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Commonwealth Bank of Australia Accounting Assignment

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Added on  2019-11-26

Commonwealth Bank of Australia Accounting Assignment

   Added on 2019-11-26

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Running head: COMMONWEALTH BANK OF AUSTRALIACommonwealth Bank of AustraliaName of the StudentName of the UniversityAuthor’s Note:
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1IntroductionCOMMONWEALTH BANK OF AUSTRALIATable of ContentsIntroduction......................................................................................................................................2Discussion........................................................................................................................................3Part 1............................................................................................................................................3Commonwealth Bank of Australia..............................................................................................3Structure of the Organization...................................................................................................3Problems in the Organization..................................................................................................4Strategies..................................................................................................................................6System Acquisition Method....................................................................................................8Control Problems in the System..............................................................................................9Process Designing..................................................................................................................10Part 2..........................................................................................................................................10Accounting Software Packages.............................................................................................10Market Size............................................................................................................................11Competitors and Market Leaders...........................................................................................11Recommendations..................................................................................................................12Conclusion.....................................................................................................................................13References......................................................................................................................................14
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2IntroductionCOMMONWEALTH BANK OF AUSTRALIAIntroductionThe type of software of implementation that records and operates various transactionsrelated to accounting is known as accounting software. This particular software works forvarious effective modules such as the accounting records, accounts payable, payroll, trial balanceand accounting receivable (Abraham and Dao 2017). The accounting software does its work justlike an integrated accounting information system. It is generally spread by the organization or isbought from a specific third party vendor. The spreading is done by organization that plans to getthe accounting software. Sometimes, it may be a mixture of both the cases with specificalterations. The accounting software will be obtained from everywhere simultaneously, or will beonline based or will be desktop based (Appelbaum et al. 2017). The important criteria to utilizethis accounting software are that the system that is accessing the software must be authorized andenabled with a distinct Internet connection. However, there is a huge difference in budget andtrouble in both the cases. The following literature review outlines a specific discussion on the recognized bank ofAustralia, namely the Commonwealth Bank of Australia or CBA. This literature review providesthe basic understanding on the organizational structure of the bank, including severalorganizational problems in the bank system for example the inefficiencies and errors withspecific details, diagrams and graphs (Peppard and Ward 2016). The review also gives the basicsystem flowchart of the shares and sales of Commonwealth Bank of Australia. The literaturereview further covers the definition of accounting software, the type of software used byCommonwealth Bank, the market leaders, the market size and the several core competitors of the
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3IntroductionCOMMONWEALTH BANK OF AUSTRALIAbank. Proper recommendations are given to help the bank in recovering its position (Nguyen,Nguyen and Bosch 2017). The description of the report is given in the following paragraphs. DiscussionPart 1Commonwealth Bank of AustraliaThe very popular and recognized bank of Australia, namely the Commonwealth Bank ofAustralia has several branches in Fiji, the United Kingdom, Asia and New Zealand. This bankprovides various financial services of finance department like retail banking, business banking,educational banking, investment services, loan services and funds management(Commbank.com.au, 2017). According to Australian Securities Exchange or ASE,Commonwealth Bank of Australia is the best bank of Australia as of August 2015. This bankwas founded by the central government of Australia in the year 1911and was listed as one of thetop four banks in Australia and New Zealand. The rest three banks on that list were Westpac,NAB or National Australian Bank and ANZ. Australian Stock Exchange listed CommonwealthBank of Australia in the year 1991 and it became completely privatized in the year 1996.Structure of the OrganizationCommonwealth Bank has a huge organizational structure. Since, the bank has manymanaging bodies and employees working within it, the corporate structure is a large structure(Pearlson, Saunders and Galletta 2016). The organizational structure contains both the corporateand the management structures of the bank.
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