Report in Accounts Payable Process Automation

This report undertakes the comparison of three main accounting software; they are Xero, MYOB and Intuit Quick Books. This report compares the features, costs and efficiency of these three software. After that, this report also undertakes analysis of the pros and cons of these software. Lastly, recommendation is provided based on the whole discussion.

Running head: REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
Report in Accounts Payable Process Automation
Name of the Student
Name of the University
Author’s Note

1REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
Executive Summary
This report undertakes the comparison of three main accounting software; they are Xero,
MYOB and Intuit Quick Books. This report compares the features, costs and efficiency of
these three software. After that, this report also undertakes analysis of the pros and cons of
these software. Lastly, recommendation is provided based on the whole discussion.

2REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
Table of Contents
Introduction................................................................................................................................3
Findings......................................................................................................................................3
Business Intelligent Software.................................................................................................3
Impact on the Business...........................................................................................................5
Conclusion..................................................................................................................................5
Recommendation........................................................................................................................5
References..................................................................................................................................6

3REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
Introduction
Accounts Payable Process is considered as a crucial aspect for the companies and this
involves in the processing of all invoices and the non-payroll payments. It needs to be
mentioned that the automation of the accounts payable process increases the overall
efficiency of whole process while decreasing the time taken to process the operation. The
main aim of this report is the comparison of three business intelligence software; they are
Xero, MYOB and Intuit Quick Books.
Findings
Business Intelligent Software
Software Name Features Costs Efficiency
Xero Bank reconciliation,
dashboard, payroll,
expenses claim,
inventory, log in from
anywhere, mobile app,
multi-currency and
others (xero.com,
2019)
Starter for
$9/month, standard
for $30/month and
premium for
$70/month
It provided
increased efficiency
in working together
with the clients in
cloud. It provides
the opportunity to
streamline the
working process
and free-up time.
MYOB Accept Payment from
online, accept
timesheet from via
mobile or online,
accounting
management,
accounting integration,
accounting for GST
and BAS and
application integration
Starter for
$27/month, payroll
for one for
$45/month and
unlimited payroll
for $55/month
The efficient
MYOB software
helps in creating
tasks and
generating coding
reports for one or
more than one
clients at a single
time (myob.com,
2019)

4REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
Intuit Quick Books Cloud accounting,
invoicing, online
banning, accounting
reports, time tracking,
cash flow management,
multiple users, mobile
app and free unlimited
support
(quickbooks.intuit.com,
2019)
QuickBook pro plus
for $299.85/year
This is an efficient
system which helps
in keeping track of
the finance while
saving the money
through an efficient
automated process.
Software Name Benefits Drawbacks
Xero -Collaboration between
companies and financial
advisors
-Online bookkeeping
-User-friendly
-Real time reconciliation
-Absence of inventory
tracking
-Not suitable for complex
processes (xero.com, 2019)
MYOB -Anytime and anywhere
access
-Greater speed of the inputs
-Greatest accuracy
-Reduces costs (myob.com,
2019)
-Lack of data security
-Not friendly for novices
Intuit Quick Books -Easy to use
-Effective accounting
reports
-Affordable price
-Increased efficiency
(quickbooks.intuit.com,
2019)
-Issues related to file size
-Limitation for number of
uses
-Absence of direct
professional support

5REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
Difference from Each Other – XERO involves in the operations like budgeting, inventory
tracking and others where MYOB involves in financial reporting, calculation of GST/BAS
and information security. Intuit Quick Books involve in recording and maximizing the tax
deductions, tracking of income and expenses and others (pcworld.idg.com.au, 2019).
Impact on the Business
 These software will make the business operations quick by taking less time while
increasing the operational efficiency of the organizational system.
 In addition, these software requires the companies to use online platform for the
accounting and others transactions (bit.com.au, 2019).
Conclusion
The above discussion shows that all these three software has certain favourable
features for the companies in the presence of some pros and cons. They help in saving the
cost and time for the companies while increasing transactional efficiency, data security and
others.
Recommendation
Based on the above discussion, it is recommended to choose Xero because it creates
impact on the business with the actual implementation of the software. The other reasons for
selecting this software are it is easy to use, less costly, highly recognized and effective for
growing business ventures.

6REPORT IN ACCOUNTS PAYABLE PROCESS AUTOMATION
References
Accounting Software for Small Business | MYOB Australia. (2019). Myob.com. Retrieved 25
May 2019, from https://www.myob.com/au/accounting-software
Business IT - Make technology work for your business. (2019). Business IT. Retrieved 25
May 2019, from https://www.bit.com.au/
Online Accounting Software – Free Trial, Free Support | Xero. (2019). Xero Accounting
Software. Retrieved 25 May 2019, from https://www.xero.com/au/
PC World Australia. (2019). PC World. Retrieved 25 May 2019, from
https://www.pcworld.idg.com.au/
QuickBooks Pro - Accounting Software. (2019). Quickbooks. Retrieved 25 May 2019, from
https://quickbooks.intuit.com/desktop/pro/