Importance of Accounting Software - PDF

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Running head: IMPORTANCE OF ACCOUNTING SOFTWARE AT WESFARMERSImportance of Accounting Software at WesfarmersName of Student:Name of University:Author Note:
1IMPORTANCE OF ACCOUNTING SOFTWARE AT WESFARMERSExecutive SummaryThe report is made in the light of Wesfarmers, an Australian organisation that usesaccounting software to improve the business operations of the same. The purpose of thereport is to focus on the necessity of implementation of accounting software in organisationof every dimension and competency for the improvement of the same. The report providesdetails of Wesfarmers and the effect of implementation of the accounting software. Thereport concludes with possible recommendations to mitigate the issues that are faced by theusers of accounting software.
2IMPORTANCE OF ACCOUNTING SOFTWARE AT WESFARMERSTable of Contents1. Introduction............................................................................................................................32. Overview of Wesfarmers and its Corporate Framework.......................................................33. Operational Issues of the Company due to its Structure........................................................54. System Acquisition Method of Wesfarmers..........................................................................55. System Flowchart for the Sales Procedure of Wesfarmers....................................................76. Control Problems and Possible Frauds in the System............................................................87. Development and Adoption of the Accounting Software Packages......................................98. Present Market Size of Wesfarmers.....................................................................................109. The Leaders in the Market and their Competitive Advantage.............................................1110. Issues faced by Accounting Software Users......................................................................1211. Conclusion..........................................................................................................................1212. References..........................................................................................................................13
3IMPORTANCE OF ACCOUNTING SOFTWARE AT WESFARMERS1. IntroductionThe report is created with the motive of introducing the importance of accountingsoftware in businesses of any competency and dimension. Accounting software is a tool thatis either developed on premises by an organisation or most commonly subscribed from otherthird-party vendors and implemented within the organisation (Warren, Reeve and Duchac2013). An organisation has to face numerous issues related to financial matters as it graduallygrows in size. It becomes difficult and expensive for the organisation to maintain all thefinancial aspects such as payroll, monetary transactions with clients or suppliers and such.Maintaining a proper record of all the financial transactions that goes on inside the companyis also a pain for the same, as it requires maintenance of excess personnel and resources forthe purpose. However, the conventional method of keeping records of the transactions in penand paper is quite inconvenient as well as unreliable, as they tend to get missing or damaged,which creates many issues later. That is why, nowadays most business houses areimplementing accounting software packages for the betterment of the same (Warren, Reeveand Duchac 2013).Accounting software helps to collect and maintain electronic records of all financialtransactions that are carried out within an organisation and it can suggest ideas regardingoptimised method of business transactions that may provide enhanced financial benefit to theorganisation (Simkin, Norman and Rose 2014). The report emphasises its objective byproviding details of Wesfarmers, an Australian organisation that has adopted accountingsoftware package for the maintenance of its financial transactions.

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