al., 2016). The accounting based software is further divided into two various kinds. First one is the branded one and it is formed by the software companyand the second one is made by the company and it usage is done exclusively by the company.Part AOrganization structure

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