Banking Services - Assignment
Added on 2020-04-15
25 Pages6455 Words66 Views
FinanceLeadership ManagementProfessional DevelopmentEconomics
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Running head: BANKING SERVICES 1Banking ServicesStudent by (Name)Institution
BANKING SERVICES 2Part one Introduction Ernst & YoungCompany Australia. The content of this paper discusses development and implementation of accountingfinancial system and how an organization can benefit from such system. The organizationselected for this study is an accounting firm known as Ernst & Young Company Australia. Ernst& Young is a multinational organization with branches all over the globe. The content of thispaper settles on one of the branches in Australia known as Ernst & Young Company Australia(Coffee, Sale & Henderson, 2015). This company offers professional services to other sectorswithin Australia and provides various services such as assurance as well as advisory services inline of business, tax and law on the same. Ernst & Young Company Australia also providesfinancial services together with security risk, actuarial services, merges an acquisition to firms inAustralia, valuation services, taxation compliance advice to firms and finally this organizationoffers corporate restructuring services. The firm does not work with a specific sector but rather covers a very diverse field whereit caters to financial services in the industry, healthcare, food sector, utilities technologicalsector, mass media, entertainment sector and the energy sector in Australia (Coffee, Sale &Henderson, 2015). The company is headed by three core executive members with Mr. JamesMorrison Millar AM as the managing director, Mr. Grant Burgess as key partner and Mr. PeterHogan as a special advisor the board of directors. Ernst & Young Company Australia isAustralian based firm and has its offices in various parts of Australia, the organization hasoffices in Melbourne, Canberra, Perth, Sydney and Brisbane. The firm was founded in 1998 andhas since survived in the financial sector over years currently ranking among best accounting
BANKING SERVICES 3firminAustralia.MYOB Financial Accounting System MYOB financial accounting system is a software which allows organizations such asErnst & Young Company Australia to efficiently manage their cash flow, day to day bookworkand payroll. This system is the best for Ernst & Young Company Australia as it is easy tomanage in terms of cost as well as manpower and time (Leung, Coram, Cooper & Richardson,2009). MYOB works with cloud system and enable organization employees to work on theirtasks from anywhere.Benefits of MYOBMYOB is important to organization as it able to dramatically reduce operational time wastage on manual operations, result into accurate reports and reduce bottlenecks. Adopting MYOB by Ernst & Young Company Australia will enable the organization to save time and finance as the organization will not need to use upfront capital expenditure on computing resources. MYOB accounting system results into an increased work speed, accuracy as well as secure information relating to organization finance. Financial System Implementation Organizational requirements Appropriate and effective implementation of a financial system (MYOB system) shouldbe planned in order to achieve the requirements by Ernst & Young Company Australia. Theorganization primary requirement is to obtain a perfect financial accuracy and as well to achievea perfect workflow. Ernst & Young Company Australia needs to migrate from a manual financialmanagement to a perfect management system which provides more insight and accurate analysis
BANKING SERVICES 4of inventories project costing, payroll management as well as other aspects relating to entirebusiness operations (Sornette, 2017). The organization also requires more control over status, jobcost and profitability a requirement which can only be achieved through implementation ofMYOB financial system. The organization is a profit making organization and through properoversight and accurate oversight on the financial operation will enable the organization toachieve its requirements.Resources needed to run the business implementation of MYOB as an accounting financial system will enable the organization to move from manual operations just as required. In order for the organization to ensure timely assignment configuration, templates workflows and financial security, the organization will haveto make available various resources. MYOB system implementation does not require several resources to be made available but rather essential minimal resources such as a broadband internet, a standardized web browser and adobe flash drive (Beck, Degryse & Kneer, 2014). The organization will also avail computers which will be used to get access into the system and a server facility. The success or progress any development in any organization depends on manpower. Ernst & Young Company Australia should ensure that skilled manpower is available.Since the organization will not be able to afford MYOB office training based on its cost, the organization will therefore train management personnel who will later offer training to other employees regarding MYOB.Implementation and Installation of MYOB Financial SystemDoes the software already have the capability to produce the reports that yourorganization require? If not, can customized reports be created with a minimum of time andadded effort?
BANKING SERVICES 5MYOB as a financial system has a software capacity with the capability of generatingfinancial reports automatically. In cases of failure the company accounting team perform the taskmanually through data analysis. Ease of input The MYOB system will be easy to access just as information can be entered throughmouse and keyboard. How many organization in your area currently using company’s software? How manyorganizations around world are using the same software? How many sellers? (Pg. 233)There few companies in the world currently using EPR accounting system and only twoout of 15 firms are using the system in the area. This is the reason for the installation of MYOBas the new financial system.Frequent updates (pg. 234)MYOB as a company providing financial system software and installation carries outupgrade after every two months, this organization according to the agreement will offer trainingto the system management team who will be able perform the updates.An upgrade path in page number (pg. 234) MYOB is one company who has stayed at the top industries as a result of regularupgrades of their financial system, the purchased MYOB financial system will be upgradedsemiannually as the organization performs maintenance and upgrades after every six months. What review plans are there for the accounting system?The organization will plan review of the financial system after every two months.Planning for reviews after every two months will enable the organization to minimize cost spent
BANKING SERVICES 6on cumulated flows. The organization will evaluate if there is a clear understanding of the systemtowards the objections for the purpose.What options are available for after-hours questions and concerns?There will be various varied options available for after-hours questions where feedbackforms will be availed as the immediate option. The organization will also have six line desks forconsultation as from 4pm to 8pm. Customers will also have email option where they will beasked to reply with specific numbers based on their concerns as well as mobile phone applicationoptions for after- hours questions.Technical support team The organization will have a technical support team composed of 10 individualemployees where five of the team will be from the vendor’s side and the remaining half of theteam will be from within the IT and management employees from within the organization.Call taking time from customers Based on the desires of the organization to achieve maximum customer satisfaction andmaintain the organizational reputation, the organization will take calls in a span of 4 to 5minuteduring high season and 1 to 3 minutes during the lean seasons.What are the working hours?These technical team members will work for 3 hours each taking shifts at the end ofevery three hours. This will facilitate effectiveness and reduce work monotony.What are the Security measures for of the system?The organization will require employees to use new passwords every time they log intothe system, system will be established in way that passwords will automatically change at theclosing hours when employees log out of the system as they take leave to their homes (Kaplan &
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