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Accounting Information Systems - HA2042 | Assignment

   

Added on  2020-03-01

21 Pages4475 Words40 Views
Accounting information system 1Accounting information systemStudent nameInstitution affiliationDue date

Accounting information system 2EXECUTIVE SUMMARYEnterprise Resource Planning is the process which a business firm illuminates theessential components of business operating systems. Amongst the fundamental aspect ofEnterprise Resource Planning is the embracing of accounting information system while theyoperate their financial transactions.The main purpose of this paper is to examine and elaborate the key concepts of strategicinformation systems under the implementation of Enterprise Resource Planning. Accountinginformation system will be the main component that forms the basis of the paper, accountinginformation system act as the foundation constituent of Enterprise Resource Planning.On the other hand, the study will evaluate and scrutinize different accounting packages and theirrelevant features that are best for the business organization. The paper will discuss on accountingsoftware that are significant to a particular type of business, where baking business organizationis form the subject in the study.

Accounting information system 3Table of ContentsEXECUTIVE SUMMARY..........................................................................................................2INTRODUCTION.......................................................................................................................4BUSINESS PROCESS................................................................................................................5BUSINESS REQUIREMENTS...................................................................................................5Business requirement...................................................................................................................5Business requirement outcome....................................................................................................6SYSTEMS REQUIREMENTS....................................................................................................7System Requirement....................................................................................................................7Interoperability.............................................................................................................................7Automatic updates........................................................................................................................8SOFTWARE SELECTION.........................................................................................................8SAP accounting software.............................................................................................................8Xero accounting software............................................................................................................9MYOB accounting software........................................................................................................9Category of accounting software suitable for the firm................................................................9VENDOR SELECTION............................................................................................................10Features and function of two accounting software packages.....................................................10SAP Accounting Software.........................................................................................................10

Accounting information system 4Feature of SAP Accounting Software........................................................................................10Function of SAP Accounting Software......................................................................................11Xero accounting software..........................................................................................................12Feature of Xero Accounting Package........................................................................................12Functions of Xero accounting software.....................................................................................13Best accounting software vendor...............................................................................................13CONCLUSION..........................................................................................................................14References......................................................................................................................................15

Accounting information system 5INTRODUCTIONBaking business activities encompass producing prolong foodstuffs such as meat, cakes,and bread with limited exposure to heat. B-Baking company is one of the business enterprisesthat operates its operations of producing foodstuffs that are considered consumable for a longertime.B-Bakers Company is a family owned business organization, it has in operating for more than 50years. The company has employed over 70 employees who have to play the central role tosustain and improve the company performance. The company has increased its revenue to morethan $13 million during the past financial years. As the company revenues are increasing, it isnoted that the company management is implementing on strategic management measures thatwill ensure that the company is attaining its goals and objectives, these strategic theories havebeen the basis of company success. B-Bakers Company has considered the relevancy ofinstalling Enterprise Resource Planning components such as accounting information systems.Enterprise Resource Planning is a strategic management approach where a businessorganization involves its operation to new information systems[ CITATION Umb03 \l 1033 ]. Thebusiness organization coordinates all the business activities. Accounting information system is anessential element of enterprise resource planning, it comprises using the new technology tocoordinate the company financial transactions. Strategic information system providesinformation on how the firm’s financial resources are transacted and how they are being utilizedto meet the company targets. B-Bakers Company has incorporated new accounting systemswhich are purposefully concentrated to provide the accounting information relating to all thedepartments, from production to sales[ CITATION Sum07 \l 1033 ]. The accounting system ensures

Accounting information system 6that the company is harmonizing its financial resources as they determine the best price for theirproducts.BUSINESS PROCESSB-Bakers Company operates many business activities that require the company todemonstrate its performance in the market in order to gain competitive advantage. The companyactivities comprise the process of evaluating the production materials and production cost usedduring the production process. Inventory evaluation techniques compel the business firm toinvest on new accounting approaches[ CITATION Bod13 \l 1033 ]. The application of new inventorytechniques reliefs the business firm from making any losses, losing arising from the company aredue to higher or lower inventory turnover.The enterprise resource planning is a complex strategic management measure thatactivates as well as incorporating the application process of all the internal and external businessactivities of a business enterprise[ CITATION Cam17 \l 1033 ]. The activation and incorporation ofall the internal and external planned procedures provide a holistic realization and achievementvision and mission for the company. Accounting Information System is considered to be anessential element of EPR, the use of new accounting system have increased steadily because ofits growing market in many business sectors. Consequently, the measure of data in manybusiness organization has turned out to be essential compelling business enterprises to apply thenew data management frameworks[ CITATION Dia16 \l 1033 ]. The procedure of utilizing the newdata management systems embraces the importance of organizational management involvingtheir management techniques to implement on Enterprise Resource Planning.

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